The latest Phoenix Coyotes deal is at yet another impasse that will determine the teamâ€™s future in Arizona.

The city and a group trying to buy the teamâ€”Renaissance Sports and Entertainmentâ€”need to get an arena deal done over the next few daysâ€”at the mostâ€”to meet the latest in a series of deadlines. The two sides have yet to come to final terms over guaranteed money in an arena deal needed for Renaissance to secure financing and finalize a Coyotes purchase.

MORE: Full Coyotes sale coverage

Of course, we have heard this chorus before regarding the city of Glendale, the financially challenged hockey team and whether the Coyotes will be skating in another market next season.

The NHL, which owns the Coyotes, has etched July 2 as the latest deadline for a deal to get done.

The league needs to have a schedule in place for the 2013-14 season and has held off on its finalization in part because it is not clear where the Coyotes will be playing. The Glendale City Council also has a meeting set for July 2 where it could vote on an arena deal that helps Renaissance buy the team and keep them in the Phoenix market.

The problem is the city and Renaissance cannot come to final terms on an arena deal. There is not even agreement over when a deal needs to be in place to meet city, NHL and other deadlines.

â€œSeems like (Wednesday is) the day. Either the city of Glendale figures out how to get this deal done or itâ€™s over,â€ said a source familiar with the deal and the RSE bid. â€œThe vote has to happen on July 2. The NHL has been firm on that point. If the agreement is not posted (Wednesday), that July 2 canâ€™t happen.â€

Others familiar with the deal said the city may have a bit more time to come to a deal and approve it via public vote next Tuesday.

The Glendale City Council has more private meetings scheduled for Friday regarding the Coyotes. The council has held a series of closed-door and private meetings the past week regarding the Coyotes and Jobing.com Arena.

Fox Sports Arizona reported Wednesday Glendale councilors supporting a Coyotes deal were trying to move the deal forward and get it on the July 2 agenda. FSAZ said deal points for the agreement could soon be released in anticipation of a public vote. Glendale officials had previously said those deal points were coming out earlier this week. If a deal is moving toward a public vote, it could show that there is a majority of the seven-member council ready to vote publicly for payments to RSE.

Glendaleâ€™s closed-door negotiations make details of the arena deal and what is holding things up sketchy.

RSE wants $15 million a year over 15 years to manage the city-owned arena. Glendale does not want to pay that so RSE has offered to share revenue from tickets and parking to lessen the financial bite. That could total between $8 million and $11 million per year.

The problem is whether either end of the arena deal offers guaranteed money. Glendale wants guaranteed money from RSE and the Coyotes to offset the $15 million per year arena payments.

A source outside the Renaissance group but familiar with the deal said RSE needs a $15 million per year guaranteed payment from Glendale to secure its financing to buy the team. The city payment to RSE will go toward the group managing Jobing.com Arena as well as helping secure financing and pay debt service on loans and capital used to buy the team.

Previous unsuccessful Coyotes bids also have relied on favorable arena payments from Glendale to get the deal done. The NHL bought the Coyotes out of Chapter 11 bankruptcy for $140 million in 2009. The league has wanted a $170 million for the team. The Coyotes have struggled financially making financing for a purchase difficult.

A deal could still get done. The Glendale City Council has always feared a Coyotes relocation will result in the closure of Jobing.com Arena and hurt the Westgate areaâ€™s future growth.

Both sides still could figure out a middle ground and reach a last-minute deal. If a deal cannot be reached, the NHL could opt to play one more season in Phoenix or sell and relocate the team to ownership groups in Seattle or Quebec City. There is the less likely scenario of the league putting the Coyotes franchise on hiatus for a season while the league determines its future. NHL owners are meeting Thursday with the Coyotes situation on the agenda.

Maybe, just maybe, July 2 will see a resolution of an ownership saga more than 4 years old.

Mike Sunnucks is a reporter for Phoenix Business Journal, a sister publication of Sporting News.