Mike and Marian Ilitch are "handing over the day-to-day
operations of their food, sports and entertainment empire"
to their children Denise and Chris "to focus more attention
on strategic planning," according to R.J. King of the
DETROIT NEWS, who writes that the "move signals the first
step in a gradual transition of power in one of" Detroit's
"most prominent corporate families." Denise and Chris will
"share" the title of Ilitch Holdings President. Denise was
Exec VP of Ilitch Holdings, while Chris was Little Caesars
Pizza Kit Fundraising Program President (DETROIT NEWS,
6/20). Ilitch Holdings includes Little Caesar Enterprises,
which controls the Red Wings, Tigers, Olympia Entertainment,
Olympia Development, Fox Theatre, Hockeytown Cafe, Second
City Comedy Theatre and concessions at Cobo Arena, Joe Louis
Arena and Comerica Park. In Detroit, Tina Lam writes that
none of the other five Ilitch children "will be involved in
the family businesses for now" (DETROIT FREE PRESS, 6/20).
BACK TO THE FUTURE? Also in Detroit, Doron Levin writes
that a "big part" of downtown Detroit's future "depends on
the fate" of the Ilitch businesses, and the city "can
benefit greatly from a smooth transfer of power -- or suffer
from a misstep." Levin notes that Mike and Marian Ilitch
"are holding onto their titles" as Ilitch Holdings Chair and
Vice Chair and "my guess is the couple will be fully engaged
for some time in what's happening" with the team's and other
interests (DETROIT FREE PRESS, 6/20). Also in Detroit, Bill
McGraw profiles Mike Ilitch's role in the city, and notes
that while he "has been praised by two Detroit mayors as one
of the city's best corporate citizens, fans and commentators
have taken him to task for years, often accusing him of
being greedy" (DETROIT FREE PRESS, 6/20).
IN THE BANK: The SPORTSBUSINESS JOURNAL's Daniel Kaplan
cites sources as saying that Mike Ilitch "plans a major
sports financing that would personally net him roughly"
$50M, which is "intended, in part, to help defray operating
losses the Tigers suffered in recent years," along with cost
overruns in the construction of Comerica Park. Kaplan
reports that the money would "come from a larger financing
package sold by" Ilitch Ventures, which would refinance a
$145M ballpark loan and a "roughly" $45M loan to its
concessionaire (SPORTSBUSINESS JOURNAL, 6/19 issue).
