Latest news with #Mansueto
Chicago Tribune
5 hours ago
- Business
- Chicago Tribune
David Greising: The conversation about new sports stadiums in Chicago just got simpler
What an unusual and pleasant surprise it was to wake up Tuesday and learn that Joe Mansueto, owner of the Chicago Fire soccer team, has committed to build a new stadium at The 78. There was no begging or badgering for billions in public funds. No threats to move the franchise to Nashville, Tennessee, or Tampa, Florida, or some other city desperate to lure a migratory sports team. No hand-wringing over downtown versus suburban stadium sites. No demand that the public pay up, for the benefit of the wealthy sports team owner. None of that came from Mansueto. Instead, the Calumet City native and billionaire founder of the Morningstar research and financial services firm simply published a notice in local newspapers. Mansueto's full-page advertisement gracefully broke the news, stirring the spirits of a city that's bone tired of sports team owners asking taxpayers to lay out billions so the owners can get even richer. Mansueto's low-key move is simple: He'll plunk down $650 million to build a 22,000-seat soccer venue in time to open the 2028 MLS season. And the knock-on effect is that the civic conversation about what government owes to sports owners who want to move their teams just got a lot simpler. When asked by those owners, a firm 'no' from city and state is definitely an option. The burden of proof for any kind of need should firmly lie with the owners; the public figures who give anything away should make a detailed and persuasive financial case to the public, and we hold elected officials accountable for any concessions they do make. The Halas-McCaskey family, owners of the Chicago Bears, and Jerry Reinsdorf, lead owner of the White Sox, both have banked on public funding to help them build new stadiums. Reinsdorf on Thursday revealed he has agreed to sell the White Sox to investor Justin Ishbia beginning in 2029 — with capital infusions to come from Ishbia during the intervening years. Chances weren't good for either team even before the Fire announcement. Gov. JB Pritzker, in particular, has been steadfast in his refusal to help the Bears or the White Sox build new playgrounds for their teams. He allowed staff to meet with the Bears toward the spring legislative session, but nothing so far has come of what appeared to be a courteous gesture on the governor's part. Reinsdorf reportedly was prepared to seek $1 billion in taxpayer backing early this year to help move the White Sox from Rate Field to The 78. He may yet try to make The 78 site work for his ballclub. Never mind that taxpayers, through the good offices of the Illinois Sports Facilities Authority (ISFA), have paid off only about one-third of the $150 million in bonds sold in 1989 to build The Rate so Reinsdorf's team could play there. Ishbia's commitment to make investments is welcome news for taxpayers, in that Reinsdorf's case for government support just got weaker as a result. The Bears had hoped to persuade Pritzker to kick in as much as $2.4 billion in taxpayer money to build a new stadium south of Soldier Field. When that went nowhere, they switched to Arlington Heights, claiming they could build there without direct taxpayer support. But watch that space: An ask is coming; we just know it in our bones. Already, the Bears have wrangled tax breaks from Arlington Heights and local school districts. Editorial: Soccer-loving Joe Mansueto comes through for Chicago and its FireAnd if the Bears do leave Soldier Field any time soon, taxpayers will be on the hook for their vacated but recently remodeled home. ISFA still owes more than $400 million from the remodeling of Soldier Field — a project so tasteless that Soldier Field lost its national landmark status as a result. Mansueto is not the only area billionaire funding a new stadium from his own bank account. Up in Evanston, Northwestern University is building a new $850 million football stadium, courtesy of a contribution by billionaire alumni Patrick G. and Shirley W. Ryan. What's the difference between Mansueto and the Ryans on the one hand and Reinsdorf and the Halas-McCaskey families on the other? Unlike Mansueto and Ryan, it's altogether possible that the Halas-McCaskeys and Reinsdorf simply cannot cover the cost of the new stadiums they covet. And both owners understandably believe their teams need new arenas in order to compete in their leagues, given the stadium-building boom that has beset professional sports. There are options available that would enable both ownership groups to build new stadiums, maintain control of their teams and proceed without drawing from public funds. The Bears franchise last year was valued at $6.4 billion by Forbes magazine — nearly double the estimated value in 2020. The White Sox are worth more than $2 billion, according to Forbes. Private equity firms are eager to buy minority stakes in sports teams. Nearly half of all MLB teams already have sold ownership shares to private-equity investors, and Reinsdorf just joined the group with the planned capital infusions and eventual sale to Ishbia, a private equity investor. The NFL last year began allowing private-equity investments for the first time. This opened up a new source of capital for owners and helped turbocharge an unprecedented boom in franchise valuations. Reinsdorf's deal with Ishbia shows one way this can be done: But Halas-McCaskeys please note: An outright sale isn't necessary; a significant capital infusion can happen without requiring a change of control. Selling chunks of the franchises could raise the capital the Bears and Sox owners want in order to help them afford new ballparks. Ryan already owns nearly 20% of the Bears and is considered likely to want a bigger stake. The owners also could borrow against the value of their franchises. This would affect their cash flow, true, but also could enable the owners to avoid diluting their ownership stake. Holding onto equity is particularly important in the NFL, where franchise valuations have increased at double-digit rates over the last five years. Finally, the Bears just might qualify for public support if they would open their minds to the possibility of building a stadium at the former Michael Reese Hospital site. Public incentives would be defensible, given the economic impact that would result from a major investment on the outskirts of Bronzeville. But the Bears just don't want to go there — which is their right, so long as they keep their paws out of the public till. David Greising is president and CEO of the Better Government Association.
