New Red Wings Home To Be Called Little Caesars Arena
After one more year at Joe Louis Arena, the Detroit Red Wings will move from the riverfront to the newly developed Arena District north of Foxtown. According to multiple reports, the new arena, funded by both public and private investments, now has its official name: Little Caesars Arena. The Detroit Free Press is one outlet reporting the news released today by Ilitch Holdings. And, the Free Press write-up brings up a very interesting point: the Ilitch family isn't just after a big money grab.
After lots of controversy about using municipal bonds and taxpayer money to fund a portion of the new arena, and after accusations of sketchy and sneaky land acquisitions to make the Arena District a possibility, the Ilitch Family may have taken some by surprise. After all, naming rights to arenas and stadiums have been known to carry multi-million dollar price tags with them. But, Ilitch Holdings also owns Little Caesars Pizza.
One leg of the Ilitch empire, Little Caesars, will pay another Ilitch leg $6.25 million per year over 20 years as part of the deal. And, the family is apparently good with that. CEO Christopher Ilitch, son of Little Caesars founders Mike and Marian Ilitch says that legacy trumps everything else in this case.