Ilitch Family Giving Landmark $40M to Wayne State

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The billionaire Ilitch family is making a landmark $40 million donation to Wayne State University to build what will become the Mike Ilitch School of Business, according to sources.

The school will be built on the southwest corner of Woodward and Temple near the new $650 million Detroit Red Wings arena and entertainment district that will reshape 45 blocks near downtown, the Detroit Free Press and The Detroit News are reporting.

The Ilitches, who made their fortune with the Little Caesars Pizza franchise and whose net worth is estimated at $5.4 billion, will give the land and $35 million to build the school, as well as a $5 million endowment under the deal, which could be announced Friday.

The Ilitch family has already committed $200 million for other downtown developments beyond the area where the arena is being built and are expected to announce several more developments over the next year as part of their goal to create a stable, densely populated downtown, The Detroit News said.

Currently, much of the area is blighted.

Mike Ilitch also owns the Detroit Red Wings and Detroit Tigers, and his wife, Marian, owns the MotorCity Casino.

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