Detroit Red Wings owe city tens of millions from cable rights and other items?
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12-31-2012, 01:57 AM
Join Date: Nov 2005
Location: Pac NW
Originally Posted by
Sure, maybe that's how things are structured now, but in 1980? If the intention was that Detroit would get 25% of any cable deals for events in the stadium, Illitch surely can't wiggle out of it buy changing the business structure.
The city will probably use this as leverage to get a better stadium deal, so I doubt that you'd see $70m change hands.
The Ilitches didn't own Olympia or the Wings in 1980:
In 1982, Michael and Marian Ilitch purchased the Olympia Stadium Corporation, the management company for Olympia Stadium and renamed it Olympia Arenas, Inc. The newly purchased business was responsible for managing events at Joe Louis Arena (which had been completed in 1979 as the home of the Detroit Red Wings), Cobo Arena and the Glens Falls Civic Center. That same year, Mr. and Mrs. Ilitch purchased the Detroit Red Wings.
Even so, it seems that Olympia was just the arena manager for Joe Louis, and would not be the entity that negotiated or received broadcast revenue from Red Wings games.
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