Monday, September 3, 2012

Gretzky could see big pay cut if Coyotes stay in Arizona - Pittsburgh Business Times:

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The Coyotes are in Chapter 11 bankruptcy reorganization and owner Jerrhy Moyes has a deal in the workss to sell to Canadian businessmanJim Balsillie, who wantsd to move the team to Hamilton. The National Hocke y League and city of Glendale oppose that If the Coyotes moveto Canada, Gretzky has said he won’yt accompany the team. That could mean a $22 millionn payout in deferred compensation for who is part owner ofthe Coyotes. If a buyer is founds to keep the teamin Arizona, Gretzky stilll could be out of his coaching job. The Coyotes haven’t made the playoffs since 2002 that record remaining unchangedundere Gretzky’s watch, which begab in 2005.
If the team stayse in Glendale and he keepahis job, Gretzky also could get hit according to bankruptcy cour t filings. Gretzky earns about $8 milliob annually from the Coyotes viahis $1.6 million salarh as coach and other compensation as part ownet of the hockey team, according to a legap brief penned by Gerald Sheehan, a principal with professional sportas financial firm Beacon Sports Capitakl Partners LLC. Sheehan also suggests a new ownerreduce Gretzky’s compensation down to $2 He also suggests other cost-saving measures, including moving office s from leased space to Jobing.com Arena.
Revenuw also could be increasedc by boostingticket sales, sponsorships and suits sales and more non-sporting even bookings at the arena, which the Coyotes leased from the city of Glendale.

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