Wayne Gretzky Resigns as Coyotes Coach

Wayne Gretzky resigned as coach of the Phoenix Coyotes on Thursday.

Gretzky's departure had been rumored as the bankruptcy court battle between Canadian billionaire Jim Balsillie and the NHL over the sale of the financially troubled team dragged on. Gretzky confirmed he was leaving on his Web site.

"This was a difficult decision that I've thought long and hard about," Gretzky said in a statement. "We all hoped there would be a resolution earlier this month to the Coyotes ownership situation, but the decision is taking longer than expected.

"Since both remaining bidders have made it clear that I don't fit into their future plans, I approached general manager Don Maloney and suggested he begin looking for someone to replace me as coach. Don has worked hard and explored many options. I think he has made an excellent choice, and so now it's time for me to step aside."

Gretzky, who is due to make $8.5 million this season, coached the Coyotes from 2005-09, finishing with a 143-161-24 record, and the team missed the playoffs in all four seasons.

The 48-year-old Gretzky also owns a small piece of the franchise.

The Coyotes had no immediate word on a replacement. Associate coach Ulf Samuelsson had been serving as interim head coach during the preseason, and the team this week hired former NHL head coach Dave King as an assistant.

CBSSports.com's Wes Goldstein says the team's situation has been the "soap opera of the summer" for the NHL.

"The Phoenix Coyotes seem to be dying a death of a thousand cuts," he writes. "It's slow, it's painful and it inevitably means the end of the desert existence for a franchise that already has one foot out the door and the other just waiting to follow."