Billionaire Joe Mansueto is set to personally bankroll a $650 million soccer stadium for the Chicago Fire FC at The 78, Related Midwest’s long-stalled megadevelopment in the South Loop, the Chicago Tribune reported.The 22,000-seat, open-air stadium, designed by architecture firm Gensler, would give the Fire its own “world-class home” after years of sharing Soldier Field with the Chicago Bears, Mansueto said. The stadium’s construction won’t rely on public funding but will require tens of millions in city subsidies to cover site infrastructure like utility hookups, road upgrades, a crumbling seawall and a stretch of the Chicago Riverwalk.Mansueto, the Morningstar Credit founder who bought the team in 2019, took out a full-page newspaper ad framing the project as a sports investment and a civic commitment. Set to start construction at the 62-acre megadevelopment site as soon as this fall, the stadium could open in time for the 2028 Major League Soccer season, pending city approvals. The Fire’s Soldier Field lease expires this year, though the team plans to extend it to bridge the gap until the new stadium is ready.The 78 has cycled through multiple failed anchor proposals over the past decade, including for Amazon’s HQ2, a White Sox ballpark, a Bears stadium and the Discovery Partners Institute, the latter of which wasted $30 million in taxpayer funds. Related Midwest president Curt Bailey said Mansueto’s private investment is the anchor they’ve been chasing. Without the stadium catalyst, The 78 is likely to lay fallow for decades to come, he said.Mansueto’s all-cash approach makes him an outlier among Chicago sports owners, many of whom have historically sought public handouts. But Related Midwest is still working on public financing for infrastructure, hoping that part of a $450 million tax-increment financing district will help prepare the site. City Hall, meanwhile, is keeping its powder dry. Mayor Brandon Johnson said the stadium plan and investment is “a good sign” but emphasized the need for community engagement before any deal is finalized.If completed, the stadium would boost the Fire’s franchise value, ranked near the bottom of the MLS at $530 million, and also transform the South Loop into a Wrigleyville-style entertainment hub, with restaurants, bars and a bustling riverfront.— Judah Duke
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