Balsillie bid a winner for Wayne Gretzky

When Jim Balsillie officially applies today to the NHL to move the money-losing Phoenix Coyotes to Hamilton, Wayne Gretzky will be watching very closely.

The Great One stands to lose up to $9.3 million (U.S.) if Balsillie fails, according to court documents filed over the weekend.

The same documents reveal the team itself says it's worth only $67 million and has debts totalling $244 million. Part of that debt is $9.3 million owed to Gretzky, making him one of the largest creditors.

Oddly enough, Gretzky had given his blessing to a lesser offer from Chicago sports magnate Jerry Reinsdorf but stands to profit if Balsillie wins the team.

When he kick-started the bankruptcy controversy, Balsillie had promised to pay Gretzky up to $22.5 million as part of his $212.5 million bid for the franchise. That included $8 million to cover payments Gretzky deferred to help the troubled team, and another $14.5 million should Gretzky choose to quit as coach.

"We feel that – by far – we have the business proposal to address creditors," said Balsillie spokesman Bill Walker.

Gretzky is owed the money because he deferred salary to help the team. His claim is listed as "unsecured" and "nonpriority," which means he'd be among the last in line to be paid from the proceeds of a Coyotes sale.