Joe Mansueto

Last updated

Joe Mansueto
Born
Joseph Daniel Mansueto

(1956-09-03) September 3, 1956 (age 67)
Education University of Chicago (AB, MBA)
Known forFounder, majority owner and executive chairman of Morningstar, Inc.
Owner of Chicago Fire FC and FC Lugano
SpouseRika Yoshida
Children3

Joseph Daniel Mansueto (born September 3, 1956) is an American billionaire entrepreneur; the founder, majority owner and executive chairman of Morningstar, Inc. [1] he is also the owner of Major League Soccer club Chicago Fire FC [2] and Swiss Super League club FC Lugano. [3]

Contents

Early life and education

Joe Mansueto was born in Munster, Indiana, the son of Mario Mansueto, an Italian doctor. [4] [5] He attended Munster High School [6] and graduated with a bachelor's and master's degrees in Business Administration from the University of Chicago. [7]

Career

In 1984, Mansueto founded Morningstar out of his home [5] with $80,000. Morningstar went public in May 2005. [5]

Through his company Mansueto Ventures, Mansueto purchased the financial magazines Inc. and Fast Company in June 2005. [5] He was a limited partner in the publication of the entertainment magazine Time Out Chicago from 2005 to 2013. [8]

As of June 2008, Mansueto owned about 60.4% of Morningstar common stock. [9]

In September 2016, Morningstar announced that it had appointed Kunal Kapoor as chief executive officer, effective January 2017, with Mansueto becoming executive chairman at the same time. [10] [1]

In July 2018, it was announced that Mansueto had purchased a 49 percent stake in the Chicago Fire, a Major League Soccer team based in Bridgeview, Illinois. [11] On September 13, 2019, it was announced that Mansueto had acquired full control of the Fire from Andrew Hauptman ahead of the club's move to Soldier Field. [12]

In August 2021, it was announced that Mansueto had purchased FC Lugano, a soccer team competing in the Swiss Super League, and that they would work with Chicago Fire, interchanging players when needed. [3]

In 2024, his majority ownership of Morningstar gained him inclusion on the Forbes World's Billionaires list, with a net worth at time of publication of $6.7 billion. [13]

Philanthropy

In May 2008 it was announced that Mansueto and his wife Rika pledged $25 million to the expansion of the Joseph Regenstein Library at the University of Chicago. The new wing, called the Joe and Rika Mansueto Library and designed by Chicago-based architect Helmut Jahn, was completed on May 16, 2011.

As of December 2010, Mansueto was the only Chicagoan on the list of American billionaires pledging to give away half of their wealth, [14] as part of The Giving Pledge started by Warren Buffett. [15]

In the spring of 2016, Mansueto and his wife Rika announced a donation of $35 million to found the Mansueto Institute for Urban Innovation, a part of the University of Chicago committed to advancing urban science through interdisciplinary scholarship. [16]

Personal life

In 1998, Mansueto married Japanese-American Rika Yoshida, a Morningstar analyst. [5] They have three children, Jenna, Daniel, and Johnny, [17] and live in a home in Lincoln Park, Chicago that cost an estimated $22 million to build. [18]

Mansueto's younger brother John died in 2003 of West Nile virus. [5]

Related Research Articles

<span class="mw-page-title-main">Chicago Fire FC</span> American soccer team

Chicago Fire Football Club is an American professional soccer club based in Chicago, Illinois. The team competes in Major League Soccer (MLS) as a member of the league's Eastern Conference, having moved to the conference in 2002.

Philip Frederick Anschutz is an American billionaire businessman who owns or controls companies in a variety of industries, including energy, railroads, real estate, sports, newspapers, movies, theaters, arenas and music. In 2004, he purchased the parent company of the Journal Newspapers, which under Anschutz's direction became the American conservative editorial newspaper Washington Examiner. Anschutz is the son of Fred and Marian Pfister Anschutz.

<span class="mw-page-title-main">SeatGeek Stadium</span> Stadium

SeatGeek Stadium is a soccer-specific stadium in Bridgeview, Illinois, about twelve miles southwest of downtown Chicago. It is the home stadium of the Chicago Red Stars of the National Women's Soccer League, Chicago Fire FC II of the MLS Next Pro, and the Chicago Hounds of the Major League Rugby. The stadium has also hosted the Chicago Fire of Major League Soccer, Chicago Machine of Major League Lacrosse, Chicago Bliss of the Legends Football League, Chicago State Cougars men's and women's soccer teams of the NCAA Division I, and Chicago House AC of the National Independent Soccer Association. Originally Toyota Park when it opened on June 11, 2006, the facility has a capacity of 20,000 and was developed at a cost of around $100 million. The naming rights agreement with SeatGeek went into effect following the Fire's 2018 season.

