Matthew Hulsizer had to face a lot of opposition while trying to buy the Phoenix Coyotes, and the owner of Peak6 Investments has finally decided to end his pursuit of the team.

ESPN.com reports that Hulsizer was the most promising bidder for the bankrupt franchise, but problems with the arena's lease agreement provoked Hulsizer to withdraw his bid.

Despite these problems, the team said in a statement that they are still negotiating with other potential buyers.

According to ESPN, Jerry Reinsdorf, the owner of the Chicago Bulls and White Sox, is one of the potential buyers.