Chicago Symphony nets $50 million gift
NewsThe orchestra’s main suppporter, the Zell family, put in an extra fifty mill yesterday to ‘to secure long-term financial stability.’ They must be feeling pretty secure this morning around Symphony Center.
Here’s the official announcement:
At a meeting of the Chicago Symphony Orchestra Association (CSOA) Board of Trustees and members of the Chicago Symphony Orchestra (CSO) it was announced today that the CSOA is the recipient of a $50 million gift from Helen and Sam Zell on behalf of the Zell Family Foundation (ZFF). This transformational gift is one of nearly 200 gifts made to the CSOA’s ongoing SEMPRE ALWAYS capital campaign chaired by Helen Zell and brings the current total raised to $215 million. Launched in 2020 with a significant leadership gift from ZFF, the SEMPRE ALWAYS campaign was established to secure long-term financial stability for the CSOA, support and advance the CSO’s vibrant 134-year tradition of musical excellence and nurture the ongoing positive impact of music and music education on society.
Funds from this extraordinary $50 million gift will allow the CSOA to continue to advance its strategic goals. The gift provides vital funding to strengthen the organization’s balance sheet by reducing debt over time. The gift also increases the CSOA’s endowment and is earmarked to provide essential funding for musician and staff retirement benefits, the CSO’s prestigious domestic and international touring activities, special artistic projects shaped by CSO music directors, and digital content initiatives for marketing and promotion.
pictured: Helen and Sam Zell
In the words of the late philanthropist and businessman Charlie Munger, “To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.”
The CSO passes the “Charlie Munger test”. The music quality was by design set very high from the get-go in 1891 by the founders and by first music director Theodore Thomas, and it continues. Everyone knows this, and the Zell family has been beyond generous in its support of Chicago’s hometown orchestra.
I beg to differ. Musical quality has been lacking for many years. Subscribers have noticed and many left. Muti ruined the orchestra including the horn section.
I just read an interview Muti gave with a journalist in Chicago and was taken aback by one part in particular.
“The last player had wonderful technique but never followed the beat. This new horn player that I sustained has a bigger sound but needs to establish himself in an orchestra where some remain against him. He will grow.”
https://music.newcity.com/2024/12/12/maestro-who-muti-on-makela-the-coppola-connection-and-the-state-of-the-orchestra/
Glad that there are still philanthropists who want to support great art and a great orchestra.
BTW, the CSO has now changed their name to the Zell Philharmonic and will be led by the Zell Music Director.
Would that be George Zell?
And conveniantly reduce their tax contribution….by 50 million.
No, it reduces tax contribution by a smaller sum than the amount donated.
Random thoughts:
1) Well at least we can eliminate the Zells as a possible identity of Chicagorat
2) Their campaign is called “SEMPRE ALWAYS”? Translated, isn’t it just repetitive “ALWAYS ALWAYS”? It’s a dumb
camplaign name in the singular, it’s twice as dumb in the plural.
Reminds me of a line from the Hugh Grant movie Mickey Blue Eyes in which there is a restaurant called “The La Trattoria”, and Hugh Grant’s character asks isn’t that redundant to called it “The The Trattoria”?
3) Back to serious vein: I don’t know of any other arts organization that is so closely related to a single family, not least in terms continued gifts over generations in the tens of millions each time
The big mistake of Helen and Sam Zell was to hire Muti as the Zell Music Director. The orchestra has been unrecognizable since then. No amount of money can fix that.
Will that pay for a decent principal horn?
Or a proper and transparent audition process?
Right .. I didn’t think so.
He was also a prominent donor to Chicago Lyric Opera, his entier life has been in Chicago, it seems. Howver, his wikipedia biography has a section on his ownership of The Chicago Tribune (among other famous institutions) in which he hauled away a treasure for only about $3 milliion on his own, and sold it for twice that amount. For example, note https://www.chicagotribune.com/2019/06/14/ten-years-after-tribune-co-deal-from-hell-sam-zell-and-other-former-execs-agree-to-pay-200m-to-settle-leveraged-buyout-lawsuit/
Fabulous news for the CSO. And so well-deserved. Wonderful orchestra, great new Music Director coming in, dedicated and generous Board of Trustees, steady, thoughtful management. And such great concerts week after week. So pleased to hear this news.
Thanks for your upbeat assessment. I see it that way too. So many cranky and negative comments here. Those guys must get off on thinking they’re being perceived as naysaying ‘experts’. So tiresome. And the joy they eliminate from their lives…sad. Anyway, have a great holiday season!
Have they already Zelled the money to CSO?
WOOOOOOOOHOOOOOOOOO!!!!!!!!!!!!!!!!!!! Nice to see some great news from some fantastic people!!!!!!!
I attend the CSO…actually that seems kind of light…
$50 million in the endowment with the usual 5% draw will produce $2.5 million/year in operating revenue, and more as it grows, which presumably it will.
I attended both the Uchida/Muti CSO concert last month, and the Petrenko Berliner concert in Chicago. There was no comparison. The second one was so, so much better. Chicago has a long way to go to become again a top orchestra. I don’t know what happened to them but they have no musicality or passion.
I question whether you could really spot such a difference. The Berlin Phil and the CSO are both top-flight orchestras comprised of a 100 musicians. “No musicality or passion” amongst that group? Really?
Tragically once you get paid…your just a classical music whore…
The Mäkelä effect. It’s officially a thing.
How much did the Zell family offer Mäkelä to dump Yuja Wang? If I were Mäkelä’s agent I would have negotiated a $4 million salary at least.
“a $50 million gift from Helen and Sam Zell”
Pretty amazing, given that Sam died 18 months ago…
This is great news for the CSO. But, really? Should all that money go to them? How about a little more for the decaying Lyric Opera (and its orchestra) or to the other smaller orchestras in the area?
You make your fortune, and you give it to your idea of deserving recipients. The Zells and their foundation have donated to Lyric also. There’s a production in the 24-25 season sponsored by them.