Well, that was quick.
Just more than a week after Arena Football League officials severed ties with short-lived Chicago Rush owner Julee White, the league has agreed to terms with a new owner.
Serial entrepreneur and private-equity firm manager David Staral Jr. has agreed to buy the franchise, the league confirmed Friday. He was one of the local investors whom Ms. White had lined up to help fund her estimated $1 million acquisition of the team last fall.
In the short term, the purchase all but ensures that the 2013 Rush season will be played as the league promised last week beginning with the home opener on March 23.
Allstate Arena General Manager Pat Nagle confirmed that he and Mr. Staral have had preliminary discussions about playing at the Rosemont venue but have not yet signed a deal. A Rush game that now overlaps with a Fleetwood Mac concert booked into Allstate Arena on June 14 would likely have to be moved by a day or two.
Mr. Nagle says that the city of Rosemont would like to give the team the "best chance possible" to play on its usual home turf.
Ms. White had not put down a deposit or signed a lease with the arena in the two-plus months that she owned the team and had not fully paid the team's four full-time employees, raising questions about whether the Rush would play this year.
Mr. Staral, 33, is a co-founder of Chicago-based private-equity firm Star Julin Equity Partners. He started that $40 million fund after previously investing in projects managed by Chicago-based Advanced Equities Inc. before it shut down its broker-dealer operations last year. The decision to shut down followed a September settlement of charges by the Securities and Exchange Commission that Advanced Equities misled investors in a client, according to a report by Fortune.
His current clients include Anaheim, Calif.-based electric car maker Fisker Automotive Inc. and Sunnyvale, Calif.-based fuel cell vendor Bloom Energy two of Advanced Equities' former clients.
The McHenry native was an early investor in Japonais Restaurant Group and is the owner of the Chicago-based National Association of Medical Advancement, which stages conferences for physicians to continue their medical education.
For now, he is the sole investor in the team but plans to bring on more partners.
Mr. Staral said he had been "interested" in the Rush franchise when Ms. White approached him late last year about coming on board as an investor.
Ms. White says the two did not "finalize" the terms of their partnership when she bought the team. In a statement, she offered her support for Mr. Staral.
"I am thrilled that David Staral has entered into an agreement to purchase the (team)," she said. "I am in full support of the franchise and will assist in any way needed related to the 2013 season."
Had the league reclaimed ownership of the Rush as it did last season, all 13 other AFL franchises would have had to chip in about $10,000 each for every Rush game to keep them afloat, according to a source familiar with the team.
Mr. Staral said he hopes to give the franchise some long-term stability, even with the challenges ahead.
"There's going to be a lot of money coming out of my pockets going through this season, but you go into it knowing that," he said. "(Most) of what I'm going to be doing is pacifying and hand-holding, but all my conversations have been frank. There's no time to be wasted."
It will be an uphill battle, starting with only about 250 season-ticket holders and minimal sponsorship revenue in place, though Mr. Staral says he has corporate clients lined up to contribute this season.
Most of the handful of employees working with the Rush for the last three months will continue working with the team, although they may not be full time.
Mr. Staral said he will try to generate some momentum using connections with active and retired pro athletes and coaches. That list, he said, may include former Chicago Bears great and 2011 NFL Hall of Fame inductee Richard Dent and former NFL player Derrick Brooks, who co-owns the Arena Football League's Tampa Bay Storm. Neither man could be reached for comment this week.
Mr. Staral says he confided in Mr. Brooks before deciding to invest in the team, and sees growth potential for both the AFL and the Rush in the future.
"I look forward to being a hands-on owner and working with the fans and other AFL owners to grow the Chicago Rush and the Rush brand," he said. "But we need a face on the franchise for it to get to the point where it can succeed."
At its peak before the league ceased operations in 2009 and filed for Chapter 7 bankruptcy, the Rush averaged nearly 16,000 fans a game (near capacity for Allstate Arena).
Last season, the team averaged fewer than 7,000 fans per game about 1,000 below the league average.
Chicago Gridiron LLC, the local investment group that owned the Rush before its managers walked away from the team in fall 2011, severely underfunded the franchise, according to a source with knowledge of the team's previous financials, chipping in less than a quarter of the estimated $2.5 million it takes to operate the team. They had expected to fill in the rest with ticket sales and sponsorship revenues, which never materialized.
More news on the team's upcoming season will be released in coming weeks on the Chicago Rush website.
- See more at: http://www.chicagobusiness.com/article/ ... mPsQu.dpuf
Chicago Rush land new owner again
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Caballo Diablo
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Ahh, turns out to be one of the articles I quoted in the other thread.
