DETROIT – The new home for the Detroit Red Wings will be called "Little Caesars Arena."

Team ownership made the announcement Thursday morning.

"Little Caesars is part of the fabric of our community," said Chris Ilitch, president and CEO of Ilitch Holdings, Inc.

Ilitch said to have the company's namesake in their hometown on a world-class facility is "an amazing tribute."

Aerial footage: Red Wings arena construction

The arena is scheduled to open in September 2017. It will be part of the larger District Detroit, which sits at Woodward Avenue and Interstate 75.

Little Caesars President David Scrivano called it a "strategic investment in our brand."

“It’s going to be an awesome community gathering place," he said. "The largest Little Caesars character in the world will be on the top of the arena. We’re going to do this larger than life.”

A 20-year naming rights agreement averages more than $6.25 million per year.

Mike Ilitch and his family own the Red Wings and the pizza chain as well as the Detroit Tigers.

The naming is in stark contrast to the Red Wings' current home, Joe Louis Arena, which is named after the world-renowned boxing icon. The Red Wings have called "The Joe" home since 1979.

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