Originally written on The Juicy Online  |  Last updated 10/23/14
Detroit's mayor, Dave Bing, pledged last week to get tough on the city's debtors, but not he nor any other mayor have collected on the debts that may be owed to the City of Detroit by the Detroit Red Wings.According to the Detroit News, a little-known provision in Olympia Entertainment's lease of city-owed Joe Louis Arena and Cobo Arena promises Detroit a 25 percent share of television rights for live events, a deal which has been in place since 1980. According to documents, the city hasn't been able to collect a dime for years.It's believed, in a rough estimate from finance staffers last year, that the City of Detroit is owed $70 million, but most likely the total amount is lower.It's said that Olympia has mountains of bills, which have been gone unpaid for years.The lease Olympia had with the city was that the company would pay $450,000 per year to rent out both arenas (Joe Louis/Cobo Arena), which was considered to be the best in the NHL (National Hockey League), but when the lease expired, the Red Wings remained in Joe Louis Arena, as they were considered a "holdover tenant" bound by it's terms of the lease (AKA) the Red Wings owe the City of Detroit cash from the lease Olympia made with the city.
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