According to a Detroit News report, the Detroit Red Wings might owe roughly $70 million to the city of Detroit.
The Detroit Red Wings are supposed to give the city a 25% share of TV rights as part of their Joe Louis Arena and Cobo Arena lease agreement. That's been around since 1980, but the team reportedly has never paid the city any of that money. With Detroit Red Wings and Tigers owner Mike Ilitch seeking money for a new arena, the unpaid debt is coming up. "The Ilitches are a multibillion-dollar operation, and they are inside a city that is sinking," said City Councilman Kwame Kenyatta. "(Mike Ilitch), I am sure, knows about this and should be forthcoming to help the city. Help us by writing a check, not by negotiating a new lease." Detroit Mayor Dave Bing said that his primary focus is on developing a new lease agreement, but he added, "we will take appropriate steps to collect any money that is owed to the City. We look forward to resolving all issues past and present in our negotiations with Olympia Entertainment."
Wed, Dec 26, 2012 09:46:00 AM