Andrew Hauptman, the long-term chairman and owner Chicago Fire, has announced the sale of his controlling interest in the franchise to US billionaire Joseph Mansueto, reports, www.sportspromedia.com/.

Mansueto, who made his fortune as the founder and majority owner of the Chicago-based financial services firm Morningstar, will take over control of the Fire with immediate effect, while he will also assume the position of chairman.

Mansueto already owned a 49 per cent stake in the Fire after purchasing a minority share in the club from Hauptman in July last year.

The terms of the agreement between Hauptman and Mansueto were not officially disclosed, but Forbes reports that Mansueto paid US$204 million to acquire the remaining 51 per cent of the team, which would value the franchise at US$400 million.