Ilitch Son to Take Over Pizza, Sports, Entertainment Empire

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Mike and Marian Ilitch’s youngest son, Christopher, will lead the family’s pizza, sports and entertainment empires, the self-made billionaire couple said in a statement announcing their future succession plan.

Together and separately, the Ilitches own the Detroit-based Little Caesars pizza chain, the Detroit Tigers and the Detroit Red Wings and MotorCity Casino.

The Ilitches are among Michigan’s most affluent families and regularly appear on Forbes magazine’s list of the 400 richest Americans. In 2015, the Bingham Farms couple were No. 88 on the Forbes 400 List of the Richest Americans, with a net worth of $5.4 billion.

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Christopher Ilitch, the sixth of the couple’s seven children, has been overseeing Ilitch Holdings for more than a decade. He shared the role with his sister, Denise Ilitch, until her 2004 resignation from the family business.

"Early on, Marian and I decided that we wanted every one of our businesses to remain family owned,” Mike Ilitch, 86, chairman of Ilitch Holdings, said in the statement. “Through careful long-term planning, which continues, I'm pleased to say that all of our businesses, including the sports teams, will remain 100 percent Ilitch-family owned."

Mike Ilitch will continue running the sports teams and Marian Ilitch will continue at the casino for now, according to the statement. Christopher Ilitch, 50, the current president and CEO of Ilitch Holdings, will replace his parents’ roles in the sports and entertainment businesses.

The Ilitches co-founded Little Caesars Pizza together in 1959 and bought the Red Wings n 1982. Mike Ilitch bought the Tigers in 1992, but has no financial interest in the casino that Marian Ilitch owns.

Major League Baseball rules prohibit team owners from having interests in gambling operations. The Ilitches didn’t say how their son would remain in compliance with the MLB in the succession plan, but emphasized the succession plan will comply with regulations governing professional baseball and hockey and casino ownership.

Image credit: Future Little Caesars Arena redendering, Olympia Entertainment