This is Awkward
A new stadium is finally being built!
Just not the stadium you thought:
The billionaire owner of the Chicago Fire FC has agreed to spend $650 million of his own money to bankroll a 22,000-seat, soccer-only stadium on the vacant South Loop parcel known as “The 78,” but tens of millions of public dollars would be needed to ready the long-dormant site for development.
Joe Mansueto, founder and chairperson of Morningstar, a Chicago-based financial services firm, described the open-air arena he hopes to complete and open in time for the 2028 season as “more than just a stadium.”
Did you read that first paragraph?
- ...of his own money.
That's correct. Via private funds and private financing, this guy is building a new stadium, kind of like how Bill Wirtz did it on the west side a few decades back. If we remember correctly, a consortium of Japanese banks funded the United Center and ol' Dollar Bill paid off the entire note in under a decade. Of course, at that point Jordan was in his prime and the Blackhawks made the playoffs regularly so there wasn't an attendance issue.
The Chicago Fire is worth around $500 million and their owner is financing a stadium.
Compare that to the Chicago Bears (current market value - $6.5 BILLION) and they're lobbying Springfield for massive subsidies and taxpayer dollars so that they don't have to shell out $2 billion for a new stadium. A new stadium that would increase the team value to something comparable to the Dallas Cowboys ($10 billion) and the revenue stream which the Bears wouldn't be sharing with the taxpayers.
We'd say the road to a taxpayer funded Bears stadium just got a lot more difficult to sell thanks to Joe Mansueto
Labels: sports
posted by SCC at 12:05 AM
66 Comments:
Read the whole article. Still gonna cost the city millions. Probably hundreds of millions.
“Still, a formidable city subsidy would be needed to cover major infrastructure costs at the long-dormant site.”
I know we talk a lot of shit about handouts for the permanent underclass on this site, and I’m not a socialist, but this is often why people turn to that line of thinking. The Bears thing is corporate welfare. Most of us in fact do get tired of it.
The UC is jointly owned by Wirtz and Reinsdorf they paid for it them selves
Soccer un-American who cares as long as no tax dollars are involved..knowing pritzger we will get fleeced
Hey SCC, remember how the City and Department were boasting about all the helicopters we’ll be having? Well that number is currently ZERO for the foreseeable future since the mechanics refuse to perform mandated maintenance. The last chopper ran out of air time tonight and now all our choppers are grounded
Fuck the owners and management of the Bears!
Rich fucking scumbags love to spend other peoples money to further enrich themselves.
They suck and their team sucks donkey dick too!
And the money laundering of public funds continues!
There is a soccer only stadium in Bridgeview that is sitting empty. The Fire played there for a few years before moving back to Soldier Field. In a few years the Fire would be the only one playing at Soldier Field, maybe be smarter to stay and work something out.
Soccer is the front story. Concerts are the real revenue stream. This idea sucks for future concerts at soldier field. This is another idea that screws taxpayers.
Old dollar Bill Wirtz and his sidekick Pulford. The old Chicago Stadium was a blood bucket both on the ice and in the stands when the Hawks played there. WGN used to televise the games but they would get blacked out if the game didn't sell out.
Amen
"Thanks for the Intel!"
Signed,
Chicago Carjackers
How many people actually attend fire games?? Is it really worth spending on such a new stadium?? These games were not all that big with Chicagoans until the illegals arrived.
Bridgeview prefers Muslims over drunken Mexicans and Poles.
Now, kees me you fool!!!!
The older I get, the less use I have for sports...
Have them pilots go start to ride them horses at south shore
It is the city/states job to provide roads and infrastructure
They don’t want to deal with the park district anymore because they don’t know how to handle basic grounds keeping
If only Chicago had a mayor like Joe Mansueto who has the means to fund a stadium without seeking public funds. Instead, we have a doofus on the fifth floor who couldn’t pay his water bill on time.
Assuming it’s their job-why would “the mechanics” refuse to perform mandated maintenance?
the city downed them because they are racist,,,, always trying to catch the certain criminal
There's years of toxic crap dumped at that location. Clean up will be outrageous.
