Wayne Gretzky has reached an agreement with the trustee in Bruce McNall's bankruptcy case to buy out McNall's share of a 1910 Honus Wagner baseball card they bought for $451,000 in 1991.
One catch in the $225,500 transaction is that anyone wanting to offer a higher bid can.
Sources said one investor has expressed interest in buying the card for $500,000. Gretzky, however, has the right to match the bid.
Gretzky and McNall made international headlines when they bought the rare card. McNall filed for personal bankruptcy last May and has sold a majority interest in the Kings.
Separately, Gretzky also signed an agreement to buy out McNall's share of a jersey once worn by hockey star Gordie Howe. They bought the jersey--now on display at Gretzky's restaurant in Toronto--in 1991 for $27,500.
Both transactions need the approval of the U.S. Bankruptcy Court in Los Angeles. A hearing is scheduled March 7.