Latest news with #Mansueto
AU Financial Review
03-07-2025
- Business
- AU Financial Review
What I learnt in 3 months as an MBA student at a top US school
A large crowd clamours to take selfies with Joe Mansueto, the $US6.7 billion founder of financial information giant Morningstar. It's a cold April day, and I'm at the University of Chicago Booth School of Business's annual management conference. It's an event filled with former students, or 'Boothies', and hanging with rock star alumni appears to be standard in this network of elite MBA graduates. Mansueto (MBA class of 1980) specifically mentions in his keynote how his company likes recruiting from the university.
Ammon
17-06-2025
- Business
- Ammon
Fire release renderings for $650M downtown Chicago stadium
Ammon News - The Chicago Fire FC released renderings on Monday for the club's privately financed $650 million soccer-specific stadium in downtown Chicago that is expected to open in 2028. The project was first announced earlier this month and is part of the first phase of a 62-acre master plan known as The 78, after Related Midwest's vision of creating Chicago's 78th neighborhood. Construction is slated to begin early in 2026, with the approximately 22,000-seat stadium planned as the anchor of The 78. The stadium will be entirely financed by Fire FC owner and chairman, Joe Mansueto, and will include riverfront views along with open public plazas. "I love this city and its architecture," Mansueto said in a statement. "This stadium is adding to Chicago's iconic skyline, so I want it to look timeless. It will look like it's always belonged here, but with the modern innovations required for a world-class soccer club." Stadium plans call for 50 suites and a purpose-built supporter section with room for approximately 2,000 fans in bleacher seating. "We are creating a fortress for our team and a home for our fans," said Dave Baldwin, Chicago Fire FC president of business pperations. "The open-air stadium with grass playing surface and intimate environment is intentional to give our team an edge and bring our supporters even closer to the team they love." Reuters
Yahoo
14-06-2025
- Business
- Yahoo
MLS Soccer Club Chicago Fire Is Self-Funding A $650 Million Stadium To Transform The City's Downtown
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A giant master-planned community is coming to Downtown Chicago, and at its heart is a self-funded 22,000-seat sports stadium where the city's Major League Soccer club will play. Chicago Fire have thus far played their home games at Soldier Field, which they share with the NFL's Chicago Bears. They have managed to side-step red tape and bureaucracy by self-funding a new soccer stadium in the city's South Loop instead of asking the city for money. 'It would definitely slow down the process to have to engage with political leadership to secure financing,' Fire owner Joe Mansueto told The Wall Street Journal. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. The project had been a long time in the making and was being pitched to different companies by developer Related Companies long before Mansueto, chairman and founder of financial data firm Morningstar (NASDAQ:MORN), became involved. Related acquired the land in 2016 and approached multiple companies, including Amazon (NASDAQ:AMZN), United Airlines (NASDAQ:UAL), JPMorgan Chase (NYSE:JPM), and casino operators, in an effort to find an anchor tenant before the notion of turning the area into a sports stadium was even broached, the Journal reported. 'We've gone through a litany of anchors,' Related Midwest President Curt Bailey told the Journal. 'I was a young man when I started on this project.' Trending: Invest Where It Hurts — And Help Millions Heal: Once sports teams were approached, the project encountered more hurdles. Major League Baseball's Chicago White Sox requested a $1 billion public funding allocation, which effectively eliminated any chance of approval. Taxpayers' money to fund sports stadiums has been met with increasing pushback, the Journal reported, after city officials raised questions about how much of the profits would be cycled back into local businesses as opposed to sports teams. Illinois Gov. JB Pritzker was a vocal opponent of using taxpayer money for sports. Illinois state Rep. Bob Morgan was behind a proposal known as the BEARS Act, requiring teams to have winning seasons to receive taxpayer funds for their facilities. In Washington, D.C., a proposed $3.8 billion stadium district is facing difficulties due to opponents of Mayor Muriel Bowser's $1.1 billion commitment to use public funds, according to the encountered in dealing with city officials have given the self-funding route traction. New York City FC of the MLS and the NFL's Los Angeles Rams are two other high-profile clubs that have not requested public funding. However, Fire owner Mansueto does not intend to fund the entire master-planned community — which includes affordable housing, retail restaurants, and a half-mile river walk — himself. Mansueto told the Journal that he was considering partnering with Related for some of the project, though nothing has been confirmed. 'Chicago is where I built my business, my family and my life,' Mansueto said in a 'Dear Chicago' letter posted on the club's website to coincide with the new stadium announcement. 'And while I never set out to own a professional sports team, when the chance came to purchase the Chicago Fire in 2018, I couldn't pass it up. Soccer is the world's game, and a world-class city like ours deserves a world-class club — with a world-class home to match.' The proposed 62-acre mixed-use development aims to open ahead of the 2028 season, according to the club's website. Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can If there was a new fund backed by Jeff Bezos offering a ? Image: Shutterstock This article MLS Soccer Club Chicago Fire Is Self-Funding A $650 Million Stadium To Transform The City's Downtown originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
06-06-2025
- 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
04-06-2025
- 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!
