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:

• 400 Richest Americans (9.17.08)
• America’s Largest Private Companies (11.03.08)
• The Business of Baseball (4.22.09)
• The Business of Hockey (10.29.08)
• The World’s Billionaires (3.11.09)