Joe Mansueto has acquired a 49% stake in the Chicago Fire, according to an announcement from club Chairman and Owner Andrew Hauptman. The investment from Mansueto, the founder and Executive Chairman of the Chicago-based investment research firm Morningstar, makes him the first new investor in the Fire since Hauptman purchased the team in 2007.
Under terms of the agreement, Hauptman will remain Chairman, controlling shareholder and the Club’s Governor on the MLS Board of Governors. Mansueto will become Vice Chairman of the Club and represent the Club on the MLS Board of Governors as Alternate Governor. Other terms of the transaction were not released.
“It’s hard to imagine a better partner for me and our Club than Joe,” said Hauptman. “In addition to decades of experience as a respected business builder and leader, Joe brings a passion for soccer and cares deeply about the city of Chicago. After getting to know Joe over the past several months, it is clear we both share a common vision and ambition for the Club and the enormous continued potential for Major League Soccer in Chicago.”
“Andrew has assembled a top-tier management team and dramatically increased the profile of the Chicago Fire Soccer Club, Major League Soccer and the game overall in the Chicago area,” said Mansueto. “I’m incredibly excited to partner with him to build on the Club’s achievements. Soccer is a phenomenal game that continues to grow rapidly in the U.S. and around the world. I’m pleased to help fulfill the vision of bringing this premier team to the forefront of soccer in our country.”
Moelis & Company acted as financial advisor and Latham & Watkins acted as legal advisor to Andell Inc. BDT & Company acted as financial advisor and Covington & Burling acted as legal advisor to Mansueto Sports, LLC.
Image courtesy Chicago Fire.