Patrick Daley Realizes Over $700,000 From Concourse Communications

The son of former Chicago Mayor Richard M. Daily was not listed as an investor in Concourse Communications when it was awarded a contract for Wi-Fi services at O'Hare and Midway airports. But Patrick Daley did serve as a liaison between the company and its investors, and reportedly walked away with nearly $709,000 when the company was sold in 2006.

The company was sold to Boingo Wireless Inc. less than a year after it was awarded the contract, according to a report in the Chicago Sun-Times. Daley received five payments over 17 months from the deal, totalling $708,999. Some of that was paid while Daley served in the U.S. Army.

Mayor Daley's press secretary told the paper in 2007 that the younger Daley had "no financial interest" in the deal. It is still unclear exactly how the deal was structured, though Patrick Daley's payment was reportedly tied to the sales price. It appears to have been the result of his involvement with a venture capital firm in Chicago.

The two Daleys now work together on "international business deals."

 FMI: www.cityofchicago.org