Joe Mansueto, chairman of Chicago-based investment research and management firm Morningstar, has acquired a 49 per cent stake in Major League Soccer (MLS) franchise Chicago Fire, reports SportBusiness.

Mansueto becomes the first new investor in the Fire since Andrew Hauptman, the team's chairman and owner, purchased the franchise in 2007.

Hauptman will remain as chairman, controlling shareholder and the club's governor on the MLS Board of Governors. Mansueto will serve as the team's vice-chairman and will represent the Fire as alternate governor on the MLS Board of Governors.

The Fire, which currently sits eighth in the MLS Eastern Conference, did not disclose financial terms of the transaction.

"It's hard to imagine a better partner for me and our club than Joe," Hauptman said. "In addition to decades of experience as a respected business builder and leader, Joe brings a passion for soccer and cares deeply about the city of Chicago.

"After getting to know Joe over the past several months, it is clear we both share a common vision and ambition for the club and the enormous continued potential for Major League Soccer in Chicago."

Mansueto added: "Andrew has assembled a top-tier management team and dramatically increased the profile of the Chicago Fire Soccer Club, Major League Soccer and the game overall in the Chicago area.

"I'm incredibly excited to partner with him to build on the club's achievements. Soccer is a phenomenal game that continues to grow rapidly in the US and around the world. I'm pleased to help fulfil the vision of bringing this premier team to the forefront of soccer in our country."