Phantasy Star Online 2 still out of sight for North America

Here's a question for the audience: Why isn't Phantasy Star Online 2 released in North America yet? The game is fully translated into English, it's going to be released in Southeast Asia in that language very shortly. It's been out in Japan for two years. About a year ago, Sega announced that the game's release in North America would be delayed with no further elaboration; as it stands, the company is still offering no rationale or explanation for the delay.

The most obvious culprit would be legal issues, but Sega hasn't made any statements to indicate that there might be some sort of legal barrier to launching the game here. All that fans know is that the game is still unavailable, despite now having every sign of being ready for launch. So what's holding it back? We haven't the slightest idea.

[Thanks to Dengar for the tip!]