The Great One

The epitome of hockey greatness left a trail of records shattered in his wake.

That same relentless drive propelled Wayne Gretzky to a net worth of $250 million.

But Gretzky didn’t just dominate on the ice, he carved out a legacy that extends far beyond the rink. But his transition to the boardroom is far from the ordinary.

Who is Wayne Gretzky?

Wayne Gretzky is widely regarded as the greatest hockey player to ever grace the ice–an indisputable legend.

Growing up in Brantford, Ontario, Canada, Gretzky's passion for hockey started at the age of three. At just age six, he was already playing against kids double his age.

His decorated 21-year career began at the age of 17 when he first took to the ice with the Indianapolis Racers in the World Hockey Association (WHA) in 1978. 

The NHL's age restrictions prevented his immediate entry into the league, but fate intervened when the WHA disbanded. Three former WHA teams joined the NHL, paving the way for Gretzky's iconic tenure with the Edmonton Oilers.

Gretzky's impact in the league was immediate, clinching the MVP title in his inaugural NHL season—a prelude to a career in which he earned nine of the prestigious trophies. 

With a staggering 61 NHL records under his belt (40 regular-season, 15 playoff, and 6 All-Star), Gretzky's dominance remains unparalleled. But among his many accolades, Gretzky has said he cherishes one feat above all the others: scoring 50 goals in just 39 games.

Throughout his career in the NHL, Gretzky's tenure with the Edmonton Oilers shines brightest, securing all four of his Stanley Cup victories with the organization from 1983 to 1988.

Off the ice, Gretzky is celebrating over three decades of marriage to actress Janet Jones (now Janet Gretzky) and their five children. 

While Gretzky's incredible career spanned two decades, his ventures into the business world have been met with varying degrees of success. 

Yet, despite the setbacks, Gretzky's entrepreneurial journey shows that you miss 100% of the shots you don’t take—underscored by his remarkable 2.5x increase in net worth since retirement.

What is Wayne Gretzky’s Net Worth?

Nicknamed “The Great One,” Gretzky enjoyed the perks that came with his generational talent.

He attracted lucrative deals with some of the world's biggest brands, including Nike, Coca-Cola, McDonald's, and Domino's Pizza. Although specific details of these endorsement contracts were kept private, it's estimated that Gretzky earned an impressive $50 million total throughout his career.

Gretzky also amassed a substantial salary from his NHL career, totaling approximately $46 million.

While these figures may seem modest compared to the salaries of today’s athletes, contracts were not as lucrative in the era Gretzky played in.

Yet, Gretzky's current net worth stands at an impressive $250 million.

So, how did he achieve such financial success? 

It's a testament to Gretzky's unique approach to business.

Wayne Gretzky’s Business Ventures

Sports Ownership

Wayne Gretzky's journey in sports ownership was nothing short of a rollercoaster ride.

From early triumphs to scandals-turned-losses, Gretzky experienced the full spectrum of highs and lows.

Take Organic Risks

Wayne Gretzky embarked on his journey into sports ownership while in the midst of his legendary run at his four Stanley Cups.

In 1985, he took his first step into ownership by purchasing the Hull Olympiques, a junior hockey team based in Quebec, for $175,000. 

Seven years later, he sold the team for approximately $550,000, reaping over a 200% profit. This early success showed Gretzky had potential in the realm of sports ownership.

But his subsequent investment in 1991 did not yield the same outcome. 

Gretzky acquired a minority share in the Toronto Argonauts alongside Bruce McNall, the owner of the LA Kings, and actor John Candy. 

The $5 million purchase of the Canadian football team quickly soured as the team faced financial problems, with Gretzky finding himself in the middle of a bank fraud scandal.

In 1994, McNall pleaded guilty, and Gretzky was forced to clear his name by clarifying he was a minority stakeholder, only holding a 10% stake, and that he had been attempting to convince McNall to sell the team.

While there’s not much transparency to how much Gretzky lost, his second foray highlights the complexities of sports ownership.

While the idea for this venture may have surfaced organically and aligned with his passion for sports, ownership experience doesn’t necessarily translate across sports.

However, these setbacks didn’t seem to have an effect on Gretzky's entrepreneurial spirit.

You Miss 100% of the Shots You Don’t Take

Following the disaster with the Toronto Argonauts, Gretzky teamed up with real estate investor Steve Ellman, acquiring another 10% minority stake in the Arizona Coyotes, an NHL team based in Phoenix.

In addition to becoming part owner, Gretzky also assumed the position of the team's head coach from October 2005 to September 2009, attempting to replicate his success as a player.

But the team again faced challenges, culminating in the organization filing for bankruptcy in 2009. 

Gretzk became the scapegoat for the team's struggles, finishing with a record of 143-161-24 (Wins-Losses-Ties) before choosing to step down from his position.

After a lengthy legal battle over the sale of the team, the NHL agreed to compensate him for his tenure as part-owner.

While no firm details on the deal are published, my estimates show he still made 10% on his initial investment when factoring in his compensation as coach. 

While his time in Phoenix didn't yield the desired result, it’s clear Gretzky has a short memory, a trait of many successful athletes–he doesn’t let one failure stand in the way of his next endeavor.

Understand Your Brand

After taking time away from hockey, Wayne Gretzky returned to his roots in Edmonton, the city synonymous with his legendary career.

