Michael Ilitch Sr, who is better known as Mike Ilitch, was an American entrepreneur. He was a multi-billionaire with ownership in sports and food franchises around the U.S.
Here are some interesting facts about Mike Ilitch:
1. Mike Ilitch net worth is estimated to be $6.1 billion
Mike Ilitch net worth before his death was $6.1 billion. Mike had established Ilictch Holding Inc in 1999 which would become the source through which he made his billions. Its main objective was to provide the enterprises with professional and technical services for their optimum growth and value.
He was one of the main men behind the business which over the years grew leaps and bounds in terms of valuation. Even today after his death, it is primarily a family run business as all stakes are owned privately.
In 2006, he made it to #242 in the list of the 400 Richest Americans. Ilitch was consistent in this list and later Forbes announced most recently in 2017 that his empire had an estimated net worth of $6.1 billion. The wealth has seen been divided among family members.
2. He served the marine for four years.
After finishing his schooling from Cooley High School from Detroit, Mike went on to serve for the U.S. Marine Corps for 4 years. After finishing his time with them, he went back to Detroit to pursue other interests.
He was very good at baseball and had a four year as well. This time frame for a career in baseball was cut short because of fatal injuries that he had suffered. This was a big blow to his hopes but he was forced from moving forward with this career.
3. He had huge success with Little Caesars Pizza.
Today, Mike is remembered as a great entrepreneur moer than a baseball player. After his hopes in baseball were shattered, he started with this pizza business in 1959.
This business would grow exponentially in the coming years with him diversifying his investments into different fields. He went on to be the owner of Detroit Red Wings, Detroit Tigers, and even Olympia Entertainment.
4. His philanthropic works were recognized by Presidents.
Mike was very passionate about improving the lives of those who were not very fortunate or had been in the midst of many problems in life. He established the Little Caesars Love Kitchen in 1985 which would feed the hungry especially during natural disasters.
This was a mega project which was applauded and recognized by Presidents like Bill Clinton, George H.W. Bush, and Ronald Reagan in the following years as it served almost 2 million people.
He also established the Little Caesars Veterans Program to provide honorably discharged veterans with a business opportunity when they transition from service or seek a career change. He has received several awards and accolades because of such contributions to the welfare of these veterans.
His company reportedly pledged more than $40 million for education for Wayne State University’s School of Business. To show their support for this act, it went on to be named as the “Mike Ilitch School of Business”.
5. Mike died at the age of 87.
Mike had his last moments with his family on February 10, 2017 at the age of 87 passing away in a local hospital in Detroit, Michigan. He definitely lived a great life and gave his family a great life too.
His large wealth was always used for humane causes and Mike left with the satisfaction inside of him that he had made an impact in the lives of millions of people through his work both as an entrepreneur and as a philanthropist.
In memory of his contributions, The Red Wings wore a patch on their right shoulders in his memory, which featured his nickname “Mr. I” in a rectangle, for the remainder of the season.