“Knew I Was Going to Lose Money”: $250 Million Worth Wayne Gretzky Opened Up on His Infamous Business Decision in 1994

Wayne Gretzky revolutionized the game of ice hockey with his exceptional skills and brilliant strategies. However, his mindful vision was not limited to the ice rink but could be seen in his investments and business acumen as well. However, one of his investments that made headlines for not-so-great reasons was the decision to buy a Canadian Football league team. 

In 1991, the Great One teamed up with his team owner Bruce McNall, and comic star John Candy, to buy the Toronto Argonauts. The deal made headlines due to the star-studded team of owners. However, the result wasn’t as expected as it involved several bank frauds and huge losses. 

Wayne Gretzky clarifies his name in the controversy

In 1994, Bruce Mcnall pleaded guilty to court for bank fraud, and Gretzky was at the receiving end of the heat. Finally, the NHL Goat opened up about the deal and his involvement. The star hockey player clarified that he and Candy had very minimal stakes in the team while Mcnall owned the bigger chunk. Gretzky was a stakeholder of 18 percent of the Argonauts.

Gretzky also added that he was in continuous negotiations with Mcnall to sell the team, after the Grey Cup win, as it was leading to huge losses. The White Tornado said that he has anticipated that the deal won’t lead to many profits, He continued. ” I looked at the downside and I knew I was going to lose money. I am not bitter. It’s not going to kill me. I don’t blame anyone. It was my fault.”

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According to the Washington Post, The NHL star admitted that he lost money but also clarified that the amount was lesser than what people were thinking. “Yeah, I did lose money, but nowhere near what some people are saying”, he clarified. Although the NHL GOAT lost money in his deal, this wasn’t his only investment in owning the sports team. 

Gretzky’s profitable investment in other teams

While thinking of buying the Toronto Argonauts in 1991, The Great One was already an owner of another junior hockey team and was making a huge profit out of that. The decision of buying Hull Olympiques of Quebec in 1985,  gave him 200% profit within 7 years. 

The star player bought the team for $135,000 in 1985 and sold it for $430, 000, making almost $300,000 in just 7 years. Although hockey players nowadays earn much more than this in a single year, the numbers just show the clever thinking of the Great Gretzky.

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