Time Out
2 days ago
- Business
- Time Out
Chicago is getting a $650 million soccer stadium in South Loop
Great news, Chicago soccer fans: A brand-new 22,000-seat stadium is expected to be ready before the 2028 MLS season. Owner and chairman of the Chicago Fire Football Club since 2018, Joe Mansueto built his business, family and life in the Windy City. Now the billionaire is planning to spend $650 million of his own cash on a new privately funded soccer stadium and entertainment district in the Chicago's South Loop. Located just south of Roosevelt Road, along the Chicago River, the stadium is expected to open in the spring of 2028 in Chicagoland's newest neighborhood: The 78. This literal game-changing project will anchor The 78, "a $7 billion mixed-use project planned by developer Related Midwest for 62 acres of former railroad property along the South Branch of the Chicago River in the Near South Side community area, per the City of Chicago website. The Chicago Fire Football Club's new home will build up the neighborhood, with more local jobs, economic development, and a burst in community resources. What's more, along with both the proposed stadium and the surrounding green space, the project includes mixed-use expansion, with restaurants, retail and office spaces, and residential buildings. The decision to construct a new stadium ensures the longevity of the Chicago Fire in Chicagoland. Previously, home matches were played at Soldier Field—however, playing at a soccer-specific stadium will undoubtably improve not only the player experience, but the fans, too. Long supporters of the city, Chicago Fire was the first MLS club to build up a charitable foundation, which gives millions of dollars to underprivileged youth throughout the city. "This project is more than just a stadium. It's a space for fans of all ages, backgrounds and neighborhoods to come together and celebrate the beautiful game—right in the heart of our city. It's about investing in Chicago, not just on match days, but every day as a committed community partner," Mansueto wrote in a public statement. "The Chicago Fire is a Club on the rise. And soon, we'll have a permanent home that reflects the passion, energy and pride of the city we love." In terms of accessing the soon-to-come station, Fire fans will be able to drive and park onsite or take the CTA Red, Orange, or Green 'L' trains, all located within two blocks of the venue. In addition, several CTA bus lines service the area. Set to arrive from the suburbs or other neighborhoods in Chicagoland? The Metra stops within walking distance as well. O, for funsies, you can even take the water taxi on the Chicago River and arrive in style!
