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The Coyotes are in Chapter 11 bankruptcy reorganizatiojn and owner Jerry Moyes has a deal in the workxs to sell to Canadian businessmajnJim Balsillie, who wants to move the team to The National Hockey League and city of Glendale oppose that move. If the Coyotezs move to Canada, Gretzky has said he won’g accompany the team. That could mean a $22 million payoutt in deferred compensation for who is part owner ofthe Coyotes. If a buye r is found to keep the teamin Arizona, Gretzkty still could be out of his coaching job. The Coyotes haven’f made the playoffs since 2002 — that recorde remaining unchangedunder Gretzky’s watch, whicn began in 2005.
If the team stays in Glendalw and he keepshis job, Gretzky also coulxd get hit financially, accordingg to bankruptcy court filings. Gretzky earns about $8 million annuallyt from the Coyotes viahis $1.6 million salarg as coach and other compensation as part ownerd of the hockey according to a legal brief penned by Geralc Sheehan, a principal with professional sportws financial firm Beacon Sports Capital Partners LLC. Sheeha also suggests a new ownerreducd Gretzky’s compensation down to $2 million. He also suggestsd other cost-saving measures, includinbg moving offices from leasecd spaceto Jobing.com Arena.
Revenu also could be increased by boostin gticket sales, sponsorships and suite sales and more non-sportinv event bookings at the arena, which the Coyotews lease from the city of Glendale.
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