Mike Ilitch’s whopping net worth of billion dollars in 2017-2018 was attributed to his exceptional skills as an entrepreneur. His franchise, Little Caeasars Pizza, skyrocketed his revenues and made him capable enough to buy major sports teams like the Detroit Red Wings and the Detroit Tigers.
His wife, Marian Ilitch, also significantly contributed to the success of Little Caesars Pizza.
Biography & Wiki
Born on July 20, 1929, Mike Ilitch died at the age of 89. He left quite a legacy behind, owing to the multiple ventures he stepped in.
It is fair to say that he was a self-made man as he was born to Macedonian immigrants and his father paid the bills by working as a tool-and-die maker.
His happy marriage with wife, Marian Bayoff Ilitch yielded 7 children. His son, Christoper, is currently acting as the chief operating officer of Ilitch Holdings Inc.
The Stanley Cups won by Detroit Red Wings in the years 2008, 2002, 1998 and 1997 have the names of the children of Mike and Marian Ilitch engraved on them.
Mike Ilitch completed his high school education from Cooley high school in Detroit, Michigan. Afte that, he deployed his services to the U.S. Marine Corps for a total of 4 years.
After serving the U.S. Marine Corps, Mike Ilitch was signed by the Detroit Tigers and played baseball for 4 years. His minor league baseball career spanned from 1952 to 1955. He had to quit playing baseball because of a knee injury.
1959 marked itself as the year when Mike’s billion-dollar idea came into existence. Along with the aid of his wife, he established Little Caesars Pizza. The first outlet opened in Garden City, Michigan.
Later in 1999, the Ilitch couple established Ilitch Holdings Inc. to provide technical services to all the various enterprises owned by them.
Christoper Ilitch and Denise Ilitch were appointed as co-presidents of Ilitch Holdings Inc. in the year 2000.
Mike Ilitch owned a fair share of sports teams as well. The teams under his purview were Detroit Caesars, Detroit Red Wings, Detroit Tigers, and Detroit Red Wings.
The Detroit Caesars was a softball team that won two world series titles before finally disbanding in the year 1979.
The Detroit Red Wings was purchased by Mike Ilitch for a price of $3 billion. The Redwings won the Stanley Cup consecutively for the years 1997 and 1998.
The Detroit Tigers was purchased by Mike in the year 1992, and it was not until 2006 that the team ascended onto the path of success. In 1988, Ilitch was among the first people to own the Detroit Drive, but he later sold the team in 1992 after associating himself the Detroit Tigers.
Awards & Achievements
The U.S. Department of veteran affairs awarded Ilitch with their highest civilian honor, the Secretary’s award, in 2007 for the Little Caesars Veterans Program he founded in 2006.
Mike Ilitch’s philanthropic endeavors are the reason why the Wayne State University’s School of Business is called the ‘Mike Ilitch School of Business’.
2003 marked itself as the year when Mike Ilitch was inducted into the ‘Hockey Hall of Fame’. Subsequently, in 2004, he entered the ‘United States Hockey Hall of Fame’ as well.
Net Worth of Mike Ilitch
Mike Ilitch and his family have made it to the ‘Forbes 4000 Richest Americans’ list a number of times. Before his death, Mike’s net worth was evaluated to be $6.5 Billion. Most of it is attributed to the success of his pizza franchise, Little Caesars Pizza. The sports teams he bought also generated revenue for him. His entrepreneurial skills were the reason he entered the league of billionaires.
Mike Ilitch will always be remembered as one of the most influential entrepreneurs of his time. The fact that he didn’t come from wealth make his success a tale of inspiration. His wife and children are carrying forward his legacy as of now, and the name ‘Ilitch’ is expected to hold significance for years to come!