The Ricketts family has signed a letter of intent to take a controlling stake in the rights to a Chicago USL expansion franchise that is aiming to play in a new 20,000-seat North Side stadium in '20. Real estate developer Sterling Bay would retain a minority stake in the team after originally acquiring the USL franchise rights last year. Sterling Bay previously announced plans in November for the stadium, which would be part of a more than 70-acre riverfront mixed-use development in the Lincoln Park and Bucktown neighborhoods. Cubs Chair Tom Ricketts in a statement said, "My family is very excited at the prospect of bringing professional USL soccer to Chicago at this terrific new development. Sterling Bay is a tremendous partner and the USL has a great vision for meeting the demands of passionate fans and growing soccer's fan base." The Ricketts entity, which would be known as North Side Entertainment Holdings, would receive all of the game-day revenues from the stadium when the USL team played. Sterling Bay would receive all the revenues from the non-game day use of the stadium, which could include concerts and other sporting events. The Ricketts-owned sports and entertainment agency Marquee Sports & Entertainment would help land sponsorships and other deals, according to sources.
CROSS PROMOTING WITH CUBS FANS: The USL team could potentially play a yearly game at Wrigley Field, as well as be carried on a potential Cubs TV network if it is created, as its existing broadcast agreements run through ’19. The Cubs would be able to leverage their existing fanbase and ticket sales platform, many of whom live on the north side or close to public transportation. The Cubs also have more than 100,000 people on its season-ticket waiting list. According to sources, Sterling Bay paid USL $5M in expansion fees last year. The Ricketts family, who will own 67% of the USL team, are making a roughly $3.5M investment for their stake. Sterling Bay would retain the rest and would finance and own the stadium. It is expected that ground will break on the stadium in the next 18 months.
