Nelson Skalbania, the owner of Indianapolis Racers, signed the 17 year old future super-star, Wayne Gretzky to, at that time, a whopping personal contract worth between 1.125 and 1.75 million dollars over 4 to 7 years. Skalbania, knowing that the WHA was fading, felt owning the young star was more valuable than owning a WHA team.
This was the first season of Wayne Gretzky's professional career. The Racers' management knew that the team was going to fold
due to poor attendance, and sold Gretzky to the Edmonton Oilers after eight games. Skalbania needed cash and liquidated his greatest asset to his old friend and former partner, Peter Pocklington, owner of the Edmonton Oilers. Pocklington purchased Gretzky and two other Indianapolis players, goaltender Eddie Mio and forward Peter Driscoll paying $700,000 for the contracts of the three players, although the announced price was actually $850,000.