Friday, April 24, 2009

Forbes reports drop in Ilitch net worth; value of Detroit Tigers


In it’s March 2009 ranking of “The World’s Billionaires,” Forbes is calculating the net worth of Detroit’s Mike Ilitch at $1.4 billion. In September 2008, as part of its annual ranking of the “400 Richest Americans,” Forbes had estimated Ilitch’s net worth at $1.6 billion.

As part of its Billionaires List coverage, Forbes writer Claire Obusan reports:

"Pizza patriarch and sports team owner Michael Ilitch fell off the Forbes 400 in 2005 after other tycoons outpaced his $815 net worth. Ilitch bounced back a year later after revamping his Little Caesars pizza chain and watching the value of his two pro sports teams, the Detroit Redwings [sic] and Detroit Tigers, soar. In 2006 his net worth rose to $1.5 billion, and his sports and pizza empire have since successfully weathered the current recession. Ilitch's net worth was estimated at $1.4 billion this March, down 13% from 2008."
As we previously reported, in its annual valuation of Baseball teams published this week, Forbes estimates the value of Ilitch’s Detroit Tigers dropped 9% in the last year and Forbes analysts anticipate further financial woes for the team during the 2009 season.

The gambling hall owned by Ilitch's wife, Marian Ilitch, is facing financial woes as well. Investors demanded earlier this year that Ilitch inject MotorCity Casino with $45 million cash; and Moody's has now placed the casino property's parent company, CCM Merger, Inc., on its "Bottom Rung" list anticipating the company will go into default.

Here are links to see how Ilitch and his various affiliates currently rank on Forbes’ various annual lists:

1 comment:

Blogger said...

Sports betting system makes +$3,624 profit last week...

Z-Code System winning bets and forecasts for MLB, NHL, NBA and NFL!!!

TVT has welcomed more than 178,000 unique vistors

TVT, founded in December 2006, has averaged more than 20,000 visitors annually. It is produced with the support of scores of individuals from coast-to-coast, each a volunteer citizen activist/jounalist, who review tips and compile the verifiable details and documents that are the hallmark of our content.

Since our first post, more than 178,000 visitors have accessed the details compiled uniquely at TVT.

The citizen activists behind TVT wish to extened a big "THANK YOU" to all those who have provided "tips" -- contributed pictures, documents, link suggestions, leads, reports, insight and comments. Your trust and confidence in TVT has allowed us to create a comprehensive resource that thousands of others -- including bloggers, journalists, Members of Congress and other local citizen activists around the country -- have come to rely upon.

We invite feedback and constructive comment and want you to know you are welcome to do that here in "comments" or by contacting us directly and confidentially via allverifiable@gmail.com

Google News: Indian Gaming

NEWS: Bay Mills Indian Community & Casino Proposals

NEWS: Shinnecock Indian Nation (Gateway Casino Resorts) Casino Proposals

NY Times: Shinnecock Indian Nation

NEWS: Los Coyotes Indian Tribe

NEWS: Los Coyotes / Barwest Barstow Casino Proposals

NEWS: Michael J. Malik, Sr.

NEWS: Marian Ilitch

Muckety.com: Mapping Social Networks

Play with the interactive tool here or visit Muckety.com

TIP: Search for multiple entries in the Muckety.com database simultaneously by separating their names with the word and

certainly must reads!

Ilitch has backed loosing sports teams and pizza, but casinos in Detroit? Forbes.com 10.09.06 ● Marian Ilitch #1 on "25 Most Powerful People" to Watch 2006” global gaming business o1.oo.o5 ● My Kingdom for a Casino Forbes 05.08.06 ● Big Lagoon’s casino dream awakens north coast journal 07.28.05 ● Shinnecocks launch legal claim to Hamptons land newsday.com 06.16.05 ● Ilitch Plans to Expand Casino Empire RGTonline.com 07.05.05 ● Ilitch outbids partners MichiganDaily.com 04.14.05 ● Ilitch enmeshed in NY casino dispute detnews.com 03.20.05 ● Marian Ilitch, high roller freep.com 03.20.05 ● MGM Mirage to Decide on Offer for Casino in Detroit rgtonline.com 04.16.05 ● Secret deal for MotorCity alleged freep.com 02.15.05 ● Los Coyotes get new developer desertdispatch.com 02.08.05 Detroit casino figure to finance Barstow project LasVegasSun.com 07.07.03 ● Indian Band trying to put casino in Barstow signonSanDiego.com 06.04.03 Pizza matriarch takes on casino roles detnews.com 10.23.02 ● Vanderbilt gets short straw in negotiations for a casino Lansing Journal 10.06.02 ● Indians aim to drive family from tribe in vicious dispute san diego union tribune 04.09.00 ●Malik owns 2000 Michigan Quarter Horse of the Year Michigan.gov 01.01.00 ● Detroit Team to run Michigan’s newest Indian casino detnews.com 05.23.99 Tiger ties tangle Marian Ilitch detnews.com 04.29.99 ● Three investors must sell their Detroit casino interests gamblingmagazine.com 04.25.99 ● Partners’ cash revived election; They say money was crucial to Prop-E detnews.com 04.25.99 Investors have troubled histories las vegas review journal 04.27.99 ● Investor served probation for domestic assault on 12 year old boy detnews.com 04.25.99 Can a pair win a jackpot?: local men hope to... crainsdetroit.com 03.17.97

The Verifiable Truth