Chicago billionaire to pay for new $650 million soccer stadium

Billionaire Joe Mansueto is using his fortune to build a new stadium for his Chicago soccer team.

The founder of Morningstar Inc. and owner of Chicago Fire FC said Tuesday he will personally fund a $650 million stadium to be built at a 62-acre development south of downtown called The 78. Set to open in 2028, the stadium will be able to accommodate 22,000 spectators.

The move comes as a number of Chicago’s sports teams — including the Bears — have asked for state funds to build new stadiums. Governor JB Pritzker, who is facing increasing budget pressures as the Trump administration threatens to cut funds, has openly said that teams would need to demonstrate a benefit to taxpayers if they are to be considered for any public funding.

“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,” Mansueto said in an open letter to Chicago residents. “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.”

In 2019, Mansueto completed the full purchase of the Fire of Major League Soccer in a deal that valued the team at about $400 million. He then spent $65 million to move the club back to Soldier Field, where the Bears play, from a stadium in Bridgeview. But playing at a National Football League stadium has proved difficult, with the Fire having to move a number of games every year to work around the Bears schedule.

Construction of the new open-air stadium is slated to start later this year or in early 2026.

“This project is more than just a stadium,” Mansueto said. “It’s about investing in Chicago, not just on match days, but every day as a committed community partner.”

— With assistance from Andrew Harrer.