Gretzky’s New 8-Year Contract May Be Worth Close to $20 Million

Figuring that it’s more expensive to shop on Rodeo Drive than in the West Edmonton Mall--which, incidentally, bills itself as the world’s largest--owner Bruce McNall of the Kings decided that Wayne Gretzky deserved a raise.

In doing so, McNall might have forever inflated the price of star hockey players.

McNall, who has already paid a Kings’ ransom of $15 million to get Gretzky from the Edmonton Oilers on Aug. 9, reached agreement with Gretzky on a new eight-year contract that should keep No. 99 the wealthiest iceman on earth.

No figures were released--a statement from the team said Gretzky was given a raise “commensurate with the increased cost of living in Southern California”--but the total package, including incentive bonuses tied to team performance, could be worth close to $20 million.

That should allow Gretzky and his wife, actress Janet Jones, to spend the occasional evening at Spago.

“I’m extremely happy, I’m very excited about it,” Gretzky said Thursday before departing for Edmonton, where he’ll spend the next week before reporting to training camp in Victoria, Canada, next Thursday. “I hope (McNall) is equally happy.”

McNall had said that Gretzky deserved to be paid comparably to basketball star Magic Johnson, whose restructured contract with the Lakers pays him more than $3.1 million a season, and apparently, he meant it. Gretzky forfeited his right to become a free agent without compensation after the 1991-92 season, but he could earn close to $3 million in each of the last four seasons of his contract.

Last season in Edmonton, Gretzky earned about $1.5 million, including bonuses. The contract with the Kings--which, with bonuses, could pay him nearly $2 million in each of the next four seasons--would carry him through his 35th birthday and his 17th season in the National Hockey League.

“I wanted to be sure he was the highest-paid hockey player in the world and would remain so,” McNall said. “I don’t ever want to hear Wayne Gretzky come to me and say, ‘Bruce, I hear so-and-so is making this.’ ”

All parties involved, including Gretzky’s agent, Ian Barrigan, said that negotiations went exceptionally well. The matter was resolved, according to McNall, in half a day.

“The easiest contract I’ve ever done,” said McNall, a self-made millionaire who besides owning a hockey team operates a motion picture company, an ancient-coin business, and a thoroughbred stable.

“(Gretzky) never asked for a thing. He said, ‘Pay me what you think I’m worth. I trust your judgment.’

“I told him he was worth a lot of money.”

Evidently, McNall calculated, in time Gretzky would be worth double what he was in Edmonton. Why? One look at the Kings’ boffo box office--all loge seats in the Forum were sold out after the trade--and McNall justifies the money involved.

“I don’t know of any other player who could put that many bodies in the seats,” McNall said. “ . . . Gretzky has an appeal other players don’t have.

” . . . We know he’s meant a lot to the gate. I don’t know if that will continue for the next eight years or not, but we wanted to compensate him for what he’s meant to the gate.”

There are no attendance bonuses in the contract, however, McNall emphasized. Nor will Gretzky receive a percentage of the gate. Horses? No. Land? No. And it’s illegal under NHL bylaws, McNall said, for Gretzky to own a piece of the team while still playing.

None of the money is deferred, either, McNall said.

“We both agreed it didn’t make a lot of sense for Wayne to be paid over 40 years,” McNall said. “Why tie him up for umpteen years? What if I get hit by a truck? Who should he collect money from then?”

Gretzky, who had played professional hockey since signing with the Indianapolis Racers of the defunct World Hockey Assn. when he was 17, said he expects this to be the last NHL contract he signs, but left open the question of how much longer he intends to play.

“I think what you’ve got to do, as a professional athlete, is to know when it’s time to say goodby,” Gretzky said.

‘A player, if he stays in shape, and looks after his body, can go on till they’re 40 or 41. It depends on the individual. Working hard, and staying dedicated to the game, can add years to your career.

“When I’ll pack it in, I’m not exactly sure, but I look forward to ending my career with the Kings. . . . Who knows what’s going to happen in seven years? But hockey has been my whole life. It’s given me every opportunity I’ve had in my life, and I still love to play.”

Gretzky said he is still adjusting to the idea of putting on something other than an Oiler sweater.

“It’s like a kid going into a new school,” he said. “I’m excited about it. I had 10 years in Edmonton, there were great memories, and I’ll never forget it.

“But now it’s time to make new memories.”

And time to open a new checking account. According to McNall, Gretzky welcomed the idea of incentive bonuses tied to team performance--advancing in the playoffs, for example--as opposed to individual statistics.

“I think team bonuses are more valuable than personal bonuses as an incentive to win,” said McNall, noting that both the Montreal Canadiens and Philadelphia Flyers use such bonuses.

“I’ve been asking (General Manager) Rogie (Vachon) for future contracts to make it a team policy to have only team bonuses. Wayne actually made the offer himself (to have team bonuses).”

Some personal bonuses apparently will remain in Gretzky’s contract, however, at least for the next four years.

Times staff writer Tracy Dodds contributed to this story.