The Detroit Red Wings want a new deal to play at Joe Louis Arena.

The team says it will not exercise an option to renew its lease at the arena, but wants to continue talks with the city on a new deal. Ilitch Holdings Inc. President and Chief Executive Christopher Ilitch said Friday that the current lease is 30 years old and not competitive to other arena leases in the NHL or professional sports.

He says the team is looking for a new lease that is "fair and equitable for all parties."

The team had until next Tuesday to notify the city of its intentions before a 20-year option automatically kicked in.

Ilitch said the team will continue evaluating all options for a new arena.

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