Forbes
2 days ago
- Business
- Forbes
Chicago Fire Muscle In On White Sox's Dream Of South Loop Stadium
CHICAGO, ILLINOIS - OCTOBER 17: New coach Gregg Berhalter of the Chicago Fire poses for a photo with ... More owner Joe Mansueto during a press conference at Waldorf Astoria Chicago on October 17, 2024 in Chicago, Illinois. (Photo by) The Chicago Fire is poised to end the long search for a stadium that will be embraced by soccer fans. But the Fire's gain could prove to be a loss for Jerry Reinsdorf and the Chicago White Sox. Fire owner Joe Mansueto announced on Tuesday he has reached an agreement to build a 22,000-seat stadium in the South Loop, on the 62-acre site, which the Sox had previously identified its ideal future home. Reinsdorf has said the White Sox cannot remain viable at The Rate, its home since 2003, due to an inability to generate revenue to compete with the top teams in Major League Baseball. The team released renderings of a stadium in the development known as The 78 last summer, emphasizing both the potential beauty and versatility of this underused land east of the Chicago River, but has failed to gain traction in its push for public funding for the project, estimated at $1.25 billion. Like the Bears' push for a ew stadium either in suburban Arlington Heights or downtown, the White Sox's lobbying efforts did not lead to any funding measures being introduced in the spring session of the Illinois General Assembly. You would think Reinsdorf and George McCaskey would not have enjoyed a message Mansueto is sending about privately financed sports venues. 'It is my belief that these stadiums should be privately financed,' Mansueto said. 'Most of the value accrues to the sports team. So it's only fair that the sports team shoulders the cost of its construction.' Mansueto, 68, founded the financial services firm Morningstar in 1984. His net worth is $6.6 billion, according to Forbes, which ranks him 528th in the world. He purchased the MLS' Chicago Fire in a series of transactions in 2018 and '19. Mansueto's agreement with Related Midwest involves the purchase of only 10 acres for the stadium. Both the White Sox and Related Midwest CEO Curt Bailey believe a baseball stadium could fit on the remaining acreage but not everyone agrees. Pat Dowell, an alderman for the 3rd Ward, told Crain's Chicago 'the site is too small for two stadiums.' Bailey said he hopes to have received city approval for the soccer stadium by November, allowing construction to begin with an eye of opening in 2028. The first step is a public hearing on June 16. In a statement following Mansueto's announcement, the White Sox said they 'continue to consider the site as an option. We believe in Related Midwest's vision for The 78 and remain confident the riverfront location could serve as a home to both teams. We continue to have conservations with Related Midwest about the site's possibilities and opportunities.' Chicago-based sports marketing consultant Marc Ganis told the Tribune he believes the lot is large enough to accommodate both a soccer and baseball stadium. 'It could work,' Ganis told the Chicago Tribune. 'They would have to work out the use of the infrastructure and the parking and the scheduling and things of that nature. I think it'd be great for the city.' Founded as an expansion team in 1997, the Fire has had three different home stadiums, including two stints at Soldier Field. Its fan base comes largely from the city, which limited the success of a run of 14 seasons in SeatGeek Stadium, located in suburban Bridgeview. Soldier Field lacks the intimacy and ambience of popular soccer venues forces the team to deal with terms of its lease. When Reinsdorf first began his push for public funding to drive a move to the The 78, he offered up the possibility or reconfiguring The Rate as a home for the Fire. Mansueto had other ideas, not only putting in his own claim to The 78 but promising to pay for construction.
Miami Herald
3 days ago
- Business
- Miami Herald
Chicago Fire plan to build $650M soccer stadium in South Loop
CHICAGO - After nearly a decade of big swings and misses, including a recent failed bid to build a new White Sox ballpark, The 78 and developer Related Midwest may have finally found an anchor tenant to kick-start the proposed mixed-use megadevelopment in the South Loop. The Chicago Fire announced plans Tuesday for a privately financed $650 million soccer stadium at the mostly vacant 62-acre site along the Chicago River at Roosevelt Road, giving the team a "world-class home," and potentially turning the former rail yard into a bustling South Side Wrigleyville. "It's transformative for the club, and I think for the city as well," said Fire owner Joe Mansueto, 68, the founder and executive chairman of Chicago-based investment research firm Morningstar, who bought the team in 2019. Designed by architectural firm Gensler, the proposed 22,000-seat, open-air soccer stadium would be located at the north end of the long-fallow development. It would feature a natural grass pitch, an array of seating - including club options and luxury suites - and an intimate setting for fans to cheer the Fire on match days. The new stadium is scheduled to break ground as early as this fall, pending approval from the city, with a target completion date ahead of the 2028 MLS regular season. The Fire currently play at a rarely filled Soldier Field on a newly signed three-year lease extension. Mansueto said the new right-sized soccer stadium will be the perfect fit for Fire fans and the city. "I think we should sell out every game," Mansueto said. "We want to create this unrivaled match day experience." The undeveloped swath of land bordered by Roosevelt Road, Clark Street and a half-mile