As Washington Capitals star Alex Ovechkin closes in on Wayne Gretzky’s all-time goals record, the Great One told CNBC he has nothing but admiration for the player who could soon dethrone him.

“Alex has been exceptional for our game,” Gretzky said on CNBC’s “Squawk Box” on Thursday. “I hope I’m the first guy to shake his hand when he does break the record.”

Gretzky added that all records must come to an end.

“That’s progression in our sport,” he said.

Gretzky spoke to CNBC as the sport he played a pivotal role in building becomes an even bigger business. The average NHL team is now worth nearly $2 billion according to CNBC’s Official Valuations released on Wednesday.

“Our game is increasingly valuable,” NHL Commissioner Gary Bettman told “Squawk Box” on Wednesday.

Ovechkin, whose rivalry with fellow all-time great Sidney Crosby helped to fuel the sport’s growth in the 2010s, has created more intrigue this season with his pursuit of Gretzky’s record.

Gretzky made history as the NHL’s all-time leading goal scorer on Oct. 15, 1989, surpassing Gordie Howe’s record after scoring an overtime game-winner.

Thirty-five years later, Ovechkin is closing in on breaking Gretzky’s record of 894 goals, with 26 more to go. On Tuesday, the Capitals announced their captain will be out “week to week” after suffering a leg injury, but he is expected to return this season.

Gretzky told CNBC that at the time he broke Howe’s all-time scoring record, he felt embarrassed to end his idol’s milestone.

“Not only was he such a great player, he was such a gentleman,” Gretzky said.

Gretzky’s dad told him that someone will break his record one day.

“I looked at my dad and said, ‘Well can I enjoy this for just a couple days?'” Gretzky said.

Gretzky played 20 seasons in the National Hockey League for four different teams. By the time he retired, he amassed 61 NHL records, four Stanley Cups and 18 All-Star appearances. But the hockey great said he never cared about the records.

“I never played and thought about the records themselves. I was lucky enough to play on some great teams and in some great cities. I always tell people it was an honor and a privilege to play in the National Hockey League,” Gretzky said.

He said his competitive streak and wanting to be his best every night drove him.

“If I scored two goals that night, I wanted to get three,” he added.

As he watches Ovechkin close in on a record many thought could never fall, Gretzky commended Bettman, the team owners and players for making the game better.

“I think our game is stronger, bigger, and better today than it’s ever been,” he added.

Gretzky said the key to growing the game is through youth development. He has partnered with YardRink, a small company in Massachusetts, which allows families to build their own rinks in their backyard.

Gretzky said his own dad built him a backyard rink when he was young, which helped him get started in the sport.

“When we’re talking about expanding and growing our game, getting kids a chance to play is a big part of this,” he added.