Ownership of the Tigers will remain in the Ilitch family for at least another generation.
Mike Ilitch, who first acquired the franchise in August 1992, announced a leadership succession plan on Thursday with his wife, Marian, according to The Detroit News. The couple, whose holdings also include Little Caesars pizza and the Detroit Red Wings, will pass the reins to one of their sons, Christopher Ilitch.
"I'm pleased to say that all of our businesses, including the sports teams, will remain 100 percent Ilitch-family owned," Mike Ilitch said in a statement published by The Detroit News.
"Given the public nature of our companies, the wide range of interested stakeholders, the large-scale projects we are working on, and the thousands of hard-working employees we rely on every day, we thought it was important to publicly disclose our plans."
Mike Ilitch is 86 years old, while Marian is 83.
Christopher Ilitch already had been preparing for such a role. He holds a bachelor's degree in business administration from the University of Michigan and has worked in Ilitch companies for 29 years, taking over as president and CEO of Ilitch Holdings in 2004.
"I am fortunate and privileged to work with my mother and father, two hard-working, committed and passionate people who have done so much for our companies, our employees and our community," he said in the written statement.