Wayne Gretzky will be formally introduced as a Coyotes
investor Friday at a "major media gala that could draw
thousands," according to Bob McManaman of the ARIZONA
REPUBLIC. The press conference was rescheduled from today
to Friday in order to "accommodate what is expected to be a
large turnout of both media and hockey fans" (ARIZONA
REPUBLIC, 5/31). Gretzky announced last Friday that he had
accepted Steve Ellman's offer to join the team's ownership
group, and in Phoenix, Bob McManaman wrote that Gretzky's
decision "came after Ellman flew to [L.A.] for a last-
minute, face-to-face sales pitch" and "made good" on his
initial $10M payment to outgoing Owner Richard Burke by
Friday's deadline to acquire the team (ARIZONA REPUBLIC,
5/27). Ellman, who said that he and Gretzky "drank a Bud
Light" after the deal was completed: "I've been working with
Wayne for several weeks on this deal and if it didn't get
done, the franchise was moving to Portland, plain and
simple. Wayne didn't want to sign on unless I was prepared
to wire the $10 million [Friday] night to the NHL. But I
didn't want to wire the $10 million and be handcuffed until
I knew he was coming aboard. It was a Catch-22" (ARIZONA
REPUBLIC, 5/28). Ellman's umbrella company for the Coyotes
is called Los Arcos Sports LLC (ARIZONA REPUBLIC, 5/27).
SOUND INVESTMENT? In Phoenix, Scutari & McManaman wrote
that "just minutes" after Ellman announced Gretzky was
joining his investment group, "nearly a dozen investors,
local and out of state, called late Friday night and
expressed interest in a possible financial share in the
franchise." Meanwhile, Ellman still must meet a June 30
deadline to pay Burke $6.5M instead of the originally agreed
upon $17M. The league has given Ellman until December 31 to
pay Burke the entire $87M for the team and complete his
$100M fund-raising efforts (ARIZONA REPUBLIC, 5/28).
Meanwhile, Coyotes VP/Business Operations Joe Levy said that
the team sold 93 season-ticket deposits yesterday, the first
day that ticket offices were open since the Gretzky
announcement. The figure was the highest single-day total
since the team's initial two-week offering after it
relocated to Phoenix in '96 (ARIZONA REPUBLIC, 5/31).
