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Munster native Joe Mansueto acquires 49 percent stake in Chicago Fire

Munster native Joe Mansueto is pictured at the Morningstar offices in the Loop.

Munster native Joseph Mansueto, the founder of Morningstar, has purchased a 49 percent stake in the Chicago Fire soccer team for an undisclosed sum.

Mansueto, the Munster High School graduate who founded a global investment management firm and revolutionized the way people invest in mutual funds, is the first new investor in the Major League Soccer team since it was acquired by owner Andrew Hauptman in 2007.

“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,” Mansueto said. “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.”

Mansueto will serve as vice chairman of the club, while Hauptman will remain chairman, controlling shareholder and the cub’s governor on the MLS Board of Governors.

“It’s hard to imagine a better partner for me and our club than Joe,” Hauptman said. “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.”

Mansueto, a Times Business and Industry Hall of Fame inductee and noted philanthropist, founded Morningstar in his Lincoln Park apartment in 1984 and grew it into a powerhouse that today employs 5,000 workers in 27 countries. He retired as chief executive officer in 2016 but is still chairman.

His real estate company recently acquired the iconic Wrigley Building on Chicago's famed Magnificent Mile.

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Business reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.