stretch of riverfront south of downtown Chicago, has been a field of dreams for Related Midwest since acquiring it in 2016. The ambitious plan from the outset was to create a sprawling residential, retail and commercial development that would become the city's 78th neighborhood. Over the years, The 78 has been in the running for everything from Amazon's second headquarters to a Chicago casino, but time and again, Related was unable to land that elusive anchor tenant to catalyze the megadevelopment. Last year, the White Sox proposed a new publicly funded ballpark at The 78, but Springfield lawmakers balked at the idea of contributing a reported $1 billion to build it. That's when the Fire stepped up. "We have always believed in this location and our ability to build something great, we just needed a partner," said Curt Bailey, president of Related Midwest. "All of our preparation, all of our work, all of our disappointment, got us to the perfect place where we met with Joe and the Fire, and it was a great match." While the city needs to sign off on the proposed Fire stadium, the project will not require public funding, increasingly the biggest impediment to building a new sports facility. Mansueto, a self-made billionaire who grew up in northwest Indiana and bootstrapped the launch of Morningstar from his Lincoln Park apartment in 1984, said teams should foot the bill for their own stadiums. "It is my belief that these stadiums should be privately financed," said Mansueto, who earned an MBA at the University of Chicago. "Most of the value accrues to the sports team. So it's only fair that the sports team shoulders the cost of its construction." In addition to funding the $650 million stadium, the Fire recently opened a new $100 million training facility 2 miles west of The 78 at a formerly vacant 30-acre Chicago Housing Authority site on the Near West Side. With the Bears likely leaving for a new stadium in Arlington Heights and the White Sox also recently shopping for a new home, the Chicago Fire are planting roots in the city that could substantially grow the fan base. "Joe Mansueto isn't just building a soccer stadium - he's reshaping the future of soccer in Chicago," MLS Commissioner Don Garber said in a statement. "This is one of the most ambitious stadium projects in Major League Soccer history, and a powerful reflection of Joe's extraordinary commitment to the Fire, the fans, and the city." There is certainly plenty of upside for the Fire, which has yet to ignite a large following among Chicago sports fans during much of the team's somewhat itinerant 27-year history. Founded as an early Major League Soccer expansion team, the Fire began playing at Soldier Field, winning the league championship during their inaugural season in 1998. In 2006, the Fire moved into a newly built, $98 million stadium in Bridgeview, then known as Toyota Park, with a lease that ran through 2036. The 20,000-seat venue, which was rebranded as SeatGeek Stadium in 2018, was the Fire's home for 14 seasons. When Mansueto bought the Fire for about $325 million in 2019, he negotiated a $65.5 million lease buyout with Bridgeview, allowing a move back to Soldier Field, where post-pandemic attendance is rising. "We are the Chicago Fire," Mansueto said. "So it was important to me that we be in the city proper." On April 13, the Fire set an attendance record with 62,358 fans at Soldier Field for an MLS match against Inter Miami and Argentinian superstar Lionel Messi. The teams played for 90 minutes to a 0-0 draw. Last season, the Fire averaged 21,327 fans per game at Soldier Field, leaving the stadium two-thirds empty for most matches. At 61,500 seats, Soldier Field is the smallest venue in the NFL, but it is huge for the MLS, where stadiums average 25,000 to 30,000 seats. Selling out the proposed 22,000-seat soccer stadium at The 78 could be a regular occurrence, and be a much better experience for fans and players. "Having a completely full stadium, intimate, everybody's close to the pitch … should just be an awesome experience for our fans," Mansueto said. "We want to create a fortress for our team, really provide an edge that teams are intimidated coming to play us." The MLS has 30 teams playing 34 regular season matches from March through October. Mansueto said the new stadium will also host concerts and events to keep it busy throughout the year. The Fire has already retained an agent to sell stadium naming rights, a standard practice at sports venues to defray the cost. The new stadium will also likely increase the value of the franchise. Helped by the 10-year, $2.5 billion partnership with Apple TV+ inked in 2023, the value of MLS franchises continues to rise, averaging $690 million per club, with the Los Angeles Football Club, Inter Miami and the LA Galaxy all worth more than $1 billion, according to the annual Forbes list published in February. The Chicago Fire ranks 24th at $530 million, near the bottom of the list, which pegs annual revenue for the team at $51 million. "I think one of the things that has restrained the value of the club is not having our own stadium," Mansueto said. "Hopefully, after this gets done, those numbers will move upward." Building the stadium will also be central to realizing the broader vision for The 78, which includes retail, residential, outdoor gathering spaces and a half-mile riverwalk, none of which has yet come to fruition. Even Discovery Partners Institute, a University of Illinois-led initiative given free land in 2018 to build a technology innovation hub at The 78, canceled plans in October for an eight-story tower at the development, announcing the project would relocate to the Illinois Quantum and Microelectronics Park planned for the former U.S. Steel