DOES RED WINGS OWNER HAVE AN ILITCH TO BUILD A NEW ARENA?

          Red Wings/Tigers Owner Mike Ilitch is "steadily buying
     up land behind" the Fox Theatre in Detroit, "paving the way
     for his sports and entertainment empire to expand further,"
     according to Fricker & Dixon of the DETROIT FREE PRESS. 
     With the land acquisitions, real estate "insiders speculate"
     that Ilitch plans to "eventually build a new hockey and
     entertainment arena" on the land.  But that is "discounted
     by city and company officials."  Olympia Development
     spokesperson Al Sebastian said Ilitch has no "definitive
     plans for a hockey arena at this point.  But Olympia
     Development and the Ilitch family are master-planning for
     the area."  The Red Wings' 30-year lease at city-owned Joe
     Louis Arena expires August 16, 2008 and the city still owes
     $58.6M in bonds on the arena (DETROIT FREE PRESS, 9/17).