Andell Holdings Enters Preliminary Agreement For MLS Fire
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Andell Holdings Enters Preliminary
Agreement To Buy MLS Fire |
AEG has entered into a preliminary agreement to sell the MLS Fire to Andell Holdings, an investment firm owned by Andrew Hauptman and his wife, Ellen Bronfman Hauptman, Andell Holdings confirmed yesterday. “The transaction is expected to be completed within 30-45 days and is subject to various closing conditions, including approval by MLS,” Andell said in a statement to THE DAILY and SportsBusiness Journal. Andell would not disclose financial terms. AEG VP/Communications Michael Roth would not comment. Andrew Hauptman is Chair & CEO of Andell, which counts Vivendi Universal, Koor Industries and Dick Clark Productions among its past and present investments. Ellen Bronfman Hauptman is the granddaughter of Samuel Bronfman, who founded and owned the spirits company that became The Seagram Co., and she is the daughter of Charles Bronfman, who owned the Expos from '68-90 (Tripp Mickle & Liz Mullen, SportsBusiness Journal).
REAX: SportsCorp President Marc Ganis said Andell will likely pay AEG $30-35M for the team, a figure based on the $33M AEG sold DC United for in January. Ganis said, "(Andell) probably decided it wanted an MLS team first, and when they heard Chicago was available, they went for it." NASL Chicago Sting Founder Lee Stern said, "It seems obvious to me that if the Hauptmans believe that MLS is a great long-term investment, it bodes well for the sport, not just here in Chicago, but throughout the United States." Fire President & CEO John Guppy said, "I'm excited about the future for the Fire" (CHICAGO TRIBUNE, 7/12).
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