Deal to Purchase Coyotes Finalized at Last

Wayne Gretzky and real estate developer Steve Ellman closed their much-delayed purchase of the Phoenix Coyotes Thursday, ending a saga that took some harrowing turns when Ellman had difficulty assembling the money.

The franchise cost was $90 million but with closing costs, legal fees and debt assumption, the price tag reads $125 million. Ellman said just under $70 million is equity and $60 million is debt assumption.

That’s for a team that will lose $20 million this season and will continue to bleed millions until it can move out of America West Arena and into the 17,500-seat arena Ellman hopes to build in suburban Scottsdale.

“This has been a very long, tough, frustrating journey, and I really am apologetic it has taken this long,” said Ellman, whose group missed two deadlines set by selling owner Richard Burke. The deal was finally completed only after trucking executive Jerry Moyes kicked in a reported $20 million last week.

Gretzky, who will assume an executive position but will continue to live in Southern California, was initially promised his name would be his equity. However, he has spent about $3 million to become an owner and return to the game he left as a player in 1999.

The Gretzky-Ellman era will officially begin tonight, when the Coyotes play the Carolina Hurricanes at Raleigh, N.C.

“From a personal point of view, had it not been for Mr. Ellman keeping the team and believing in this city, I’m not sure where this franchise would be today,” Gretzky said. “We’re going to enjoy [tonight’s] game and then we have a lot of work ahead of us.”

Gretzky said he will retain consultant Cliff Fletcher and will immediately add former King teammate Pat Conacher to his front-office staff but added he hasn’t evaluated anyone else. General Manager Bobby Smith might finish the season, the reward for persevering through uncertainty and molding a team that ranks seventh in the competitive Western Conference.

Signing holdout goaltender Nikolai Khabibulin is one of Gretkzy’s priorities, even though Sean Burke is enjoying a remarkable resurgence.

“Anything we can do to build a championship team, we’re willing to listen to,” Gretzky said. “I’m sure we’re going to talk to a lot of people.”

He also said he might lace up his skates again--but only to practice with the team, not to follow the lead of fellow player-turned-owner-turned-player Mario Lemieux.

“Absolutely no,” Gretzky said.

Ellman said he can open the new arena 20 months from the time he receives a building permit, but many details must still be settled with Scottsdale city officials.