The deal is also a big vote of confidence by a powerhouse investor and well-connected Chicago businessman in the future of MLS and a club that's labored to build its brand throughout its 22-year history here.

“I joined Andrew as a partner because he developed a tremendous platform for continued soccer growth across Chicago and beyond," Mansueto said in a statement. "He and the entire organization have worked tirelessly to dramatically increase the profile of the Chicago Fire Soccer Club, MLS and the game overall and have left a wonderful legacy for our city. The timing of this transaction couldn’t be better as we return the world’s game to the city I love. Andrew and his family will always be part of the Fire family that he cares so very much about.”

Financial terms of the deal were not disclosed, but Forbes last year pegged the value of the franchise at $245 million. That dwarfs the estimated $35 million that Hauptman, whose Andell Holdings venture is based in California, paid for the club in 2007.

MLS has grown financially with lucrative television contracts and nearly doubled its number of franchises since then.

Hauptman took over shortly after the Fire moved from Soldier Field in 2006 to a newly built 20,000-seat soccer stadium in Bridgeview, then dubbed Toyota Park. He has focused for years on trying to boost the Fire's relevance in the city with marketing campaigns and the development of the CIBC Fire Pitch soccer facility in the North Center neighborhood. Meanwhile, the Fire have consistently been toward the bottom of the league in paid attendance.

But Hauptman's biggest step in that effort came this year when the Fire reached a deal with the village of Bridgeview to amend its 30-year lease at the suburban stadium, agreeing to pay $65.5 million in the years ahead for the right to play its games in the city. This week, the Chicago Park District board voted to allow its leadership to hash out the final details of a lease with the Fire to play at Soldier Field beginning with the 2020 season.

“What the Fire has achieved has been transformational for the club and the city of Chicago. We’ve significantly increased soccer’s presence and built an ecosystem that rivals any club across North America,” Hauptman said in the statement. “I’m extremely proud of the positioning of the club at this historic juncture. I know that the next step of returning to Soldier Field will make Chicago proud and I look forward to cheering on Joe, the club and its supporters as they continue this legacy.”

Mansueto, who founded investment research firm Morningstar in 1984 and stepped down as CEO in 2017, recently diversified his investments with the Fire investment, a $255 million purchase of the Wrigley Building and his acquisition of the Belden-Stratford apartments in Lincoln Park.

His net worth is $3 billion, according to a Forbes estimate. He also owns Mansueto Ventures, a New York-based company that publishes Fast Company and Inc. magazines.