Munster native Joe Mansueto, the billionaire who founded Morningstar, Inc., has acquired the Chicago Fire Soccer Club.
Mansueto, a Munster High School graduate, bought a 49% stake in the Major League Soccer team for an undisclosed sum last year, and has now purchased the controlling interest of former chairman and owner Andrew Hauptman, who had run the professional soccer team for 12 years.
The financial terms of the deal were not disclosed.
Mansueto is now the chairman and sole owner of the Fire team, which is in the process of moving from Bridgeview to Chicago, where they will play the 2020 season in Soldier Field.
“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,” Hauptman said. “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.”
Mansueto also serves as executive chairman of Morningstar, one of the world's leading investment research firms. He founded the company in his Lincoln Park apartment in 1984 to analyze mutual fund investments, and it has since grown into a giant that employs more than 5,000 people in 27 countries.
“I joined Andrew as a partner because he developed a tremendous platform for continued soccer growth across Chicago and beyond," Mansueto said. "He and the entire organization 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 Chicago Fire are currently third from last in the MLS's Eastern Conference with a record of 8 wins, 12 losses and 10 draws.