site on the city's South Side. For the past two years, The 78 has served as winter storage for the 2,200 concrete barriers that line the temporary NASCAR Chicago Street Race course in Grant Park, which will return for its third annual run during the Fourth of July weekend. More recently, the Chicago Sport & Social Club opened some pop-up pickleball courts by the river at The 78 for its summer outdoor leagues. A mini soccer pitch and softball field are also in recreational play. Bailey expects things to get a lot busier when the Fire stadium gets built, with thousands of fans descending on the site for match days, arriving by car, public transportation - including a nearby "L" station and multiple bus lines - and even by water taxi. Once there, Bailey said The 78 may feel very much like Wrigleyville during Cubs games, with festive fans strolling the neighborhood amid retail, restaurants, bars and open space for events, concerts and other activities. "The environment there, created organically over 100 years, is something that we will try to re-create, in as organic a process as we can given that we're building new," Bailey said. "But absolutely, that energy, that housing surrounding a great stadium, is exactly what we're going to create, and I think it's going to be a game changer for this part of the city." While The 78 is pre-approved for stadium use, the Fire will still need the City Council to sign off on the project. The first community meeting to discuss the proposed stadium is set for June 16, hosted by Ald. Pat Dowell, whose 3rd Ward includes The 78. Mansueto said he is confident the city and neighboring communities will get behind the Fire stadium, as will the growing ranks of Chicago soccer fans. Mayor Brandon Johnson said the stadium plan is a "good sign" for the city. "We look forward to continued conversations with the Fire and the community to make sure that this investment benefits local residents and our city as a whole," Johnson said in a statement. "If the community is supportive, the Chicago Fire would be an excellent anchor tenant for the 78 site." Chicago is one of three U.S. cities hosting the Premier League's Summer Series exhibition tournament, with AFC Bournemouth, Everton, Manchester United and West Ham United playing an evening doubleheader July 30 at Soldier Field. In September, the Premier League soccer fan fest drew a record 15,646 attendees to Lincoln Park for a weekend early morning watch party, with 10 live matches broadcast al fresco on nine large-screen TVs. Mansueto, who did not play soccer as a kid growing up in Munster, Indiana, became interested in the sport when his three kids took it up, learning it on the fly as their coach. He grew to love what is known as the "beautiful game," which led him to buy the Chicago Fire. "After I stepped down from my CEO role at Morningstar, I wanted to invest in my passions, and one of my passions was soccer," Mansueto said. "And this one nicely aligned with an investment in a sport I was passionate about, and an investment in Chicago, which I'm very passionate about." As owner, Mansueto is focused on making the team more competitive. In October, the Fire hired Gregg Berhalter, the former coach of the U.S. Men's National Team, as the new director of football and head coach. Mansueto acknowledged that the team needs to "win some trophies" to engage more Chicago sports fans. But getting a new stadium, he said, would be an important step. "I think the stadium will provide the catalyst to create that tipping point and really elevate the club and make the Chicago Fire and soccer popular." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Joe Mansueto net worth: How billionaire is funding Chicago Fire's new $650M stadium
Joe Mansueto, the billionaire owner of the Chicago Fire FC, has decided to spend $650 million of his own money to bankroll a massive stadium. The 22,000-seat, soccer-only stadium will be located on the vacant South Loop parcel known as 'The 78,' according to the Chicago Sun-Times. In an article published by the Chicago Fire, Mansueto, founder and chairperson of Morningstar, a Chicago-based financial services firm, described the open-air arena as 'more than just a stadium.' He hopes to complete and open it in time for the 2028 season. Announcing his 'plans for a new, privately funded, soccer-specific stadium and entertainment district,' Mansueto, 68, wrote, 'It's a space for fans of all ages, backgrounds and neighborhoods to come together and celebrate the beautiful game – right in the heart of our city. It's about investing in Chicago, not just on match days, but every day as a committed community partner.' 'The Chicago Fire is a Club on the rise. And soon, we'll have a permanent home that reflects the passion, energy and pride of the city we love,' he added. According to Celebrity Net Worth, Mansueto has a net worth of $1.93 billion. However, The Patch reported in April 2025 that he has an estimated net worth of $6.7 billion. According to Celebrity Net Worth, Mansueto started Morningstar, an investment research and management firm headquartered in Chicago, Illinois, out of his home in 1984 for $80,000. The company finally went public in 2005. Their revenue was just shy of $700 million back in 2013. Mansueto bought the financial magazines Fast Company and Inc in 2005, and owned over 60% of common stock in Morningstar by 2008. He also went on to invest in Wrapports, which purchased the Chicago Sun-Times in 2011. He owned a stake in Time Out Chicago magazine, but sold it in 2013. In 1988, Mansueto married Rika Yoshida, and the two pledged $25 million for the expansion of the University of Chicago library in 2008. Mansueto was included on the Forbes World's Billionaires list in 2011.