How dare anyone think that the McCaskey empire should take a hit for the stadium and entertainment district they want to build?! And don't even think of all the money they will be raking in once fully established! Greedy McCaskey's need to take lessons from Rickerts and Witz. And they are asking for this 'donation' for a stadium with a sub-optimal team. Shame-less self promoters!
You wanted football, you got futebol. Pa-ta-to, pa-taaa-to.
"Tens of millions of public dollars would be needed to ready the long-dormant site for development." - Who dat coming from?
Still want the city to pay for a bunch of utility lines. Gonna cost millions. Nobody cares about soccer.
Why do the mechanics refuse to do maintenance?
It ain't over till its over. There is too much money on the table for the political class to walk away from. There will be some sort of deal with the claims of millions of new great jobs, billions of dollars of economic benefit and no risk to the taxpayer.
On a somewhat related topic, the city let its contract run out on Cellibrite. That is the software used to collect digital and cellular evidence from cellphones. A key piece to securing charges in almost any crime… murder, agg. batt, robbery, carjacking, etc. World class department here. 🤦♂️
It’s soccer!!! Not NBA, NFL, NHL or MLB
They could bring back the USFL for an extra income stream and they just might be better than Da Bears!
When the ISP had Air -One at Midway the command in Springfield got rid of it because they said it only served 6 counties and there are 102 in IL. But guess what those 6 have 80% if not more of the population and crime. As bad as California is they have proven since the late 50's that air support works and is cost effective but Illinois doesn't have the political will to do anything........
The pilots who fly that potential death trap have MASSIVE BALLS of steel. I wouldn’t be caught dead in a helicopter that’s owned and maintained by the department/city knowing how many corners coppers will cut due to laziness. If the mechanic isn’t flying in the bird with me I’m not going. F that.
Why has that tract been vacant so long? Any latent Superfund issue? If so, who pays?
I know this isn’t the right spot but the people need to know what the triple Merit Commander HW III of 002 is up to. He was previously the day LT and promoted Commander. Lt SB he sat next to on days for 2 years he dumped to midnight. He then dumped the 63 yo 3rd watch Lt SH to midnights. The midnight Lt JO who needed midnights for her kids got dumped to 3rd watch. All the Lt were asked by HWIII what watch they wanted and he did the opposite. Only woman LTs were moved by the Commander. He didn’t even have the balls to tell them to their face, they all found out by the CO book. The two new Lt out if last class got the day spots. Great way to treat your first line supervisors. HWIII has a real problem w woman supervisors and ran off numerous female Sgt’s. A EEOC complaint is in his near future. The Merit leaders the Department keeps promoting is working beautifully.
Where are they going to park cars at the new location? They're pretty landlocked between the train yard and the river.
he is a good guy but i would advice him to invest any money in this city untill after the next mayoral election
No shit Sherlock! Did you not read that in the post!
Huffman is awesome. Herb is a turd who doesn’t have a clue. Typical micromanaging merit hack who doesn’t have a clue.
IIRC, years ago, there was a similar issue.
A few female Lt’s.
There was a decent lawsuit, and they got paid!!!!!!
Fuck the 2 helicopters. Only thing they go do is fly over their kids in the pool and wave to daddy. How cool. Or respond to a domestic where boo just bitch slapped baby momma from hell after getting back from club set a day later. Boo dips and here come our hero’s in useless helicopter broadcasting where boo ran. Who gives a fuck. Let them come and chase the fuck. And go to court. Useless helicopter. Report traffic on news in morning and get back in Beat car asswipe.
Fire scores 5 goals all season. Bears win 7 games ail season. Sox loose 121 games a season. Fuck their new stadiums and their teams. WRIIGLEY FIELD ROCKS. GO CUBS!
Off Topic: did you see the new order of Dr Sobel trying to block community mental health groups who support the police from visiting their roll calls? These groups are from the community and provide mental health resources for first responders at no costs to them and it is private. They are privately funded and here to help us. Dr. Sobel when will be held accountable? Approximately 40 or more officers have committed suicide on your watch since 2018 that is on you. Their blood is on your watch and your hands. Time for you to go! Snelling this is your chance to do the right thing. Figure it out.
