If the club were going to stay in Phoenix, Reinsdorf could actually be one of the better choices, if for no other reason than the strong Chicago-Phoenix connection. (I'm extrapolating that from that he might actually have more of a stake in the Valley than another out-of-town owner). Plus he has a vested interest in Glendale as the spring training home of the White Sox. Of course, the Chicago base, spring training and otherwise, is probably still the east valley, as has been that of the Coyotes. No need to argue that again since the arena ain't going anywhere. But this would at least be an improvement.
That said, it will be an ownership group, and multiple years of operating losses will make staying there difficult, minority partners or not. The fact of the matter is that Hamilton is a better location. But it's better than those of a number of NHL franchises. Still doesn't mean one will actually move. And the Leafs and Sabres haven't truly thrown their weight into the fray, either. The Leafs have one of the greatest strangleholds on a region in sports. I'm sure they'll have some thoughts in the end.
The real issue with Hamilton is that it's 40 miles from Buffalo and 40 miles from Toronto. I would tend to agree with the league that it is not an ideal location because it would be virtually impossible to forecast the impact on either franchise. Buffalo is the weaker of the two.