SBD/March 18, 2014/Facilities

Red Wings Include Non-Compete In Proposed Joe Louis Arena Lease With City Of Detroit

Olympia would have five one-year options to extend its Joe Louis Arena lease after '15
The city of Detroit under the terms of a proposed lease would be "prohibited from holding any ticketed events" at Joe Louis Arena in the time between the Red Wings' departure and the arena’s demolition, according to Joe Guillen of the DETROIT FREE PRESS. The City Council is "reviewing the terms for the Wings to play at Joe Louis Arena," which the city owns, "until a new hockey arena is built" as early as '16. The lease is "part of a package of agreements to resolve several issues surrounding Joe Louis, including a plan for the state to pay up-front costs for the demolition" and $5.2M for "any unpaid bills due the city under the Wings’ previous lease." The council has "until the end of the month to approve the Joe Louis deal" or else the "transfer of city-owned property for the new arena site north of downtown could be delayed." The city's prior lease with Olympia Entertainment expired in '10. The team has remained at Joe Louis "as a holdover tenant while negotiations to extend the lease have been ongoing." The new lease "would be retroactive" to July '10 and would expire in June '15. Olympia Entertainment "would have five one-year options to extend the lease" after '15. The Red Wings "would pay an annual rent" of $1M, which would include property tax payments (DETROIT FREE PRESS, 3/18).
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NHL, Detroit Red Wings, Facilities

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