Joe Mansueto is worth $7.1 billion, per Forbes. As such, he doesn’t expect the public to help fund a new stadium for the Chicago Fire.
That view, simple as it may seem, puts Mansueto in the minority when it comes to professional sports team owners.
As Mansueto searches for a new home for his side, he told The Athletic that he wasn’t expecting the public to handle any of the bill. In fact, he found the entire concept to be somewhat offensive when the city has so many more pressing needs.
“My personal view is that stadiums are not a great investment,” Mansueto said. “They’re big, costly to maintain, sit empty most of the time.
‘And so to the extent that they create value, most of that accrues to the sports team, not the municipality. So to me, it’s fair that the sports team should own it.
‘Moreover, here in Illinois, in the City of Chicago, our finances are strained. Teachers want more money, law enforcement needs money, pension obligations. Our city and state don’t have the funds, to be candid, and so to me, we would privately finance it.”
The Fire currently play downtown at the massive Soldier Field, home to the NFL’s Chicago Bears. Prior to 2020, they played at a more reasonably sized venue, SeatGeek Stadium, which is located well outside the city center in Bridgeview.
For Mansueto, a smaller stadium that is easier for Chicagoans to reach represents the holy grail.
“A smaller venue I think would work well for us and help us connect further with our fan base,” Mansueto said after revealing that the club had toured three potential stadium sites.
“I think it would be another element in re-energizing the club.”
One caveat here: Teams may talk a big game about privately financing stadiums, but sometimes find a loophole through charging the public for infrastructure around the stadium, or through complicated tax breaks.
Should the Fire secure a new venue and not fund every cent privately, Mansueto will deserve to have his feet held to the, ahem, fire. Until then, though, his comments are a promising start.