This is Awkward
A new stadium is finally being built!
Just not the stadium you thought:
The billionaire owner of the Chicago Fire FC has agreed to spend $650 million of his own money to bankroll a 22,000-seat, soccer-only stadium on the vacant South Loop parcel known as “The 78,” but tens of millions of public dollars would be needed to ready the long-dormant site for development.
Joe Mansueto, founder and chairperson of Morningstar, a Chicago-based financial services firm, described the open-air arena he hopes to complete and open in time for the 2028 season as “more than just a stadium.”
Did you read that first paragraph?
- ...of his own money.
That's correct. Via private funds and private financing, this guy is building a new stadium, kind of like how Bill Wirtz did it on the west side a few decades back. If we remember correctly, a consortium of Japanese banks funded the United Center and ol' Dollar Bill paid off the entire note in under a decade. Of course, at that point Jordan was in his prime and the Blackhawks made the playoffs regularly so there wasn't an attendance issue.
The Chicago Fire is worth around $500 million and their owner is financing a stadium.
Compare that to the Chicago Bears (current market value - $6.5 BILLION) and they're lobbying Springfield for massive subsidies and taxpayer dollars so that they don't have to shell out $2 billion for a new stadium. A new stadium that would increase the team value to something comparable to the Dallas Cowboys ($10 billion) and the revenue stream which the Bears wouldn't be sharing with the taxpayers.
We'd say the road to a taxpayer funded Bears stadium just got a lot more difficult to sell thanks to Joe Mansueto
Labels: sports