David Greising: The conversation about new sports stadiums in Chicago just got simpler

Chicago Tribune

06-06-2025

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.