Ilitch family purchased Detroit Red Wings in '82 for $8M, but how much is the team worth today?

In 1982, Mike and Marian Ilitch purchased the Detroit Red Wings for $8 million.

Considering inflation over the ensuing years, according to the Bureau of Labor Statistics, $8 million would equate to roughly $20 million in 2017. 

However, the Ilitch family seemed to know what they were investing in as the Red Wings went on to win the Stanley Cup four times under his ownership:1997, 1998, 2002 and most recently in 2008.

According to an estimate by Forbes, the Red Wings are worth approximately $625 million today and stand at No. 8 in the business of hockey. The average fan spends about $26 on tickets and other Red Wings memorabilia.

Ken Holland, vice president of the Detroit Red Wings released a statement after news broke of Ilitch's death at 87.

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