Thieves in high places (Metro Times Detroit)

... as things are rolled out publicly on the Detroit Red Wings arena front let's remind ourselves what Jack Lessenberry previously wrote in the metrotimes ...

Thieves in high places:

"...The threat was strong that if we didn’t pay up, he [Mike Ilitch] would move the Tigers out of town. Politicians sprang to his aid, and told Detroiters, many of whom were wasting their meager dollars on trifles like food and trying to patch the holes in their roofs, to vote to divert tax revenues from the new facility to pay off $40 million in bonds for Massa Ilitch. They did, and Wayne County kicked in another $20 million in tourist taxes.

"The State of Michigan Strategic Fund, which is meant to promote economic development, donated another $55 million to Comerica Park, and I suspect a few other little enticements slipped out of the public purse as well. Never mind that many, perhaps most, of the fans were rather in love with the old ballyard.

"Never mind that the luxury boxes, etc., that the owner said he needed could have been added, and other needed improvements made, for a fraction of the price. The Little Caesar wanted a new stadium, and we and some Japanese banks built him one..."

Comerica Park cost $361 million to build and even with all of the taxpayer subsidies, the debt still remains high. It's not clear what the City would be burdened with, if anything, should the Ilitch Family be forced to sell or move the team today -- well, other than TWO empty ballparks.

However, Forbes magazine last reported that the debt to value ratio of MLB's Detroit Tigers was 59% -- only five teams out of the 30 in MLB have worse debt ratios, suggesting that someone's been slow paying off his portion of the debts.

Given the Forbes analysis, if the Tigers were sold today, nearly 60% of the proceeds from the sale would theoretically go toward his debts. That leaves Ilitch with $140 million; he paid $82 million for the team in 1992. His 15-year investment, would net about $60 million (75% return) -- thanks in no small part to financing placed on the backs of Detroit's hardworking taxpayers.

Nearly a decade ago, when Ilitch originally sought taxpayer assistance to build his new ball park, his net worth was valued at half a million dollars; last year Forbes estimated Mike Ilitch's net worth had tripled to $1.5 billion. And he's still looking for a handout from the taxpayers.