Ilitch must announce intentions for Joe Louis Arena June 30

Bill Shea at Crain's Detroit Business blogs:

... Mike and Marian Ilitch, the franchise’s owners [Detroit Red Wings] since 1982, have until June 30 to tell Detroit if they will modernize the 30-year-old, city-owned Joe Louis Arena or construct a new venue that likely would cost $300 million to $400 million.

Renovating Joe Louis reportedly could cost $180 million or more.

The lease expires July 1, 2010, but the Ilitches are contractually obligated to tell the city a year ahead of time their intentions. Doing nothing renews the lease for 20 years.

The team and city have been hush-hush about their Joe Louis talks. Scuttlebutt says the Ilitches want an extension to continue negotiations while they map out a plan for a new venue — likely on the land in the Foxtown area they’ve been buying up in recent years. (Full Post)