Chicago Fire Muscle In On White Sox’s Dream Of South Loop Stadium

The Chicago Fire is poised to end the long search for a stadium that will be embraced by soccer fans. But the Fire’s gain could prove to be a loss for Jerry Reinsdorf and the Chicago White Sox.

Fire owner Joe Mansueto announced on Tuesday he has reached an agreement to build a 22,000-seat stadium in the South Loop, on the 62-acre site, which the Sox had previously identified its ideal future home.

Reinsdorf has said the White Sox cannot remain viable at The Rate, its home since 2003, due to an inability to generate revenue to compete with the top teams in Major League Baseball. The team released renderings of a stadium in the development known as The 78 last summer, emphasizing both the potential beauty and versatility of this underused land east of the Chicago River, but has failed to gain traction in its push for public funding for the project, estimated at $1.25 billion.

Like the Bears’ push for a ew stadium either in suburban Arlington Heights or downtown, the White Sox’s lobbying efforts did not lead to any funding measures being introduced in the spring session of the Illinois General Assembly. You would think Reinsdorf and George McCaskey would not have enjoyed a message Mansueto is sending about privately financed sports venues.

“It is my belief that these stadiums should be privately financed,” Mansueto said. “Most of the value accrues to the sports team. So it’s only fair that the sports team shoulders the cost of its construction.”

Mansueto, 68, founded the financial services firm Morningstar in 1984. His net worth is $6.6 billion, according to Forbes, which ranks him 528th in the world. He purchased the MLS’ Chicago Fire in a series of transactions in 2018 and ’19.

Mansueto’s agreement with Related Midwest involves the purchase of only 10 acres for the stadium. Both the White Sox and Related Midwest CEO Curt Bailey believe a baseball stadium could fit on the remaining acreage but not everyone agrees.

Pat Dowell, an alderman for the 3rd Ward, told Crain’s Chicago “the site is too small for two stadiums.”

Bailey said he hopes to have received city approval for the soccer stadium by November, allowing construction to begin with an eye of opening in 2028. The first step is a public hearing on June 16.

In a statement following Mansueto’s announcement, the White Sox said they “continue to consider the site as an option. We believe in Related Midwest’s vision for The 78 and remain confident the riverfront location could serve as a home to both teams. We continue to have conservations with Related Midwest about the site’s possibilities and opportunities.”

Chicago-based sports marketing consultant Marc Ganis told the Tribune he believes the lot is large enough to accommodate both a soccer and baseball stadium.

“It could work,” Ganis told the Chicago Tribune. “They would have to work out the use of the infrastructure and the parking and the scheduling and things of that nature. I think it’d be great for the city.”

Founded as an expansion team in 1997, the Fire has had three different home stadiums, including two stints at Soldier Field. Its fan base comes largely from the city, which limited the success of a run of 14 seasons in SeatGeek Stadium, located in suburban Bridgeview. Soldier Field lacks the intimacy and ambience of popular soccer venues forces the team to deal with terms of its lease.

When Reinsdorf first began his push for public funding to drive a move to the The 78, he offered up the possibility or reconfiguring The Rate as a home for the Fire.

Mansueto had other ideas, not only putting in his own claim to The 78 but promising to pay for construction.