In a move that surprised absolutely no one, Olympia Entertainment and Little Caesars came to an agreement on the naming rights of the new Red Wings arena.
Welcome to the new home of the Detroit Red Wings, Little Caesars Arena.
So this is the part where you make some jokes about Little Caesars Arena. Seriously. Get them all out of your system now. Ok, good, now we can move forward.
The deal they struck was a 20-year deal worth 120 million dollars. The Illitch family owns both entities so the transfer of money isn’t too big of a deal.
Here are some pertinent quotes from the Red Wings press release:
“We’ve experienced an incredible response from our fans, our partners and the community as the vision for this new facility and The District Detroit have begun to come to life,” said Tom Wilson, president and CEO of Olympia Entertainment, the sports and entertainment organization that oversees business operations for the Detroit Red Wings. “There’s been quite the buzz about what company would have its brand aligned with this best-in-class facility and the storied Detroit Red Wings franchise, and we know that Little Caesars is the perfect fit for this arena and everything it represents for our hockey club, our organization, this community and our great city.”
“This sponsorship is another major investment by the Ilitch companies in Detroit, its great people and its comeback story. It’s a proud day for Little Caesars, the Detroit Red Wings, our community, and for my parents Mike and Marian Ilitch,” said Christopher Ilitch, president and CEO of Ilitch Holdings, Inc. “To have their first business as the namesake of this building in their beloved hometown is an amazing tribute to their careers and their love for the people here.
They decided decades ago that they would do everything they could to contribute to Detroit’s resurgence. Beginning with the renovation of the historic Fox Theatre and their relocation of Little Caesars headquarters to Detroit, their vision was to create a bustling, live, work and play sports and entertainment district. This is exactly what we’re building here with The District Detroit and Little Caesars Arena.”
This may be seen as a bit of a corny move considering where the company stands in the lexicon of businesses but hey, if you have a billion dollars to throw around, you do it, right? In all seriousness this is a move that will benefit both sides and is a part of the planned revitalization of downtown Detroit, something every Detroit fan can get behind.