Long-time Detroit Tigers and Detroit Red Wings owner Mike Ilitch has died at age 87, according to his family.

The family statement (via the Detroit Free Press):

"My father was a once-in-a-generation entrepreneur, visionary and leader, setting the tone for our organization and our family," said Christopher Ilitch, President and CEO of Ilitch Holdings, Inc., in a statement released by the company.

"He made such a positive impact in the world of sports, in business and in the community, and we will remember him for his unwavering commitment to his employees, his passion for Detroit, his generosity to others and his devotion to his family and friends. Together my family and the company celebrate the tremendous man he was, and we will continue to work hard to uphold his remarkable legacy. I'm honored to have had the opportunity to work with him to nurture and grow our businesses, but mostly, I'm grateful to have called him my Dad, and I know my siblings feel the same."

Ilitch lived a pretty full life. Out of high school, he was in the Marine Corps for four years. He was then a minor-league baseball player for another four (check out his baseball-reference.com page here). When that didn't work out, he started a small pizza business with his wife in 1959, called Little Caesars Pizza Treat. They grew it into a monster.

By 1982, he was able to purchase the Red Wings in the NHL. At the time, they had missed the playoffs five straight years and in 10 of the previous 12 years. Since then, they have only missed the playoffs twice and have made it every single time since 1990, winning the Stanley Cup four times. He is in the Hockey Hall of Fame.

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Mike Ilitch holds the Stanley Cup after the Red Wings defeated the Penguins in 2008. Getty Images

In 1992, Ilitch also bought the Tigers. It took a while for success to set in, but the Tigers won the American League pennant in 2006 and then won four straight AL Central titles from 2011-14, winning another pennant in 2012.

"Mike Ilitch was far more than a model owner of the Tigers franchise, the team he loved all his life and played for as a minor leaguer," commissioner Rob Manfred said in a statement. "He was also a fierce believer in his home city of Detroit, and the role that the Tigers and sports played in contributing to civic pride and renewal.

"Mr. Ilitch led a decorated life of service to his country, accomplishment in business and philanthropy in all of his endeavors. He was also extremely supportive of me both personally and professionally. On behalf of all of Major League Baseball and Mr. Ilitch's countless friends and admirers throughout the game, I extend my deepest condolences to his wife Marian and their entire family, the Tigers organization, their fans and his fellow citizens of Detroit."

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Ilitch celebrates the 2012 AL pennant with manager Jim Leyland and Dave Dombrowski. Getty Images

In recent years, the Tigers have repeatedly carried robust payrolls compared to their market size, thanks to Ilitch's desire to put the emphasis more on the on-field product than the business bottom line.

Expect the ownership of both the Red Wings and Tigers to remain in the Ilitch family for the foreseeable future.