<span class="mw-page-title-main">Arthur Blank</span> American businessman and sports team owner

Arthur Morris Blank is an American businessman. He is best known for being a co-founder of the home improvement retailer The Home Depot.

<span class="mw-page-title-main">Glen Taylor</span> American businessman and politician

Glen Allen Taylor is an American billionaire business magnate and politician from Minnesota. Taylor made his fortune as the founder and owner of Minnesota-based Taylor Corporation, one of the largest graphic communication companies in the United States.

Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, and was founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.

Munster High School (MHS) is a public high school in Munster, Indiana. It is part of the School Town of Munster. Munster High School serves as the only high school for the Munster School District.

<span class="mw-page-title-main">Dan Gilbert</span> American businessman (born 1962)

Daniel Gilbert is an American billionaire, businessman, and philanthropist. He is the co-founder and majority owner of Rocket Mortgage, founder of Rock Ventures, and owner of the National Basketball Association's Cleveland Cavaliers. Gilbert owns several sports franchises, including the American Hockey League's Cleveland Monsters, and the NBA G League's Cleveland Charge. He operates the Rocket Mortgage FieldHouse in Cleveland, Ohio, home to the Cavaliers and Monsters. As of January 2023, Forbes estimated his net worth at US$18.3 billion.

<span class="mw-page-title-main">Block 37</span> Development in Chicago

108 North State Street, also known as Block 37, is a development located in the Loop community area of downtown Chicago, Illinois. It is located on the square block bounded clockwise from the North by West Randolph Street, North State Street, West Washington Street and North Dearborn Street that is known as "Block 37", which was its designated number as one of the original 58 blocks of the city. Above-ground redevelopment is complete, but work stopped on an underground station, when the station was only partially complete.

Tom Gores is an American billionaire businessman. He is the founder of Platinum Equity, a private equity firm headquartered in Beverly Hills, California. In June 2011, Gores and Platinum Equity became the owners of the National Basketball Association's Detroit Pistons. He became the sole owner in 2015. As of July 2024, his net worth was estimated at $9.1 billion.

<span class="mw-page-title-main">FC Lugano</span> Swiss association football club

FC Lugano is a Swiss professional football club based in Lugano. The club was refounded as AC Lugano in 2004 as a result of relegation and the financial situation of FC Lugano, which was founded in 1908. In 2008, the club reverted to its original name, FC Lugano. They play at the Stadio Cornaredo. They have played in what is now the Swiss Super League during the periods of 1922–53, 1954–60, 1961–63, 1964–76, 1979–80, 1988–97, 1998–02, and from 2015 until present.

<span class="mw-page-title-main">Sebastian Pelzer</span> German footballer (born 1980)

Sebastian Pelzer is a German former professional footballer who played as a left-back and centre-back. Pelzer represented Germany at youth level and made 130 appearances in the second Bundesliga. As a 15-year-old Pelzer played as left-back for the German National U15 side that played against England U15's in the Olympiastadion (Berlin) in front of 70,000 people, they won 3–0. On 28 December 2019, Pelzer was announced as the new technical director for Major League Soccer franchise Chicago Fire.

<span class="mw-page-title-main">Eric Lefkofsky</span> American billionaire businessman (born 1969)

Eric Paul Lefkofsky is an American billionaire businessman. He is the founder of Tempus, and the co-founder of Groupon, Echo Global Logistics (ECHO), InnerWorkings (INWK), and Mediaocean. As of June 2024, he is also a co-managing partner of Chicago-based venture capital firm Lightbank. As of October 2021, his net worth was estimated at US$4.1 billion.

Andell Holdings is a private investment firm and one of the nation's leading family offices. Andell invests directly in private and public companies and real estate, acquiring control and minority stakes, as well as with top-tier investment managers. Andell's real estate platform includes a variety of investments across all asset classes and throughout the capital structure. Andell has been helmed by co-founder Andrew Hauptman since its inception in 1998.

<span class="mw-page-title-main">Adrian Hanauer</span> American sports businessman

Adrian Hanauer is an American businessman and majority owner of Seattle Sounders FC of Major League Soccer. He is also one of the minority owners of the Seattle Kraken of the National Hockey League and the governor of Seattle Reign FC, a National Women's Soccer League team that the Sounders co-own with The Carlyle Group.

