Bankrupt Detroit gets $225 million to pay for new Red Wings arena

Just days after becoming the first major U.S. city to ever file for bankruptcy, Detroit's Downtown Development Authority was given approval by the Michigan Strategic Fund to use more than $225 in taxpayer money to be part of the construction price of a new downtown arena for the NHL's Detroit Red Wings.

The arena, expected to cost $450 million, will have nearly 60 percent of the price funded by taxpayers, according to the Detroit Free Press.

Calling Detroit a "place that will be recognized across the world as a place of great value and a place to invest," Michigan governor Rick Snyder said the deal is worthwhile because it will help spur revitalization of the downtown area, of which a significant part has turned into blight.

Construction is likely to begin sometime in either late 2014 or early 2015 and be completed by 2017. The team's current home, Joe Louis Arena, opened in 1979.