How to get a charter for a new arena in Detroit
The Detroit Red Wings are hoping to build a new downtown arena in time for the 2022-23 season.
The team unveiled a proposal for a $1.2 billion plan for a sports complex in Detroit.
The arena is expected to be ready for the 2018-19 season.
Detroit has struggled financially in recent years.
Its arena revenue has been down about 70% since 2008, and revenue from tickets has fallen in the same time frame.
The team has also been unable to secure the necessary tax incentives for the project.
The Red Wings have a $4 billion arena project in place and have proposed to raise more than $2 billion from private investors.
The state has not yet approved the financing, but the team has made it clear it wants to raise money.
The city has been negotiating with the team for months over a number of factors.
The Red Wings want to pay for some of the cost of the arena with revenue from an existing, state-operated stadium.
The project is in the works and could be complete by the end of 2019.