CHICAGO — The owner of the Chicago Cubs has pulled out of plans to invest in a United Soccer League team after developers scrapped a planned 20,000-seat stadium.
Sterling Bay, a real estate development company, announced last year the formation of a joint venture with Tom Ricketts to own the team. On Tuesday, Sterling Bay said it will redesign its $6 billion, 54-acre Lincoln Yards project on Chicago's North Side excluding the stadium.
A spokesman says the Ricketts family is disappointed by the decision.
The developer announced the decision after the alderman representing the neighborhood where the stadium was to be located pointed out the opposition of residents to its construction.
Despite Sterling Bay's decision, USL spokesman Ryan Madden said the league will work to meet the appetite for professional soccer in Chicago by delivering a club and a stadium to the city.