The economics of sports has sent salary scales zooming, but most players have to perform for a while before cracking the millionaires' club. For teenager Wayne Gretzky, however, his potential was enough to win him a seven-figure hockey contract that made him the youngest millionaire.

Gretzky was just 17 years old when he signed his first professional contract to play in the 1978-79 season with the World Hockey Association Indianapolis Racers. But that franchise was skating on thin ice and after only eight games, Gretzky was sold to the Edmonton Oilers. It wasn't because the Racers were unhappy with his pro debut. He scored three goals and three assists in those first eight games. It was just that the franchise was sinking, and had to cast its players adrift.

Indianapolis' loss was Edmonton's gain. Despite his age, Gretzky fit comfortably into the Oilers' lineup. He played so well that he was added to the WHA All-Star team and played on a line with Hall of Famer Gordie Howe, who had always been his idol.

Gretzky's original contract with Indianapolis was for four years with an option for the next three. It also required a $130,000 payment before the prodigy's 18th birthday, part of his signing bonus. Edmonton owner Peter Pockington delivered on that deal and then added a little extra present to make that 1 8th birthday party memorable. He signed Gretzky to a 21-year personal services contract at a cost of about $5 million. The ceremony was held at center ice before an Edmonton game and its timing was perfect because Gretzky's birthday fell just a couple of weeks before WHA talks that led to the merger with the National Hockey League.

Gretzky had a brilliant rookie season, scoring 46 goals and 64 assists for 110 points, third best in the WHA. He was the only player in the league to finish among the top five in both goals and assists.

Gretzky has three younger brothers, all of them hockey players. And he says the youngest, Brent, is the one the scouts really ought to watch. "Little Brent is going to be better than all of us," he said.

WAYNE GRETZKY Born Jan. 26, 1961, Brantford, Ont.

AWARDS AND RECORDS
WHA Rookie of the Year, 1978-79

Photo: What a rookie year!