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New Red Wings arena financing approved

Jul 24, 2013, 5:21 PM EDT

Joe Louis Arena Getty Images

Despite the city of Detroit having filed for bankruptcy, the Michigan Strategic Fund today approved the Detroit Downtown Development Authority’s request to use millions of dollars in taxpayer money to help build a new downtown arena for the Red Wings.

Per the Associated Press, Gov. Rick Snyder defended the decision as one that’s good for the future of the insolvent city.

“As we stabilize the city government’s finances, as we address those issues and improve services, Detroit moves from a place where people might have had a negative impression — although there are great things already going on — to being a place that will be recognized across the world as a place of great value and a place to invest,” said Snyder.

The $450 million arena is expected to be 58% publicly financed, according to the Detroit Free Press.

The arena’s completion is slated for 2017.

A new downtown home for the Wings has been the subject of speculation for years. The team’s present home, Joe Louis Arena, opened in 1979.

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