[just4ufolks]

Phoenix Coyotes'
#99 (WG)
done Coaching
Minority
owner and creditor
was in limbo during bankruptcy proceedings for troubled NHL team
c/p
toronto star
Sept 24th 2009

The Great One's run in Phoenix is officially over. Wayne Gretzky announced today that he is quitting as head coach of the Coyotes with the hockey club in limbo after being placed into bankruptcy in May.
"This was a difficult decision that I've thought long and hard about," said Gretzky on his website Gretzky.com.
"We all hoped there would be a resolution earlier this month to the Coyotes ownership situation, but the decision is taking longer than expected. Since both remaining bidders have made it clear that I don't fit into their future plans, I approached General Manger Don Maloney and suggested he begin looking for someone to replace me as coach. Don has worked hard and explored many options. I think he has made an excellent choice, and so now it's time for me to step aside."
It's expected associate coach Ulf Samuelsson will take over as head coach, with Doug Sulliman and newly hired Dave King as his assistants.
Gretzky, who has not been at the Phoenix training camp since it opened 12 days ago, was unable during his four-year coaching tenure to lead the Coyotes to the playoffs.
"I often said it was the greatest honor and privilege I could imagine to be able to play in the National Hockey League," Gretzky wrote on his website. "I feel the same way about being an NHL coach. I've loved the four years I spent coaching the Coyotes. Not a day went by when I took it for granted, and I will miss the competition of the NHL dearly."
Gretzky is owed millions of dollars by the Coyotes, but its not clear how much will be left for him through bankruptcy proceedings. The final two bidders for the team, the NHL and one led by Canadian billionaire Jim Balsillie, have indicated they would not honour the terms of Gretzky's contract. Recent online polls in Phoenix indicated a majority of respondents didn't want him to return to coach the team.
Balsillie wants to buy the team for $242.5 million (U.S.) and move it to Hamilton. His initial offer for the team included about $22.5 million for Gretzky if he came on board with the bid.
The NHL is offering $140 million for the team, hoping to find an owner who would keep it in Glendale, Ariz. The NHL's offer did not include the "assumption" of Gretzky's lucrative contract.
The NHL said Gretzky is owed money from Coyotes owner Jerry Moyes's personal finances, not the bankrupt estate.
Gretzky was working closely with a third group, Ice Edge Holdings, which failed to put a bid in at the Sept. 10-11 auction. The group is still interested in the team.
Bankruptcy judge Redfield T. Baum continues to mull over a decision on the fate of the NHL franchise. Balsillie yesterday sweetened his offer for the team, pledging to keep it in Glendale this season and offering to step aside if the NHL should find a buyer by the end of the year.
Interestingly, Gretzky made no comment on whether he believes the Coyotes will survive in the desert, but made a pitch for southern Ontario eventually getting a team.
"As a young boy, I learned to play hockey in Southern Ontario, and I know what great fans they have there. It's my hope they too will have an NHL franchise in the not too distant future," he said.

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[Victor Hugo]

Thanks for all the Information just4ufolks.

[bilmac]

Great Great Player but a lousy coach. I think he wanted out anyway and this is his out

[coorslightly]

he should have quit months ago. it will be interesting now what the bankrupcy judge decides. i been keeping daily tabs on this subject from the beginning. i hope basillie prevails to put that wimpy Bettman in his place.