Business & Ball: Pizza Pizza, peanuts, and Cracker Jacks
Transcript:
The Ilitch’s have been making pizza pizza since 1959, but the family later got into peanuts and cracker jacks with their purchase the Detroit Tigers.
Mike and Marian Ilitch started Little Caesars in 1959 – and the chain has since grown into a pizza powerhouse. And with more than 4,200 stores – Little Caesars is currently the third-largest pizza chain on the planet.
In 1992, the Ilitch’s invested in another American favorite: baseball. They purchased the Detroit Tigers, ironically from Domino’s Pizza founder Tom Monaghan, for $85 million. Unfortunately, Mike passed away in 2017. The team is now owned by the family’s company, Ilitch Holdings,, and is worth $1.6 billion.
Now, on the surface that looks like an incredible investment. But the value of the franchise has grown by just $400 million over the last decade, and currently ranks in the bottom third of baseball teams in terms of value.
And unfortunately, being at the bottom of the barrel is something Tiger fans have become accustomed to. The Tigers are on their way to what will be only the 11th season with a winning record since the 1992 purchase.
Ilitch Holdings, however, is a different story. On top of the Tigers, the company also owns various other food and entertainment businesses – including the Detroit Red Wings. Add it all up and the Ilitch family is worth an estimated $6.9 billion.
But despite a 4 Stanley Cups under the Ilitch’s – Detroit hasn’t made the NHL playoffs in almost a decade. And that has Motor City hockey fans saying Et tu, Red Wings?
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#sportsbusiness #detroit #detroittigers #redwings
source
