Sterling Bay Announces Chicago Cubs' Owner and Chairman Tom Ricketts as Co-Owner of New USL Team in Chicago
May 9, 2018 - United Soccer League Championship (USL)
Chicago News Release
CHICAGO - Sterling Bay, the Chicago-based real-estate developer and investor, announced today Chicago Cubs Owner and Chairman Tom Ricketts will form a joint venture agreement to take ownership of the United Soccer League team headed to Chicago through Sterling Bay's planned state-of-the-art soccer stadium development at their Lincoln Yards site.
Sterling Bay had previously announced plans last November for a 20,000-seat stadium which would be part of a more than 70-acre mixed-use development in the Lincoln Park and Bucktown neighborhoods of the city that includes riverfront land which would enhance other developments planned for the project.
"We couldn't be more excited to be working with the Ricketts family to bring this project to life" said Andy Gloor, Sterling Bay's managing principal. "With their deep expertise in sports franchising, the Ricketts are an ideal partner for us to collaborate with and energize Chicago sports fans with a new local team to rally around."
The Ricketts family, led by Tom, purchased the Chicago Cubs in January 2009, and since then, the organization has undergone remarkable success that culminated with the organization's first World Series victory in more than 100 years in 2016. Since the purchase, the organization has also overseen major renovations to Wrigley Field, the Cubs' historic home on the north side of Chicago, located just two miles from the Lincoln Yards site.
"It speaks volumes about the growth of the USL when you continue to see interest and investment from proven sports business executives like Tom Ricketts," said USL CEO Alec Papadakis. "Over the last several years, we have assembled one of the most sophisticated and knowledgeable ownership groups in professional sports, drawn by our focus on building a sustainable, stable and professional organization with significant room for future growth. We welcome Tom and the entire Ricketts family to the USL. They bring a proven record of success to the team, and combined with the excellent group at Sterling Bay, we look forward to their contributions to the future of professional soccer in Chicago."
Available to both youth and professional athletes, the approximately 20,000-seat multi-use stadium and training facility will provide Chicago sports fans, athletes and residents a neighborhood friendly stadium that will feature concerts, sports programming, community and cultural events.
About Sterling Bay
Sterling Bay is a market leading real estate investment and development firm with expertise across the full spectrum of design, construction, leasing, asset management and hospitality. Sterling Bay's portfolio consists of over 10 million square feet and features award-winning adaptive reuse and build-to-suit headquarter projects for market leaders like Google, Gogo, Uber and McDonald's Corporation. With a current pipeline of over $10 billion in development and a commitment to engaging communities, the firm is one of the fastest growing and well-respected organizations in real estate. For more information please visit www.sterlingbay.com.
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