Wirtz Corporation to Purchase Chicago Steel of the USHL
Wirtz Corporation, a prominent business conglomerate, is set to acquire the Chicago Steel of the United States Hockey League (USHL), according to a source familiar with the negotiations. The deal, although yet to be finalized, aligns with Wirtz Corporation’s diverse portfolio, which includes sports, real estate, insurance, banking, entertainment, and wholesale distribution. Notably, the corporation already owns the Chicago Blackhawks of the National Hockey League (NHL).
The pending purchase comes shortly after the passing of Rocky Wirtz, the chairman of Wirtz Corporation, who died at the age of 70 on July 25. Despite this loss, the corporation remains committed to expanding its sports ventures.
The Chicago Steel last changed ownership in 2015 when Larry Robbins, founder and CEO of hedge fund Glenview Capital Management, acquired the team. Robbins invested significant funds into the Steel, driven by a vision to create a sustainable and successful junior hockey franchise.
Robbins stated in an interview with The Athletic in 2017, “I didn’t buy the Steel for a financial investment and was well aware of the challenges of a junior hockey franchise in what is a deep but crowded market for sports fan and entertainment dollars. Having said that, I do believe in providing a great product for players, fans, and ultimately turning it into a long-term viable business.”
Under Robbins’ ownership, the Chicago Steel emerged as one of North America’s top junior hockey teams. They clinched the USHL’s prestigious Clark Cup in 2017 and 2021 and have seen 28 players drafted into the NHL over the past five years. The team’s alumni include notable names such as Owen Power, the 2021 No. 1 overall pick, Adam Fantilli, the 2023 No. 3 overall pick, and Macklin Celebrini, who is projected to be the No. 1 overall pick in 2024.
In 2015, Robbins relocated the Steel from The Edge Ice Arena in Bensenville, Illinois, to the Fox Valley Ice Arena in Geneva, Illinois. It is expected that the team will continue to operate from its current location under Wirtz Corporation’s ownership.
The completion of Wirtz Corporation’s purchase of the Chicago Steel is anticipated to take place on Monday, marking a new chapter for the team and its future prospects.
For more in-depth information on the Chicago Steel’s impressive turnaround and their utilization of hockey development strategies, you can explore The Athletic’s article “How the Chicago Steel Utilized Hockey Development in Their Impressive Turnaround.”
In conclusion, Wirtz Corporation’s acquisition of the Chicago Steel signifies their commitment to expanding their sports portfolio. With their existing ownership of the Chicago Blackhawks, this move further solidifies their presence in the hockey world. The Steel, under Larry Robbins’ ownership, experienced remarkable success and produced talented players who went on to make their mark in the NHL. As the deal nears completion, fans and stakeholders eagerly anticipate the future direction and growth of the Chicago Steel under Wirtz Corporation’s guidance.