Here, I just quoted your post and split it up.
Chicago Rush land new owner again
Just more than a week after Arena Football League officials severed ties with short-lived Chicago Rush owner Julee White, the league has agreed to terms with a new owner.
Serial entrepreneur and private-equity firm manager David Staral Jr. has agreed to buy the franchise, the league confirmed Friday. He was one of the local investors whom Ms. White had lined up to help fund her estimated $1 million acquisition of the team last fall.
In the short term, the purchase all but ensures that the 2013 Rush season will be played as the league promised last week beginning with the home opener on March 23.
Allstate Arena General Manager Pat Nagle confirmed that he and Mr. Staral have had preliminary discussions about playing at the Rosemont venue but have not yet signed a deal. A Rush game that now overlaps with a Fleetwood Mac concert booked into Allstate Arena on June 14 would likely have to be moved by a day or two.
Mr. Nagle says that the city of Rosemont would like to give the team the "best chance possible" to play on its usual home turf.
Ms. White had not put down a deposit or signed a lease with the arena in the two-plus months that she owned the team and had not fully paid the team's four full-time employees, raising questions about whether the Rush would play this year.
Mr. Staral, 33, is a co-founder of Chicago-based private-equity firm Star Julin Equity Partners. He started that $40 million fund after previously investing in projects managed by Chicago-based Advanced Equities Inc. before it shut down its broker-dealer operations last year. The decision to shut down followed a September settlement of charges by the Securities and Exchange Commission that Advanced Equities misled investors in a client, according to a report by Fortune.
His current clients include Anaheim, Calif.-based electric car maker Fisker Automotive Inc. and Sunnyvale, Calif.-based fuel cell vendor Bloom Energy two of Advanced Equities' former clients.
The McHenry native was an early investor in Japonais Restaurant Group and is the owner of the Chicago-based National Association of Medical Advancement, which stages conferences for physicians to continue their medical education.
For now, he is the sole investor in the team but plans to bring on more partners.
Mr. Staral said he had been "interested" in the Rush franchise when Ms. White approached him late last year about coming on board as an investor.
Ms. White says the two did not "finalize" the terms of their partnership when she bought the team. In a statement, she offered her support for Mr. Staral.
"I am thrilled that David Staral has entered into an agreement to purchase the (team)," she said. "I am in full support of the franchise and will assist in any way needed related to the 2013 season."
Had the league reclaimed ownership of the Rush as it did last season, all 13 other AFL franchises would have had to chip in about $10,000 each for every Rush game to keep them afloat, according to a source familiar with the team.
Mr. Staral said he hopes to give the franchise some long-term stability, even with the challenges ahead.
"There's going to be a lot of money coming out of my pockets going through this season, but you go into it knowing that," he said. "(Most) of what I'm going to be doing is pacifying and hand-holding, but all my conversations have been frank. There's no time to be wasted."
It will be an uphill battle, starting with only about 250 season-ticket holders and minimal sponsorship revenue in place, though Mr. Staral says he has corporate clients lined up to contribute this season.
Most of the handful of employees working with the Rush for the last three months will continue working with the team, although they may not be full time.
Mr. Staral said he will try to generate some momentum using connections with active and retired pro athletes and coaches. That list, he said, may include former Chicago Bears great and 2011 NFL Hall of Fame inductee Richard Dent and former NFL player Derrick Brooks, who co-owns the Arena Football League's Tampa Bay Storm. Neither man could be reached for comment this week.
Mr. Staral says he confided in Mr. Brooks before deciding to invest in the team, and sees growth potential for both the AFL and the Rush in the future.
"I look forward to being a hands-on owner and working with the fans and other AFL owners to grow the Chicago Rush and the Rush brand," he said. "But we need a face on the franchise for it to get to the point where it can succeed."
At its peak before the league ceased operations in 2009 and filed for Chapter 7 bankruptcy, the Rush averaged nearly 16,000 fans a game (near capacity for Allstate Arena).
Last season, the team averaged fewer than 7,000 fans per game about 1,000 below the league average.
Chicago Gridiron LLC, the local investment group that owned the Rush before its managers walked away from the team in fall 2011, severely underfunded the franchise, according to a source with knowledge of the team's previous financials, chipping in less than a quarter of the estimated $2.5 million it takes to operate the team. They had expected to fill in the rest with ticket sales and sponsorship revenues, which never materialized.
More news on the team's upcoming season will be released in coming weeks on the Chicago Rush website.
