When Carmax finance comes back: How a $500 million deal will impact hockey’s next generation
The NHL has taken another step toward restoring the franchise to the forefront of the sport.
The league announced Thursday that the Detroit Red Wings, who have been a part of the league for more than 50 years, will become a part owner of the Detroit Institute of Technology.
The announcement is another blow to the Red Wings and comes as Detroit prepares for the upcoming opening of a new arena in 2017.
The team will play at the new arena, the Joe Louis Arena, beginning with the 2017-18 season.
The NHL has announced it will rebrand itself as the National Hockey League Players’ Association and that the league’s new commissioner, Gary Bettman, will begin to work with teams to identify new owners.
The announcement came just hours after the league announced that Carmax Finance, a finance company that owns the Detroit Hockey Museum, will be sold to the NHL and will become part of its new league office.
The museum will become the new home for the league, which announced in February that it will begin selling its assets.
The sale includes the Detroit Sports Authority, which oversees a variety of activities in the city, and the Red Wing Foundation, which will be used to benefit the team.
The museum and foundation have been at the forefront for the Red Sox, whose new stadium will open in 2017, and for many other sports franchises in Detroit.
The Red Wings will remain the Red-and-White franchise.
The move to rebrand the league came as the NHL announced that the Red Lions would be a part ownership in the Detroit Institutes of Technology, the Detroit Public Schools and the Detroit Football Club.
The new league offices and ownership structure will help build on the momentum generated by the Red and White’s successful run in the 2010 Stanley Cup Playoffs.
The Detroit Institute will be part of a growing portfolio of public and private investment initiatives, including a $3 billion investment in the National Capital Region, an $11 billion fund to revitalize the Downtown Eastside and a $20 billion initiative to create a new Detroit-based sports arena for the NBA’s Washington Wizards.
The Pistons, who play in the American Hockey League, have also been a mainstay in the league.