PHOENIX, Arizona – Wayne Gretzky, who is considered the greatest ice hockey player of all-time, resigned as head coach and director of hockey operations of the embattled Phoenix Coyotes on Thursday.

The moves comes just one day after a US bankruptcy court hearing that allowed the National Hockey League franchise to remain in the Arizona desert for at least one more year.

"This was a difficult decision that I've thought long and hard about," said Gretzky.

"We all hoped there would be a resolution earlier this month to the Coyotes ownership situation, but the decision is taking longer than expected."

Gretzky led the Coyotes to a 36-39-7 record last season and a 143-161-24 record over the past four seasons. He claimed he was pushed out by the groups trying to take control of the troubled team.

"Since both remaining bidders have made it clear that I don't fit into their future plans, I approached general manager Don Maloney and suggested he begin looking for someone to replace me as coach," Gretzky added.

"The Coyotes scouting staff has put together a great group of young and talented players who are going to improve tremendously over the next few years.

"I'm proud of the team we've assembled, the organization with which I've been associated and the thousands of dedicated fans who have never wavered in their support of this young team. I'm confident that the best is yet to come for hockey in Phoenix."

Gretzky's exit means the the staff, coaches and players will await the outcome of competing auction bids, including one from Canadian business tycoon Jim Balsillie.

Balsillie, who wants to eventually move the team to Hamilton, Ontario, told the courts Wednesday that he would keep the club in Phoenix this season if he won the auction.

The bankrupt National Hockey League franchise has been losing money since being moved to Arizona from Winnipeg in 1996.

They have never made it past the first round of the playoffs since relocating although the future looks bright thanks to some smart drafting in recent years under Gretzky.

Rising stars, Peter Mueller and Kyle Turris, are just ages 21 and 20 respectively.

But the wait has been too long for Phoenix owner Jerry Moyes who filed for bankruptcy in May.

The NHL is also seeking control of the club and league bosses would like to keep the team in Phoenix while Balsillie and the NHL players union would like to see another team in hockey-mad Canada.

Gretzky is the only player in history to have his number (99) retired by all the NHL teams.

When he retired in 1999, the 'Great One' held 55 league records, including being the only player to record more than 200 points in one season which he achieved four times.

Gretzky's greatest years came with the Oilers in Edmonton where he won four Stanley Cup championships.