- See more at: http://www.chicagobusiness.com/article/ ... mPsQu.dpuf
Here, I just quoted your post and split it up.
Chicago Rush land new owner again
Just more than a week after Arena Football League officials severed ties with short-lived Chicago Rush owner Julee White, the league has agreed to terms with a new owner.
Serial entrepreneur and private-equity firm manager David Staral Jr. has agreed to buy the franchise, the league confirmed Friday. He was one of the local investors whom Ms. White had lined up to help fund her estimated $1 million acquisition of the team last fall.
In the short term, the purchase all but ensures that the 2013 Rush season will be played as the league promised last week beginning with the home opener on March 23.
Allstate Arena General Manager Pat Nagle confirmed that he and Mr. Staral have had preliminary discussions about playing at the Rosemont venue but have not yet signed a deal. A Rush game that now overlaps with a Fleetwood Mac concert booked into Allstate Arena on June 14 would likely have to be moved by a day or two.
Mr. Nagle says that the city of Rosemont would like to give the team the "best chance possible" to play on its usual home turf.
Ms. White had not put down a deposit or signed a lease with the arena in the two-plus months that she owned the team and had not fully paid the team's four full-time employees, raising questions about whether the Rush would play this year.
Mr. Staral, 33, is a co-founder of Chicago-based private-equity firm Star Julin Equity Partners. He started that $40 million fund after previously investing in projects managed by Chicago-based Advanced Equities Inc. before it shut down its broker-dealer operations last year. The decision to shut down followed a September settlement of charges by the Securities and Exchange Commission that Advanced Equities misled investors in a client, according to a report by Fortune.
His current clients include Anaheim, Calif.-based electric car maker Fisker Automotive Inc. and Sunnyvale, Calif.-based fuel cell vendor Bloom Energy two of Advanced Equities' former clients.
The McHenry native was an early investor in Japonais Restaurant Group and is the owner of the Chicago-based National Association of Medical Advancement, which stages conferences for physicians to continue their medical education.
For now, he is the sole investor in the team but plans to bring on more partners.
Mr. Staral said he had been "interested" in the Rush franchise when Ms. White approached him late last year about coming on board as an investor.
Ms. White says the two did not "finalize" the terms of their partnership when she bought the team. In a statement, she offered her support for Mr. Staral.
"I am thrilled that David Staral has entered into an agreement to purchase the (team)," she said. "I am in full support of the franchise and will assist in any way needed related to the 2013 season."
Had the league reclaimed ownership of the Rush as it did last season, all 13 other AFL franchises would have had to chip in about $10,000 each for every Rush game to keep them afloat, according to a source familiar with the team.
Mr. Staral said he hopes to give the franchise some long-term stability, even with the challenges ahead.
"There's going to be a lot of money coming out of my pockets going through this season, but you go into it knowing that," he said. "(Most) of what I'm going to be doing is pacifying and hand-holding, but all my conversations have been frank. There's no time to be wasted."
It will be an uphill battle, starting with only about 250 season-ticket holders and minimal sponsorship revenue in place, though Mr. Staral says he has corporate clients lined up to contribute this season.
Most of the handful of employees working with the Rush for the last three months will continue working with the team, although they may not be full time.
Mr. Staral said he will try to generate some momentum using connections with active and retired pro athletes and coaches. That list, he said, may include former Chicago Bears great and 2011 NFL Hall of Fame inductee Richard Dent and former NFL player Derrick Brooks, who co-owns the Arena Football League's Tampa Bay Storm. Neither man could be reached for comment this week.
Mr. Staral says he confided in Mr. Brooks before deciding to invest in the team, and sees growth potential for both the AFL and the Rush in the future.
"I look forward to being a hands-on owner and working with the fans and other AFL owners to grow the Chicago Rush and the Rush brand," he said. "But we need a face on the franchise for it to get to the point where it can succeed."
At its peak before the league ceased operations in 2009 and filed for Chapter 7 bankruptcy, the Rush averaged nearly 16,000 fans a game (near capacity for Allstate Arena).
Last season, the team averaged fewer than 7,000 fans per game about 1,000 below the league average.
Chicago Gridiron LLC, the local investment group that owned the Rush before its managers walked away from the team in fall 2011, severely underfunded the franchise, according to a source with knowledge of the team's previous financials, chipping in less than a quarter of the estimated $2.5 million it takes to operate the team. They had expected to fill in the rest with ticket sales and sponsorship revenues, which never materialized.
More news on the team's upcoming season will be released in coming weeks on the Chicago Rush website.
- See more at: http://www.chicagobusiness.com/article/ ... mPsQu.dpuf
