EDMONTON, Alberta -- Wayne Gretzky, the superstar center of the Edmonton Oilers, became the highest paid player in hockey history Wednesday by agreeing to a 21-year contract in excess of $20 million.
Peter Pocklington, the owner of the Oilers, announced the new deal before Edmonton's game against the St. Louis Blues.
Although exact details of the contract were not revealed, Pocklington said Gretzky, with a variety of bonus clauses in the contract, 'could make $20 million in the next 15 years.'
Under the arrangement, Pocklington said Gretzky will acquire 'a large piece of real estate' after six years. He would not disclose the location or type of real estate involved but indicated it was located in Canada.
The contract also calls for automatic renegotiation after the first nine years and again six years later.
Though the contract has not yet been officially signed, Pocklington said 'all hurdles had been cleared and there is full and total agreement in a very complex contractual agreement.
'There's no doubt that Gretzky is the finest hockey player in the world and deserves to receive the best contract,' Pocklington added. 'He's a hero and we need heroes today.'
Gretzky's father, Walter, attended the news conference, and said, 'Wayne is very pleased with the terms of the contract.'
In a release issued by the Oilers, Gretzky was quoted as saying that many of the bonus clauses within the agreement are team oriented and were included at his request. The agreement allowed Gretzky, who turns 21 next Tuesday, to surpass Marcel Dionne of the Los Angeles Kings, who is earning about $600,000 per year, as the highest paid player in the NHL.
Pocklington said it was 'the most unique contract in hockey' and would replace a deal which reportedly paid the center $150,000 this year with a $100,000 cash bonus tacked on at the end of the season.
Gretzky was only 19 when he signed a 21-year personal service contract with Pocklington. That agreement -- the longest sporting contract in history -- was supposed to run until 1999. The occasion was marked by a ceremony at center ice in the Northlands Coliseum, the Oilers home arena.
However, after reviewing his awesome list of records, the Oilers' superstar asked to renogotiate his pact this past summer.
Gretzky, born in Brantford, Ontario, on Jan. 26, 1961, first drew international attention when at age 10 he scored 347 goals in an organized league.
He played his first professional hockey with the Indianapolis Racers and the Oilers in the now defunct World Hockey Association in the 1978-79 season.
In eight games with Indianapolis, he picked up three goals and three assists. In the 72 games he played with the Oilers that year he had 43 goals and 61 assists.
The Oilers jumped into the NHL the next year and Gretzky, dubbed 'The Kid' by the media, showed a caliber of play that forced the headline writers to change the tag to 'The Great One.'
In his first NHL season, he tied the flashy Dionne for the top scorer in the league with 51 goals and 81 assists for 137 points in 79 games, but lost the Art Ross Trophy to the Kings' centerman on the basis of most goals scored.
Last season's 55 goals and 109 assists gave Gretzky sole possession of a host of NHL scoring marks, including most points scored in a single season.
Gretzky scored 50 goals in the Oilers first 39 games this season to smash another league standard (after 48 games Gretzky has 57 goals and 69 assists) and has led the team to first place overall in the NHL.
