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Thursday, July 12, 2018

From Fund Industry Titan to Sports Maven

News summary by MFWire's editors

A mutual fund industry billionaire, already a publishing and property entrepreneur, is now a big stakeholder in a hometown professional sports team.

Morningstar founder and executive chairman Joe Mansueto recently bought 49 percent of the Chicago Fire soccer club, owner Andrew Hauptman confirmed yesterday. Mansueto will become vice chairman and alternate governor for the soccer club. Pricing and terms of the deal were not disclosed.

The Chicago Sun-Times, the Chicago Tribune, and Crain's Chicago Business all reported on the deal.

Hauptman, who is also chairman of the Chicago Fire, will continue to be the controlling shareholder and governor. He bought the team in 2007.

"Soccer is a phenomenal game that continues to grow rapidly in the U.S. and around the world," Mansueto states.

BDT advised Mansueto Sports on the deal, while Covington Burling provided legal advice. Moelis advised Hauptman's Andell on the deal, while Latham & Watkins provided legal advice.

The soccer deal comes as Mansueto is buying into the real estate business in a big way. He's already a publishing entrepreneur, in addition to being the majority shareholder of investment research giant Morningstar. Forbes estimates Mansueto's current net worth at $3.4 billion. 

Edited by: Neil Anderson, Managing Editor

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