Andrew Hauptman, the long-term chairman and owner of Major League Soccer’s (MLS) Chicago Fire, has announced the sale of his controlling interest in the franchise to US billionaire Joseph Mansueto.
Mansueto, who made his fortune as the founder and majority owner of the Chicago-based financial services firm Morningstar, will take over control of the Fire with immediate effect, while he will also assume the position of chairman.
Mansueto already owned a 49 per cent stake in the Fire after purchasing a minority share in the club from Hauptman in July last year.
The terms of the agreement between Hauptman and Mansueto were not officially disclosed, but Forbes reports that Mansueto paid US$204 million to acquire the remaining 51 per cent of the team, which would value the franchise at US$400 million.
Mansueto said: “I joined Andrew as a partner because he developed a tremendous platform for continued soccer growth across Chicago and beyond. He and the entire organisation have worked tirelessly to dramatically increase the profile of the Chicago Fire Soccer Club, MLS and the game overall and have left a wonderful legacy for our city.
“The timing of this transaction couldn’t be better as we return the world’s game to the city I love. Andrew and his family will always be part of the Fire family that he cares so very much about.”
The end of Hauptman’s 12-year tenure also coincides with approval from the Chicago Park District board to progress a deal to move the Fire’s home games to Soldier Field, the home stadium of the Chicago Bears National Football League (NFL) franchise, in time for the 2020 MLS season.
The move follows an agreement between the MLS outfit and the Village of Bridgeview, which saw the club pay a US$60.5 million release fee to leave the district’s SeatGeek Stadium, with the club expected to sign a three-year lease at Soldier Field, including an option to extend by a further eight years.
Hauptman said: “What the Fire has achieved has been transformational for the club and the city of Chicago. We’ve significantly increased soccer’s presence and built an ecosystem that rivals any club across North America.
“I’m extremely proud of the positioning of the club at this historic juncture. I know that the next step of returning to Soldier Field will make Chicago proud and I look forward to cheering on Joe, the club and its supporters as they continue this legacy.”
Chicago Red Stars, the National Women’s Soccer League NWSL) outfit, will continue to play their home fixtures in Bridgeview.
Andrew Hauptman, the long-term chairman and owner of Major League Soccer’s (MLS) Chicago Fire, has announced the sale of his controlling interest in the franchise to US billionaire Joseph Mansueto.
Mansueto, who made his fortune as the founder and majority owner of the Chicago-based financial services firm Morningstar, will take over control of the Fire with immediate effect, while he will also assume the position of chairman.
Mansueto already owned a 49 per cent stake in the Fire after purchasing a minority share in the club from Hauptman in July last year.
The terms of the agreement between Hauptman and Mansueto were not officially disclosed, but Forbes reports that Mansueto paid US$204 million to acquire the remaining 51 per cent of the team, which would value the franchise at US$400 million.
Mansueto said: “I joined Andrew as a partner because he developed a tremendous platform for continued soccer growth across Chicago and beyond. He and the entire organisation have worked tirelessly to dramatically increase the profile of the Chicago Fire Soccer Club, MLS and the game overall and have left a wonderful legacy for our city.
“The timing of this transaction couldn’t be better as we return the world’s game to the city I love. Andrew and his family will always be part of the Fire family that he cares so very much about.”
The end of Hauptman’s 12-year tenure also coincides with approval from the Chicago Park District board to progress a deal to move the Fire’s home games to Soldier Field, the home stadium of the Chicago Bears National Football League (NFL) franchise, in time for the 2020 MLS season.
The move follows an agreement between the MLS outfit and the Village of Bridgeview, which saw the club pay a US$60.5 million release fee to leave the district’s SeatGeek Stadium, with the club expected to sign a three-year lease at Soldier Field, including an option to extend by a further eight years.
Hauptman said: “What the Fire has achieved has been transformational for the club and the city of Chicago. We’ve significantly increased soccer’s presence and built an ecosystem that rivals any club across North America.
“I’m extremely proud of the positioning of the club at this historic juncture. I know that the next step of returning to Soldier Field will make Chicago proud and I look forward to cheering on Joe, the club and its supporters as they continue this legacy.”
Chicago Red Stars, the National Women’s Soccer League NWSL) outfit, will continue to play their home fixtures in Bridgeview.
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