As part of the deal that saw the Coyotes sold and relocated to Sale Lake City, the NHL gave Alex Meruelo the rights to the team until December 31st, 2027. It is a five-year window for the owner to figure out a new building, and get construction started. They do not even need to have the building complete by then, but it does have to be close. Based on everything we've seen though, this does not seem like a realistic possibility, and as such, Friedman has decided to simply ignore the Coyotes for the time being.
Friedman and Marek spent a decent amount of time discussing this issue on today's issue of 32 Thoughts. The entire podcast can be accessed through the post below, including their discussion of the Coyotes, which takes place roughly 30 minutes into the show.