Better late than never. Or so they say.

Steve Ellman's ownership group -- which includes NHL all-time leading scorer Wayne Gretzky -- finally completed the purchase of the Phoenix Coyotes at about 5 p.m. ET on Thursday, ending months of delay, two missed deadlines and financing issues.

		Thu., February 15 There have been whispers that Wayne Gretzky might pull out of this venture given the problems that have been associated with getting the deal done. But if he didn't truly believe in what he was doing, and his ability to see it through, he would have pulled out long ago.

"The first order of business is to enjoy the moment," said Gretzky via conference call Thursday evening after the team was officially bought from Richard Burke, who will remain in possession of the Coyotes' practice facility. "Mr. Ellman deserves all the credit for keeping the team in Phoenix.

"I never had second thoughts. One thing I can say quite proudly about Steve Ellman was that, from Day 1, he said it was going to be a process to go through. He's been honest and up front from the beginning."

Gretzky and Ellman plan to be in Raleigh, N.C., on Friday to meet the team in advance of the Coyotes-Hurricanes game.

Ellman arrived in New York on Tuesday to complete the deal, but the process took longer than he expected.

		Thu., February 15 The Coyotes know Nikolai Khabibulin could be essential to their future, and a goalie like him could be hard to find in a few years. They don't want to just give him up, especially considering Burke could be gone after this season – and they'd be stuck with nothing.

"We have been in New York for two days and have not seen it," said Ellman of the most recent delay. "We've been with lawyers for 48 hours. Typical closing. Lots of lawyers. Lots of confusion."

Another thing Ellman might not have expected was the final cost of the purchase, which he estimated to be around $125 million. The bulk of the additional cost to the original $87 million involved operating costs and losses which Ellman's group has assumed since July.

According to Ellman's estimates, about $70 million of the cost was equity and the rest was financed. Securing the $55 million in financing was the major stumbling block for Ellman, who also needed a last-minute infusion of equity from fellow Phoenix businessman Jerry Moyes to solidify his position.

Now that the ownership transfer is official, there's no mistaking the direct goals of both Gretzky and Ellman. The latter is committed to a new arena, while Gretzky is committed to forming an organization focused on winning the Stanley Cup.

"We are going to focus all our energy on the arena project plan," said Ellman of his plan to use the new arena as the central component of a redevelopment project in Phoenix. "Los Arcos has always been our No. 1 priority. We are going to do everything we can to get Los Arcos done, but at the same time, we are committed to keeping franchise in Arizona."

If Los Arcos doesn't work out, Ellman said there are other options in Arizona. One thing that isn't viable, in Ellman's estimation, is the current Coyotes home, the America West Arena. Because of the limited luxury boxes, ad space and other revenue streams that would be bolstered by a state-of-the-art facility, Ellman said the Coyotes stand to lose about $20 million this year. And that cannot continue.

"We expect, with the Gretzky era beginning in Phoenix, that ticket sales will be very strong. We expect a dramatic increase in revenue. ... (But) if we want to lose money forever without a new arena, we can do that. But that wouldn't be prudent."

Gretzky and Ellman represent the team's third change of ownership.

The former Winnipeg Jets of the World Hockey Association joined the NHL in June 1979 under lawyer Barry Shenkarow.

He sold to Burke and Steven Gluckstern for $65 million in October 1995, and they moved the franchise to Phoenix the next summer.

Burke, who bought out Gluckstern on Sept. 12, 1997, put the team on the market last winter, and he and Ellman agreed to a sale price on April 18.

As for Gretzky, he needs to familiarize himself with his new team. Don't forget, Gretzky wasn't even allowed in the Coyotes locker room this season. In fact, he wasn't even allowed to discuss anything related to the Coyotes in the media. He was forced to watch games on television and keep a safe distance until the sale was finalized.

"It was the first time I was at a loss for words with the media," said Gretzky of the gag order placed on him throughout the process.

Of course, rumors continue to swirl that to cut payroll, Gretzky might trade star players like Keith Tkachuk, who makes $8.3 million this season. The Coyotes dish out somewhere between $36-$39 million in salaries this season, and speculation is pressure is significant to pare it down to minimize further losses. But Gretzky won't rush anything.

"Every organization has to be responsible to their team and their city," he said. "At this point in time, we haven't talked about the organization or what's in store for this team because we have been on the outside looking in. We're going to Carolina tomorrow and get a chance to meet the players and the staff.

"Our only goal and objective is to win the Stanley Cup."

Brian A. Shactman covers the NHL for ESPN.com. He can be reached at brian.shactman@espn.com.
The Associated Press contributed to this report