Wayne Gretzky "could be the key cog" in the $87M
purchase of the Coyotes, according to Bob McManaman of the
ARIZONA REPUBLIC, who writes that Gretzky "may have been
promised a generous share in revenues to be produced" by the
$535M redevelopment project at Los Arcos Mall. No deal is
set yet, "but it could be just a matter of days until"
Gretzky "makes it official." Phoenix-based Ellman Cos. real
estate developer Steve Ellman said that "he has met several
times in recent weeks" with Gretzky and his attorneys for
negotiations regarding a "financial partnership." Gretzky
said that "should he decide to accept" the deal, he would be
a majority owner, but because he "wanted to spend at least
two full years away from the game," a chance of him
accepting the offer is "50-50." Gretzky: "It's definitely
the right offer. It's just a question if it's the right
time for me. ... But I've got to say this again, I really
like the idea of me becoming involved in this." Ellman said
that Coyotes President Shawn Hunter and GM Bobby Smith
"would keep their current positions after Gretzky came
aboard." Sources said that Ellman "will set up a separate
corporation to run the hockey operations," with Gretzky
"filling a CEO-type post." McManaman notes that Ellman
"would not disclose any specific details of his offer," but
"it is clear" that Gretzky "would have a significant stake
in the franchise's future" (AZ REPUBLIC, 5/12). In Chicago,
Steve Rosenbloom cites sources as saying that Gretzky "is
about to become" a 20% owner in the Coyotes. Ellman, who
does not want to "deal with" team day-to-day operations,
"has had trouble rounding up investors" for his purchase.
Gretzky "would oversee the entire operation as president,
but he won't be" GM. Rosenbloom adds that "speculation is
that" Gretzky would try to bring" in Oilers President Glen
Sather for a post with the Coyotes (CHICAGO TRIBUNE, 5/12).
