Posted on Thu, Oct 22, 2009 : 10:52 a.m.
Bill Martin's real estate business earns $5.4 million a year from University of Michigan
By AnnArbor.com Staff
The Detroit News reported today that First Martin Corp., owned by athletic director Bill Martin, earns an estimated $5.4 million per year in rent from the University of Michigan.
Martin, who announced Wednesday that he will step down as athletic director in September, has had the deals with the university for decades, The News reports. The Board of Regents are required by the state's conflict of interest laws to examine and approve each lease with First Martin Corp.
Comments
voiceofreason
Thu, Oct 22, 2009 : 12:45 p.m.
I agree with many of the above posters. Please, Annarbor.com, don't align with the group of hack writers from the Freep/Detroit News who are trying their hardest to convince people that the UM athletic department is a "corrupt cesspool" of shady dealings. To anyone with any business experience whatsoever, this story is a non-issue.
Useless
Thu, Oct 22, 2009 : 10:45 a.m.
This is not a news story
ML07
Thu, Oct 22, 2009 : 9:51 a.m.
Absolutely not a slap at Bill - nor the previous article about loans to the football coaches. I swear the media tries to make stories to just make stories
heresmine
Thu, Oct 22, 2009 : 9:22 a.m.
This isn't news to anyone whose followed the stories associated with him and the U. Don't forget the part where he put his holdings into a blind trust and gets paid $1 per year as AD. If this has changed, I apologize for not keeping current.
KeepingItReal
Thu, Oct 22, 2009 : 9:19 a.m.
Before now, how many of you or the general public knew about this deal?
jondhall
Thu, Oct 22, 2009 : 9:12 a.m.
Staff member that wrote this article should be terminated!!!!!!!!!!!!!!! Is there a reason there is no signature for this article? Yes, we love and respect Mr Martin.
Ann Arbor Mom
Thu, Oct 22, 2009 : 9:10 a.m.
So what. You can't fault him for being successful in business as long as he didn't use his influence at the U for personal gain. Freep: either prove that he did or stop implying it with your "news" stories!
jondhall
Thu, Oct 22, 2009 : 9:10 a.m.
I fail to see the merit in such a blank statement! How about Obama appoints Department of the Treasury Secretary Timothy F. Geithner, does that make more sense to one? No wonder the Ann Arbor News went under this is not NEWS! And if this writer knew anything about Business, EARNS is a very tricky word. I would suggest this is gross rents, and no idea if profit was involved. Find some news............
Hans Masing
Thu, Oct 22, 2009 : 9:06 a.m.
This is a non-story, IMHO. Mr. Martin owns some *very* desirable properties in Ann Arbor, and it is no surprise that the University wants to lease some of it. With oversight from the Regents (and *elected* body), I see no concern unless there is evidence that he is getting above market value for the properties, which is not part of the allegations.
Tom Bower
Thu, Oct 22, 2009 : 9:04 a.m.
If so, that's an issue for the Board of Regents. It's not an issue about Bill Martin.
Ignatz
Thu, Oct 22, 2009 : 8:50 a.m.
It looks like First Martin Corp. has access to the auto-approve button for the Board of Regents.
Tom Bower
Thu, Oct 22, 2009 : 8:50 a.m.
So, assuming the Board of Regents has done its due diligence, what's the "news" value of this story? Mr. Martin has done an excellent job!