Andrew Hauptman is an American business executive, philanthropist, and civic leader. Hauptman co-founded the investment firm Andell Holdings which he has helmed since its inception in 1998 and has grown into one of the leading family office entities in the nation.

<span class="mw-page-title-main">Thomas S. Ricketts</span> Chairman of the Chicago Cubs

Thomas Stuart Ricketts is the Chairman of the Chicago Cubs, and the Chairman, co-founder and former CEO of Incapital LLC, a firm that provides securities firms and individual investors more efficient access to corporate bonds. Together with his sister Laura and brothers Pete and Todd, the Ricketts siblings are the board of directors for the Cubs. He is the son of TD Ameritrade Holding Corporation founder J. Joseph Ricketts. Joe Ricketts has a net worth of US$2.3 billion as of 2018 according to Forbes.

<span class="mw-page-title-main">Laura Ricketts</span> American political activist

Laura Marie Ricketts is an American political activist and former attorney who is co-owner of the Chicago Cubs and the Chicago Red Stars. Ricketts is also a board member of Lambda Legal and the Housing Opportunities for Women organization. Ricketts' ownership stake in the Cubs makes her the first openly gay owner of a major-league sports franchise.

Joseph Chung-Hsin Tsai (Chinese: 蔡崇信; Pe̍h-ōe-jī: Chhòa Chông-sìn; born January 1964) is a Taiwanese-Canadian billionaire business magnate, lawyer, and philanthropist. He is a cofounder and chairman of the Chinese multinational technology company Alibaba Group and owns the Brooklyn Nets of the American National Basketball Association (NBA), the New York Liberty of the Women’s National Basketball Association (WNBA), the San Diego Seals of the National Lacrosse League, and has interests in several other professional sports franchises. Tsai's net worth is estimated to be US$8.1 billion.

References

  1. 1 2 Yerak, Becky (September 6, 2016). "Kapoor to replace billionaire founder Mansueto as Morningstar CEO". Chicago Tribune .
  2. Mikula, Jeremy (September 16, 2019). "How MLS helped steer Joe Mansueto to become the Chicago Fire owner — and why he "loves" the team's name". Chicago Tribune .
  3. 1 2 "Chicago Fire FC Owner and Chairman Joe Mansueto Purchases Swiss Super League Club FC Lugano | Chicago Fire FC". chicagofirefc.
  4. Matthews, Dave Lee (October 31, 2013). "Morningstar's Joe Mansueto lists Magnificent Mile condo". Chicago Real Estate Daily. Crain's Chicago Business. Retrieved May 25, 2015.
  5. 1 2 3 4 5 6 "The Quiet Billionaire". Chicago Magazine. Retrieved July 17, 2018.
  6. Janet Kidd Stewart (October 14, 2012). "Executive Profile: Joe Mansueto, founder of Morningstar Inc". Chicago Tribune . Retrieved January 17, 2014.
  7. "Joe Mansueto". Bloomberg Business. Bloomberg LP. Retrieved May 25, 2015.
  8. "Mansueto to sell Time Out Chicago". Crain's Chicago Business. March 19, 2013.
  9. "Stock Ownership of Joe Mansueto".[ permanent dead link ]
  10. "News Archive | Morningstar, Inc". newsroom.morningstar.com.
  11. Bannon, Tim (July 11, 2018). "Chicago billionaire Joe Mansueto buys 49 percent stake in Fire". Chicago Tribune. Retrieved July 11, 2018.
  12. "Chicago Fire announce ownership change and relocation". mlssoccer.com. September 13, 2019. Retrieved October 26, 2019.
  13. "Joseph Mansueto - Forbes" . Retrieved July 30, 2024.
  14. "Mansueto answers Buffett's collect call". Chicago Tribune. December 10, 2010.
  15. "Joe Mansueto on Morningstar, Warren Buffett, the Financial Collapse, and More (posted Dec. 10, 2010)".
  16. AvenueChicago, The University of ChicagoEdward H. Levi Hall5801 South Ellis; Us, Illinois 60637773 702 1234 Contact (March 9, 2016). "University launches Mansueto Institute for Urban Innovation". The University of Chicago.{{cite web}}: CS1 maint: numeric names: authors list (link)
  17. "Parker Welcomes New Board President". May 18, 2018.
  18. "Status Update: The $22 Million Mansueto Mansion Off Lincoln Park". November 21, 2012.