"Rather be broke and have friends than rich and not have friends": When Wayne Gretzky bluntly compared his philosophy to Oilers owner who traded him

By R. Nikhil Parshy

Modified Apr 14, 2025 10:30 GMT

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Back in 1988, after Wayne Gretzky's trade to the Los Angeles Kings from the Edmonton Oilers, there was a lot of criticism directed at Oilers owner Peter Pocklington for going through with it. The two were close friends during Gretzky's stay in Edmonton and their friendship took a jolt because of their differing personal beliefs.

Wayne Gretzky had stated in public that he would have hoped to stay in Edmonton until his retirement but once his trade to LA started to materialize, he had made up his mind. Peter Pocklington's perspective was that after the 1988-89 season, Gretzky would have ended his ten-year personal services contract with Edmonton and there was a high chance that he would command an average salary in excess of $4 million, an amount that Edmonton couldn't afford at that point in the franchise's history.

The trade thus took shape and the greatest player in Canadian history was sent to a big-market club in the United States.

When asked about it in an exclusive interview with the LA Times, Gretzky had insinuated that while he understood Pocklington's 'business,' he chose to preserve their friendship instead of the money he got out of the deal.

"That’s because I know his philosophy: Business is business, and it doesn’t matter if it’s me or his father. It wouldn’t have mattered, and he’ll admit to that. And I knew that. That’s why I said, 'Hold on here. I’m not going to sign for two more years and he can trade me to any team he wants.'

"I honestly don’t have any animosity toward him. In the 10 years I was there, he and I had a nice relationship. Any time I needed to talk to him, I could call and ask for any advice or help that I needed.

"(But) I’d rather be broke and have friends than rich and not have friends. That’s my philosophy in life. Because friends, you can go a long way with, while with money, you can get awfully lonely," Gretzky had said.

Peter Pocklington had recalled his 'no-choice' scenario

In an interview back in 2009 with TV personality Jeff Marek, Pocklington had explained his side of things wherein he claimed that in no circumstances did he wants to break the Oilers team that had won four championships after they switched to the NHL, but it had to be done.

"When I recall the commotion that [the trade] raised, I don't think anybody understood, at least understood that I had no choice. The Edmonton Oilers would have been without a great array of players that we picked up in the trade, plus the $18.5 million Canadian that small markets definitely need.

"I wasn't looking forward to breaking up the greatest team, probably, that ever was in the hockey business. But that's the reality of economics," Pocklington had said.

Pocklington had received $15 million in cash as part of the Wayne Gretzky trade. However, that eventually didn't help the franchise's financials as he had to sell the team in 1997. Gretzky would reach the Stanley Cup Finals only once during his tenure with the Kings.