[3] He then shocked the sports world on August 9, 1988, when he acquired the NHL's biggest star, Wayne Gretzky, along with Marty McSorley and Mike Krushelnyski, from the Edmonton Oilers for Jimmy Carson, Martin Gelinas, three first-round draft picks and US$15 million.

The $15 million cash was needed for Oilers owner Peter Pocklington to secure the release of a lien on Gretzky’s contract held by the Province of Alberta Treasury Branches.

Prior to the 1991 season, McNall enticed Raghib "Rocket" Ismail away from the National Football League by signing him to a four-year contract for a then-unheard-of $18.2 million.

He was also a partner with Wayne Gretzky in the colt Golden Pheasant who won races in Europe as well as the Arlington Million in the U.S. and the Japan Cup at Tokyo Racecourse.

In December 1993, McNall defaulted on a $90 million loan, and Bank of America threatened to force the Kings into bankruptcy unless he sold the team.

[6] On December 14, 1995, McNall pleaded guilty to five counts of conspiracy and fraud, and admitted to bilking six banks out of $236 million over a ten-year period.

McNall remained on good terms with many of his former players, with Wayne Gretzky, Rob Blake, Luc Robitaille and others visiting him in prison.