Wayne Gretzky Almost Lost $26 Million Fortune With His Business Partner Ahead of a Massive NHL Deal in 2001

Hockey legend Wayne Gretzky’s retirement in 1999 was a saddening episode of his two-decades-long career. However, after his retirement, Gretzky returned as a coach to Phoenix Coyotes. In 2001, Gretzky bought the team, becoming its part owner alongside his business partner and developer Steve Ellman. However, the duo faced monumental struggles in closing the deal and were on the verge of losing $26 million.

In 2000, Wayne Gretzky and his partner Steve Ellman prepared to buy Phoenix Coyotes from its former owner Richard Burke. The total deal cost the duo a whopping $88 million. However, once they had paid $26 million in advance, Gretzky and Ellman faced a string of troubles in completely closing the deal due to the financial crunch.

How Wayne Gretzky and his partner saved a $26 million fortune from going away?

Wayne Gretzky’s era was anticipated to begin in Phoenix Coyotes in 2001 by closing a $88 million deal. However, after paying an advance amount of $26 million, partner Ellman faced a financial crunch in paying the remaining amount. They were also given two deadlines, which they had already missed. However, at times when things were not working out, Phoenix’s company executive ensured that the deal would be closed with his entrance into the team.

Otherwise, if the deal had failed, Gretzky would have surely lost $26 million, which would have gone to Richard Burke along with the team. A report published in 2001 by ESPN read:

“Had the sale fallen through, former owner Richard Burke would have been free to keep the $26 million that the new owners paid in advance and sell to someone else. Trucking company executive Jerry Moyes helped ensure the deal would get done by stepping in as a partner last month.”

The next few weeks were tough for Gretzky and Ellman. Richard Burke would not let Gretzky meet the team until the completion of the deal. However, after making rigorous arrangements, Ellman raised $40 million from a Japanese bank and the remaining $20 million from a French bank.

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Ultimately, Gretzky and Ellman represented the team’s third change of ownership.

 Gretzky resigned as the coach of the Phoenix Coyotes

Gretzky ascended as the coach of the Phoenix Coyotes from 2005 to 2009. However, ‘The Great One’ could not contribute much to the team. Many believe that he was the reason behind Coyotes’ downfall.

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Although people expected Gretzky to step down as the team’s coach, no one expected him to announce his resignation suddenly. Amidst the financial crunch that revolved around Coyotes in 2009, he stepped down as its coach and realized that his future did not lie with the team.