In a statement on Twitter Tuesday afternoon, the Great One said he was stepping down as vice-chairman of the Oilers effective Tuesday.
“The Oilers, their supporters and the city of Edmonton have represented the world to me and my family for over four decades – and it will never stop,” he said.
“Given the pandemic and other changes in life, I realize that I will not be able to devote the time and effort necessary to support this world-class organization.”
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Gretzky then thanked Daryl and Renee Katz, their family and the team for their support and friendship over the years.
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Earlier this year, Gretzky lost his father, Walter, who died at the age of 82.
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The resignation comes a day after the Oilers were eliminated from the NHL playoffs in a triple 4-3 overtime loss to the Winnipeg Jets.
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Gretzky has been the organization’s vice president since 2016.
Previously, Gretzky was with the Phoenix Coyotes, where he spent time as a co-owner, coach and COO of hockey.
Gretzky spent his most successful years on the ice as an Oiler winning four Stanley Cup championships with the team.