India, June 3 -- Joe Mansueto, thebillionaire owner of the Chicago Fire FC, has decided to spend $650 million of his own money to bankroll a massive stadium. The 22,000-seat, soccer-only stadium will be located on the vacant South Loop parcel known as "The 78," according to the Chicago Sun-Times.

In an article published by the Chicago Fire, Mansueto, founder and chairperson of Morningstar, a Chicago-based financial services firm, described the open-air arena as "more than just a stadium." He hopes to complete and open it in time for the 2028 season.

Announcing his "plans for a new, privately funded, soccer-specific stadium and entertainment district,"Mansueto, 68, wrote, "It's a space for fans of all ages, backgrounds and neighborhoods ...