I think the only reason that the NHL agreed to the deal to allow the Coyotes franchise to reactivate is because they know that there is almost no chance that it's actually going to happen.
What is far more likely is that after Alex Meruelo's option expires with him still not having a place to play that the NHL will then go out and look for a different owner in Phoenix who will be able to get a deal done. Whether they would call that team the Coyotes or not will be interesting, because new owners might not want to have anything at all to do with the stench of Alex Meruelo.
Edited to add, unless the NHL has a new commissioner by then, because the only reason Phoenix got as many chances as they did was because of the hard on that Gary Bettman has for having a team there. For some unknown reason.