Gretzky steps down as head coach of Phoenix Coyotes

Wayne Gretzky announced this afternoon that he will step down as head coach of the Phoenix Coyotes immediately. Gretzky did not show up to the Coyotes training camp.

In August of 2005, Gretzky was named head coach and signed a five-year contract to continue to serve as part owner, managing partner, and alternate governor.

Gretzky received a salary of $8 million per season and that payment was due to end on October 1st. Many believe that is the main reason "The Great One" has decided to step down.

From 2005-06 to 2008-09, Gretzky had a 143-161-24 record for a .473 winning percentage in four seasons as the Coyotes head coach. The Coyotes never made the playoffs with Gretzky at the helm.

"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 Manger 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."