PHOENIX - A person close to the situation says Chicago businessman Matthew Hulsizer is out as a potential buyer of the financially troubled Phoenix Coyotes.

The person, who spoke on condition of anonymity because of the sensitive nature of the matter, says Hulsizer has withdrawn for good from talks with the city of Glendale over a new lease.

Hulsizer's decision leaves no publicly identified potential buyer for the franchise, which was purchased by the NHL out of bankruptcy in the fall of 2009.

Glendale recently committed US$25 million for the second year in a row to keep the team playing at Jobing.com Arena for the upcoming season.

The Phoenix Business Journal first reported that Hulsizer had pulled out of the Coyotes deal.