Ellman, Gretzky fly east for cash Chip Scutari The Arizona Republic Sep. 21, 2000 Hockey icon Wayne Gretzky and developer Steve Ellman flew to Chicago on Wednesday to woo a group of deep-pocketed tycoons to help finish their $87 million purchase of the Phoenix Coyotes. Ellman and Gretzky, nicknamed "The Great One," met with about 25 business leaders at a swanky Randolph Street restaurant in downtown to drum up potential investors for the team, which is currently owned by Richard Burke. Gretzky will be part owner and head of all hockey operations when Ellman takes control of the franchise. Ellman confirmed that the pair were in the Windy City rubbing elbows over dinner but didn't elaborate on the trip. The Phoenix developer is trying to build a $557 million development in south Scottsdale with a 17,500-seat Coyotes arena as its centerpiece. Since April, Ellman has been trying to sell $1 million shares to investors in Arizona, out of state and internationally. He has put in $16.5 million of his company's money, while trying to raise $100 million by selling 90 shares at $1 million a share. Jason Rose, a spokesman for Ellman, said the Chicago trip is part of an intricate financial process. "These are complicated deals, and they're going to do it and get it done," Rose said. "If the issue is that they have to fly to Chicago with Gretzky to ask for money, that this is somehow emblematic of any type of struggles, it's completely and totally false." Ellman has told The Arizona Republic he will own the team by October. Rose said a number of potential investors have called to explore investing in the hockey club. Some are well known in entertainment circles. Rose said Hollywood heavyweight David E. Kelley, producer of Ally McBeal and The Practice, has called Ellman about investing in the team. Kelley is a well-known hockey enthusiast and produced the hockey movie Mystery Alaska. He also said the agent for Rick Schroeder, star of NYPD Blue, has placed a call. By raising $100 million, Ellman says, he can wipe out Burke's interest payments on a $60 million loan, limit red ink and save money. Ellman is predicting that his cost-cutting measures will limit annual losses to $8 million a year. The team now loses about $13 million to $15 million a year because 23 percent of the seats at America West Arena have obstructed views for hockey. Scottsdale City Councilman George Zraket, a vocal critic of the arena project, said using Gretzky to lure investors is good business. "When one has to raise a great deal of money, I suppose great people should be hired to do it," Zraket said. "They need money. They are going to roll out Gretzky."