I do not have complete knowledge on what the business deals happened since Wang bought the team. I think his biggest mistakes is hiring the wrong people to run the team and a reluctance to change the management to improve the situation. If he had good management team to start with, I doubt that he would have been in the same boat today. However this just to show you that he may be a very smart owner in other type of business, his lack of hockey knowledge was the main cause of how this team was run, resulting in losing stakeholders over the last decade and now be at a position that it will take some real strong actions (including cash inflows) to correct the situation going forward to rebuild the value of this franchise. It is much like running a restaurant and hotels, if you do not have the industry know how or strong connection to people who know the business to help you out, it is real risky putting your money in it, because if you do not run it in the most efficient way while being able to retain customer satisfactions, it can quickly go out of business or fall down on a slipper road even after a successful start. Wang should probably not have gotten into owning a sport franchise, especially one he does not seem to know much of. The political landscape did not help either. Had the city of Pittsburgh did not help out Lamieux to get that arena, they would not have been able to keep the franchise in Pittsburgh. Certainly landing Crosby and Malkin consequentially by luck is also a big factor. However that is not something you can really control, especially with the lottery draft format today.
The market does matter though. Most smaller markets have hard time keeping the attendance high even when their team does well. The saying that if you win, the fans will come does not always work for smaller market especially where other sports dominate and the TV coverage is minimal. It is like soccer and hockey, in most other countries outside Canada and US, if someone is going to pay to watch a sport or even spend time watching the game on TV, no matter how exciting that hockey game is in their eyes, the bigger market will always be soccer. You just simply can't ignore that culture and demographics plays a big part in market attendance. Similarly for Florida sport teams, the only one that will ever do well there is football and basketball. California did change because of the minor hockey development there over the last decade, but that will never happen in Florida. However even with higher attendance, hockey is still 2nd to other sports there. I remember that Last time LA won their SC, the SC parade did not even have that a great turn out. When Richards move there in the year he got traded, he was surprised that how one of the staff working for one of the community event he attended does not even recognize who he was. Florida teams have to keep the hockey ticket price dirt cheap and use many promotions like pizza/hot dog days to entice customers into the arena. Florida teams do have the advantage of luring many sport players to move there because of the tax advantage, the life style and the beautiful climates.
Of course, if you are an aging veteran with high pedigree and have not yet won a champion ring, you more likely will not want to move to a rebuilding team or one is in the process of becoming a contender. Most pro athletes want to own a champion title or one more before they retire (if they have not won in a long time), unless of course their family life is much more important than winning a trophy.
Unless you are a reputable GM, one with many achievements, or have real strong connections in high places in hockey, it is not easy to take over a rebuilding or young team (without much recent success even with high future upside) to attract big UFA signing, even with money to spent. Just think if you are Snow today, what would you say to any of the big name UFA today out there and try to sell the team and negotiate a contract without hometown and other connections? Is it an easy thing to do even when you throw money on the table and do you really want to grossly over pay the players or be tied down by "No Trade" clauses which may impact your signing other key players down the road or limit the ability to make enhancement to your future roster when you found or develop better players down the road to replace the one you just signed.
There is only one way to improve the situation if the UFA market does not work out - to revalue and improve the entire coaching staff (hence the system, game preparation, leadership, in game strategy, line-up decisions, communication, motivation, and development) or to make some smart win-win trades with other teams. Mind you, you do have to build good trade relations with other team managers or pretty soon, no one would want to be your trading partners.