It's appropriate that the coyote is a type of wolf, because if the Coyotes sale wasn't finalized on Thursday, Phoenix developer Steve Ellman and the NHL would have looked like the boys who cried it.

A new definition of "turnover"

The change in ownership of the Coyotes marks the 11th time in the last four years that an NHL team has changed hands (1998-2001). In comparison, only six teams changed hands in the previous four-year period (1994-1997). The NHL's 11 ownership changes are the most of the four major sports leagues. In the same four year period, baseball teams have changed hands nine times, NBA teams seven times and NFL teams four times. But that doesn't necessarily mean that the NHL is unstable. Franchise values, for the most part, have increased steadily, and new owners are often a stronger and more financially stable. 1997-2001 Edmonton (1998); Sabres (1998); Penguins (1999); Blues (1999); Lightning (1999); Capitals (1999); Avalanche (2000); Devils (2000); Islanders (2000); Canadiens (2001); Phoenix (2001). 1991-1996 Flames (1994); Whalers/Hurricanes (1994); Stars (1995); Nordiques/Avalanche (1995); Kings (1995); Canucks (1996).

June 2, 2000. At a news conference in Scottsdale, Wayne Gretzky is hailed as the savior of the Phoenix Coyotes, as fans invited to the conference cheer. One fan screams out, "Thank you for saving our hockey team," as the Great One is being introduced.

Ellman professes that the Coyotes have "the highest debt level in the NHL," bleeding red ever since its arrival from Winnipeg. But have no fear, within a couple months the Great One will take over as managing partner in charge of hockey operations and rescue the organization. That will, of course, ultimately help bring "the Stanley Cup to Arizona." So says Ellman.

Dec. 12, 2000. The sale is almost complete and a couple papers just need to be signed. Ellman said it would be "a matter of days before anything is official."

Many initial "deadlines" pass to close Los Arcos as the spot for the new arena. Other "deadlines" pass to finalize the new ownership group.

But the NHL needs Gretzky like it needs Mario Lemieux, so with an already-extended deadline of Dec. 31 rapidly approaching, the NHL extends the extension to Feb. 15. And most appropriately, Ellman, Gretzky and the NHL have to work overnight and all day to meet the "final" deadline – the close of the business day on Thursday.

In the 258 days it has taken to complete the sale – and that's just since Gretzky arrived on the scene – two men in incredibly good shape could have each run one-way of a race that went from America West Arena in Phoenix to the NHL offices in New York and back.

The rescue isn't complete now that the papers are signed. In actuality, the work is just starting.

First, the good news, which is optimistic.

The new arena at Los Arcos could generate a significant amount of new revenue streams for the Coyotes, like any new building will. It could also help inflate attendance thanks to the typical honeymoon period which accompanies such a move.

Using history as a guide, Gretzky's involvement with the team will help sell more tickets in his first few years of involvement, regardless of the Coyotes' success on the ice. Before Michael Jordan became director of basketball operations for the Wizards last year, the team drew an average of 13,874 fans per game. Once Jordan came aboard, the average increased by almost 3,000 fans, despite winning only three more games than it did before his arrival. Lemieux's takeover of the Penguins yielded a 4.5 percent attendance increase last year, despite finishing the season with a .500 record.

From 1996-2000, the Coyotes drew an average of 15,382 fans. But this year the team is down to 13,937 – over 1,000 fans less than last year and a 10 percent decrease from the average of the first four years. Ellman said in Thursday night's news conference that attendance will likely increase as a result of "the Wayne Gretzky era" in Phoenix.

Now the bad news:

Because Suns and Diamondbacks CEO Jerry Colangelo receives the bulk of the advertising dollars in America West, Ellman and Co. will most likely have to suffer through three more years of $10 to $20 million-plus losses before the team gets a new arena. Gretzky's impact will be limited because almost 3,000 of America West's 19,023 seats for basketball are obstructed for hockey games. The 16,210 seats give the Coyotes the smallest arena in the league – 2,130 seats less than the NHL average.

Gretzky's name will certainly help get a new arena, just as Lemieux's name will help the Penguins move out of 40-year old Mellon Arena in the next five years. But if a new arena cannot be approved in Scottsdale, or wherever else the ownership group shops it around, and the obstructed views seats are not restructured, the Coyotes franchise will likely be riding the desert sun out of Arizona with five years.

Los Arcos could open by 2004, if the Coyotes management somehow works out all the complex details. But that task may be more difficult than buying the team -- as the facility will likely cost the Ellman's group more than it paid for the team.

Assuming the Coyotes get their new arena by 2004, they would need about five years to recoup their losses from the last three at America West.

Why?

The Phoenix area has four major sports teams – the Coyotes, Suns, Diamondbacks and Cardinals. If Los Arcos is built, there will be four separate facilities, as well.

With Colangelo holding most of the political clout because of his two teams, the corporations will be much harder to sign on. Phoenix corporations have already shelled out money to buy suites, luxury boxes and sponsorship for America West (built in 1992) and Bank One Ballpark (built in 1998). Companies that still want to spend will be next courted by the Cardinals, which will have a new stadium in Tempe before the 2004 season.

To put that in perspective, the only other cities with four major professional sports facilities in closer proximity are Chicago (United Center, Wrigley Field, Comiskey Park, Soldier Field) and Detroit (Joe Louis Arena, Comerica Park, Pontiac Silverdome, Palace of Auburn Hills).

Darren Rovell covers sports business for ESPN.com. He can be reached at darren.rovell@espn.com.