Deal approved for new Red Wings arena

Deal approved for new Red Wings arena

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(WJBK) -

A management deal for a planned sports arena and entertainment complex just outside downtown Detroit also says the state will pay for the demolition of aging Joe Louis Arena.

The Detroit Downtown Development Authority approved the deal Friday with Olympia Development.

The state says it will tear down the 32-year-old Joe Louis Arena after the NHL's Red Wings move to the new complex. Olympia Development is owned by the Ilitch family, which also owns the hockey team.

The new facility would seat 18,000 for hockey and other events.

City officials still have to approve expanding the development authority district boundaries.

Fox 2's Robin Murdoch reports the Olympia Development would design and manage the center but the DDA would have all the approval rights.

VIDEO: Click on the video player above to learn more in a live report from Robin

The Michigan Strategic Fund would issue $450 million in bonds to build the events center. The bonds would be repaid over 30 years from public and private money. The city council is set to discuss the issue at its meeting this coming Friday.

-The Associated Press contributed to this report

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