The Bronfman family, owners of Seagram's, is leading one of the groups interested in buying the Chicago Fire from Anschutz Entertainment Group, sources confirmed on Friday.
It remains unclear which members of the family are at the forefront of this move, but Charles Bronfman is a former owner of the Montreal Expos and appears to be the most likely candidate. Bronfman, 76, has a net worth of $2.2 billion (With a B) and owned the Expos from 1968 to 1990.
A source has confirmed that Edgar Bronfman Jr., CEO of Warner Music Group, is not leading the group.
The Seagrams group is one of at least two groups interested in buying the Fire from AEG, which has put the team up for sale, according to sources around Major League Soccer. A second group, led by a Chicago-based investor, is close to making its own bid for the Fire. The identity of the financial backers of that group are still unknown.
So how did the Bronfman family develop an interest in buying an MLS team? That remains unclear, but given the fact that the family's roots are in Canada, it wouldn't be a stretch to imagine the success of the Toronto FC expansion club leading to interest on their part to invest in MLS.
MLS officials would not comment about potential investors but sources have estimated that the Fire could fetch somewhere between $30 and $40 million.
So why is AEG selling? It is selling because it has already gained the most important aspect of its ownership of the Fire, control of a stadium. Whether AEG owns the Fire or not, it still has control of Toyota Park and can continue to use it to hold concerts and other entertainment events, which is AEG's bread and butter.
As for the Chicago-based group, I see the identity of its backers emerging within the next week.I'll pass on more information as it becomes available.
awesome, thanks for the info Ives.
Posted by: Jasen | July 06, 2007 at 03:49 PM
I always wonder how you get these awesome scoops Ives. I bet Arroyave's not too happy! Love the blog.
Posted by: Nic | July 06, 2007 at 03:55 PM
Interesting news, thanks for the scoop.
Posted by: Beto | July 06, 2007 at 03:59 PM
Beware the Bronfman family, especially Bronfman Sr. They're not the keenest business people in the world, as this book helps to illustrate (sorry about the USA Today link)...
http://www.usatoday.com/money/books/reviews/2006-07-09-bronfman_x.htm
I hope the Fire don't become another anecdote in the Bronfman's recent string of bone-headed mistakes.
Posted by: Braden | July 06, 2007 at 04:07 PM
Wait, how are the Fire an attractive asset to buy without full ownership of the stadium? I though the whole point of these soccer specific stadiums is the extra revenue teams get from concerts. Will the new owners of the Fire have to pay rent to AEG?
Posted by: ian | July 06, 2007 at 04:07 PM
Sorry, I meant beware Bronfman Jr. Their father built the Seagram's empire and when he died nepotism appeared to produce one son with about as much business sense as a wildebeast. The other brother, now called Bronfman Sr., has been a bit better.
Posted by: Braden | July 06, 2007 at 04:12 PM
I'm with Ian. What's the point of owning the team without owning the stadium?
Posted by: Nathanhj | July 06, 2007 at 04:26 PM
Nathanhj, new ownership will probably have a favorable lease and will retain the revenue stream for the club.
Looks like AEG's getting the best of both worlds. It will own/operate only 2 MLS clubs (LA & Houston), while maintaining a lock on 2 SSS venues for AEG concerts (Chicago and Harrison).
Posted by: Tat106 | July 06, 2007 at 04:36 PM
The U-20 Game is on ESPN tonight.
Posted by: pete | July 06, 2007 at 04:52 PM
Nice scooop Ives. The Chicago media is in a state of continous snooze regarding the Fire or anything soccer related.
Posted by: cesba | July 06, 2007 at 05:28 PM
thanks for the info Ives. Not sure what this could mean for the Fire. Hope we don't see another re-branding of an MLS team.
Pete- thanks for the info, glad ESPN is showing the game, instead of ESPNU. Looks like ESPN is actually following soccer results. lol
Posted by: nico | July 06, 2007 at 06:13 PM
Ives, running commentary on the Brazil game tonite?
Poland one was great!
Posted by: Ben | July 06, 2007 at 06:27 PM
If this is the case, put the LA Galaxy BACK into the Rose Bowl! Nothing beat 75,000 fans on fourth of july. LAG couldnt even sell out 27,000 a couple days ago. Pitiful!
Posted by: shirteesdotnet | July 06, 2007 at 06:32 PM
I'm at work right now and can't watch the game. I would really appreciate it.
Posted by: Ben | July 06, 2007 at 07:16 PM
Any ideas where a cableless guy can find the game?
Posted by: Nic | July 06, 2007 at 07:29 PM
I'm gonna use ESPN soccernet's game cast.
Posted by: Ben | July 06, 2007 at 07:35 PM
I'll bet TVUplayer will have a stream, and I'm sure it will be on some channel on Sopcast.
Posted by: Joamiq | July 06, 2007 at 07:38 PM
Joamiq, you're my boy, directed me to TVUplayer last time. Will they create the channel when the game starts? Or, do you think they could've gotten rid of it (it's no longer there)? Thanks man!
Posted by: Nic | July 06, 2007 at 07:41 PM
hey Nic,
try this link:
http://www.myp2p.eu/Weekdays.htm
then click on one of the espn360 options. Hope it helps.
Posted by: Memphis Rookie | July 06, 2007 at 07:42 PM
awesome, thanks a lot guys! memphis, thanks a lot!
Posted by: Nic | July 06, 2007 at 07:44 PM
It appears to be channel 62622 on TVUPlayer
Posted by: Joamiq | July 06, 2007 at 07:45 PM
No problem. I know it doesn't show a clock or score, but you can always run a matchcast (i like the one from ussoccer.com) simultaneously. but yeah, pretty good video, so I'll take it.
Posted by: Memphis Rookie | July 06, 2007 at 07:47 PM
does the TVU one run a clock/score?
Posted by: Memphis Rookie | July 06, 2007 at 07:48 PM
Yeah, I'm watching on TV, but the TVUPlayer feed looks mighty fine.
Posted by: Joamiq | July 06, 2007 at 07:48 PM
Doesn't seem to have a clock or scoreboard, unfortunately
Posted by: Joamiq | July 06, 2007 at 07:51 PM