The Detroit Red Wings are an NHL team based in Detroit, Michigan. They compete as a member of the Eastern Conference, Atlantic Division. The team is one of the "Original Six" teams of the NHL, having a long history in the league. They were originally founded as Detroit Cougars in 1926, then they became Detroit Falcons and finally adopted the Detroit Red Wings name in 1932.
They have won 11 Stanley Cups which is the most championship victories by any U.S. based team in the NHL. Championship wise they are the third most successful team in the NHL after Montreal Canadiens and Toronto Maple Leafs. Their most recent Stanley Cup victory was in the 2008-09 season. Apart from the Stanley Cup, they have won claimed six conference titles and 19 division championships. The Detroit Red Wings made it to the playoffs for 25 straight seasons from 1990 to 2016, marking one of the longest postseason streaks in NHL history. The team is owned by Ilitch Holdings and hosts their home games at Little Caesars Arena.
Who is the owner of the Detroit Red Wings
As of October 2024, the NHL team Detroit Red Wings is owned by Ilitch Holdings. The company was founded by Mike Ilitch in 1999 and is now managed by his wife Marian Ilitch and his son Christopher Ilitch, serving as the President and CEO. The company also owns the Detroit Tigers and founded the Little Caesars pizza chain. Mike Ilitch acquired the Red Wings in 1982. The team became one of the most successful franchises in the NHL under his leadership, winning four Stanley Cup championships in 1996–97, 1997–98, 2001–02, and 2007–08.
The founder of the company Mike Ititch passed away in 2017 and his son Christopher Ilitch took over as President and CEO of Ilitch Holdings. His net worth was $4 billion at the time of his death in 2017 as per Celebrity Net Worth. Mike's wife Marian Ilitch is the chairman of the company. The family also owns several entertainment venues like Little Caesars Arena, where the Red Wings now play.
What is the value of the Red Wings?
The Detroit Red Wings were valued at $1.2 billion in December 2023 as per Forbes. Mike Ititch paid around $8.5 million for the team in 1982. The revenue of the team for the 2022-23 season was $199 million, with an operating income of $64 million as per Forbes. This income represents the profit the team made after covering expenses such as player salaries, which amounted to $63 million.
The Red Wings' market value is around $494 million, based on the size of the city and their fan base. Their home arena Little Caesars Arena adds $289 million to their total worth. The brand value of the team is valued at $177 million as per Forbes.
FAQs on Detroit Red Wings
A. The Detroit Red Wings were valued at $1.2 billion in December 2023 as per Forbes
A. Mike Ititch paid around $8.5 million for the Detroit Red Wings in 1982
A. The team's revenue for the 2022-23 season was $199 million.
A. The Detroit Red Wings is owned by Ilitch Holdings, with Marian Ilitch serving as the chairman.
A. Christopher Ilitch is serving as the President and CEO.
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