A post on Herb III will easily garner over 100 comments
Everybody I know played soccer & football as kids. It's just never become as big as the big 4 sports because Americans demand immediate satisfaction. It's why MLB is dying among those under 40...it's "too slow". "Soccer is un-American"? C'mon. That's why the world thinks the average American has the attention span of a circus monkey. Now the WNBA is un-American for different reasons...their obnoxious players.
It does not mention Reinsdorf...take a breath.
OT: Chicago Mayor Brandon Johnson's office shared the following statement late Wednesday:
"Mayor Johnson condemns the reckless and dangerous escalation by ICE agents this afternoon in the South Loop. Chicagoans have the right to protest the separation of family members by federal immigration enforcement. Federal agents should never be allowed to come into our city and assault elected officials or any Chicagoan. All residents have the right to due process under the Constitution, any action to the contrary is unconscionable. We will continue to uphold the Welcoming City ordinance and the Illinois Trust Act, and ensure law enforcement does the same. We are reviewing this incident and will provide an update as more information becomes available."
Assault aldermen? Really?
JO has spent a big chunk of the last 5-7 years on the medical, no loss there
Off topic. If my request to retain my RDOs was denied, and I decide not to show up anyway, what would my punishment be?
This went from soccer stadiums to helicopters to domestic disputes real fast. Plot twist of the year. You good, man? Sounds like you’ve seen some stuff. I hope you find space to breathe. Threads like this aren’t worth carrying all that anger into.
Says the pot-bellied couch potato
I don't think think the Bears have ever wanted to "win".... they want to field a team that makes them money....
62,000 Americans attended a recent Fire game.
There's interest in the sport, it's just that the League sucks at marketing and building support for the game. Today they rely on entertaining crowds by bringing to the league big name, world-class players nearing retirement and past their prime for the big leagues overseas. Just like they did in the 70s and 80s.
Who or what dumped the toxic crap, and what toxic crap was dumped there?
Plenty care. You'd know if you got up off the couch
Our local sports franchises are all about making money. Not winning. They don't care about fans
Wonder how Princess Leia got spared
FUCK all the blm-supporting teams, including the cubs, and FUCK every kneeling, george floyd sucking league!
Get ready for all the unlicensed Abeulitas selling Modelos out of incognito beer tub baby strollers surrounding the stadium.
I’m sure all the appropriate hands will be greased regardless of an election outcome.
These big money sports teams will continue to steal money from the taxpayers. "Publicly subsidized professional sports stadiums have become a scourge on taxpayers’ wallets. Study after study has demonstrated that publicly subsidized stadiums have little to no positive impact on local economies". What should happen. "Reforms like requiring referendums on subsidy proposals, changes to the federal tax code, and bans on subsidies for professional sports facilities will save taxpayer money and end the stadium subsidy scam while allowing fans to continue the ancient tradition of rallying around their local teams". Taken from the article "Fields of Failure: The Scandal of Taxpayer Funded Stadiums". Lots of other articles on this scam. Sadly, it will continue. Useless and corrupt politicians being the major problem.
Hey guess what. I don’t care unless it affects blue shirts.
You wouldnt be the first. Here is how I've dealt with officers like you. As a WOL I would f with you as much as I could. When everyone else shows up, you are expected to be there to support to support your brothers and sisters in blue if you are scheduled a tour of duty. I would get a CR on you for being AWOL and for refusing to follow a lawful, direct order. In addition, you would never work the same car or the same start time two consecutive days in a row, always with different officers, you know the ones that nobody else wants to work with. I would change the worksheets after you left and not call you. It's your responsibility to know what your start time is, not mine to personally tell you. When you don't show up, or arrive late, the disciplinary process starts with admonishments, counseling, SPARS, then C.R.'s. I'm not a meritorious promotion so doesn't matter to me who you know or who you blow. It's coming at you. Don't challenge me, you will lose. So, allow me to sum it up this way: FAFO. Asshole.
Heard that magical knee pads can grant wishes.
Catch me if you can…
That's ST George Floyd who should have when to barber school
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