In 2016, he assumed the role of minority partner and vice-chairman of the Edmonton Oilers' parent company, the Oilers Entertainment Group.

While the specifics of Gretzky's contract during his second stint with the Oilers remain undisclosed, he was undoubtedly compensated fairly for his return.

Gretzky's enduring popularity in Edmonton made his return to the city a natural choice, building on the reputation he had established both within and beyond the hockey world.

But Gretzky's tenure with the Oilers was not permanent. 

After another half-a-decade in Edmonton, the Oilers only made the playoffs twice, culminating in early exits.

Gretzky seemingly has learned from his decades of experience and positioned himself again within the hockey landscape, leveraging his legacy to secure a role at TNT as a hockey analyst where he continues to talk Hockey today, earning him a salary of $3.1 million per year.

Wayne Gretzky Estates

Inspired by childhood memories of watching his grandfather press his own grapes, Gretzky ventured into the wine industry with the establishment of his winery and distillery in Niagara-on-the-Lake, Ontario in the spring of 2017.

Following a collection bearing his name that was introduced in 2007 by a different winery, which closed in 2011, he was determined to distinguish his own brand this time around.

His vision was clear: craft wines that attracted people because of his name but kept them coming back because of the quality.

Rooted in Greatness

Quite different from his other ventures, Wayne Gretzky Estates may seem unexpected, yet its brilliance in branding aligns seamlessly with his personal brand.

This winery embodies the belief that greatness resides within each individual, a philosophy Wayne embraced during his meticulous selection of all-star winemakers, blenders, and distillers to uphold the esteemed standards associated with his name.

Branding strategies ingeniously tie Gretzky's character traits to the essence of the brand, and the estate prominently features a quote attributed to him, illustrating his dedication to hard work: "I've often said the highest compliment you can pay me is to say that I work hard every day.”

While precise revenue figures remain undisclosed, estimations suggest the winery does between $25-$50 million in annual revenue.

The Service Industry

Wayne Gretzky boasts a rich history in the service industry.

HIs first restaurant, Wayne Gretzky’s Toronto, was established in 1993 and serves not only as a dining establishment but also a tribute to Gretzky, doubling as a museum proudly displaying memorabilia and accolades from his career.

But Gretzky didn't stop there. In 2016 and 2018, he expanded his culinary footprint with the launch of two new ventures in Edmonton: No.99 Gretzky’s Wine & Whiskey and Studio 99, further solidifying his roots in Edmonton.

While enjoying considerable popularity, Wayne Gretzky’s Toronto’s chapter came to a close after nearly three decades to make space for a high-rise development in 2020–the result of a massive real estate deal rather than poor performance.

Strategic Connection

Gretzky created a connection between his ventures, leveraging his restaurants as a platform for cross-promotion with Wayne Gretzky Estates.

At his establishments, patrons can savor Wines and Whiskeys from the estates while enjoying a meal, presenting a perfect introduction for customers who may not have known about his other venture.

While it's unlikely that Gretzky initially envisioned this synergy when getting his start in both winemaking and restaurant ownership, it nevertheless represents a genius move to organically promote his offerings.

The continued presence of the two current restaurants suggests they are reinforcing the foundation of his business empire.

Connect with your Community

While diving into Wayne Gretzky’s trio of restaurants, two key themes emerged: the creation of a sense of community and Gretzky's unwavering character.

Employees shared fond recollections of encountering Gretzky during team-building exercises at the restaurants, emphasizing his active involvement with staff members.

Gretzky made it a point to visit each establishment at least four times a year, fostering connections with patrons and staff alike.

Gretzky’s commitment to community is further exemplified from his expansion into Edmonton. 

Wayne Gretzky’s Wine & Whiskey, situated within Edmonton International Airport, offers travelers an upscale dining experience bearing the Gretzky hallmark.Similarly, Studio 99, strategically positioned within the Edmonton Oilers arena, serves as a hub offering sports enthusiasts the opportunity to rally behind the Oilers once again in Gretzky’s name.

Gretzky's connection with his community and business associates defies the adage "never meet your heroes.”

The Success Strategies of Wayne Gretzky

1. Look for Opportunity: Gretzky kept an eye out for opportunities that aligned with his goals and hit the ground running when he found them.

2. Cultivate Customer Relationships: Gretzky remembers his roots and appreciates those who have supported his journey. He has built strong relationships with his community, fostering a loyal fan-base.

3. Understand Your Brand: Gretzky took the time to understand his identity and the essence of his brand, allowing him to authentically connect with his audience.

4. Appreciate Business Parnterships: Gretzky treats his partners and employees with respect to foster trust and mutual growth.

5. You Miss 100% of the Shots You Don’t Take: Gretzky embraces the mindset of taking action, positioning himself for success by being proactive and taking calculated risks.

The Bottom Line

Gretzky has a fresh take on business that you don’t hear about from many businessmen who have built an empire as large as his.

His winner’s mindset leaves no doubt that he has worked hard for every piece of success he has achieved.

Gretzky has maintained his image from his young days as a player to his current days as an Entrepreneur, building up a personal brand for decades that’s hard not to like.

He has nurtured relationships with the partners and people who are pillars of his success and continues to remain his authentic self, resonating with his community.

Gretzky has achieved a life deserving of his hard work while remaining as the hero you wish you could meet.