Ted Field
Frederick Woodruff "Ted" Field (born June 1, 1953) is an American entrepreneur, film producer, and former record executive, best known as the co-founder of Interscope Records and for producing films through Interscope Communications and Radar Pictures.[1][2] As the scion of the Field family, heirs to the Marshall Field's department store empire, Field secured his inheritance through protracted legal disputes with relatives, including half-brother Marshall Field V, enabling him to launch media ventures in the 1980s.[3] His career highlights include shepherding Interscope Records from inception in 1990 alongside Jimmy Iovine into a powerhouse label that propelled artists amid industry controversies, and credits as producer on box-office successes like Cocktail (1988) and Mr. Holland's Opus (1995).[2][1] However, Field's later endeavors with Radar Pictures drew multiple lawsuits alleging fraudulent misconduct in financing deals, such as a disputed $1 million loan for the Kickboxer remake, culminating in bankruptcy proceedings and claims of corporate sabotage.[4][5] Once ranked among Forbes' 400 richest Americans with an estimated net worth exceeding $1 billion in the early 2000s, Field's wealth has since faced scrutiny and diminishment amid these financial entanglements.[6][7]Early Life and Education
Family Heritage and Inheritance
Frederick Woodruff Field, known as Ted Field, descends from the prominent Chicago-based Field family, whose patriarch Marshall Field I (1834–1906) founded the eponymous department store in 1852, which grew into one of the world's largest retailers by the early 20th century.[8] The family's wealth originated from this retail empire and expanded through diversified holdings under Field Enterprises, Inc., encompassing media properties such as the Chicago Sun-Times newspaper (acquired by Ted's grandfather, Marshall Field III, in 1940), encyclopedias, and educational materials.[9] Ted's father, Marshall Field IV (1922–1965), served as president of Field Enterprises and briefly owned the Sun-Times from 1956 until financial pressures forced its sale in 1965, shortly before his death.[10] Following Marshall Field IV's death on November 25, 1965, his estate passed into trusts for his sons, including Ted (then age 12) and half-brother Marshall Field V (from Field IV's prior marriage).[11] The bulk of Ted's inheritance materialized in 1984 through the liquidation of Field Enterprises, a contentious process driven by Ted's push for cash distribution to fund personal ventures, resulting in the sale of assets like the Sun-Times to Rupert Murdoch's News Corporation for $90 million.[12] Under the settlement, Ted and Marshall Field V each received approximately $260 million, providing Ted with substantial capital to launch his independent career in entertainment and motorsports.[13] This windfall, adjusted for inflation, represented a significant portion of the family's remaining fortune from the original retail legacy, though subsequent investments amplified Ted's wealth beyond the initial inheritance.[14]Childhood, Schooling, and Initial Interests
Frederick Woodruff Field, known as Ted, was born on June 1, 1953, in Chicago, Illinois, to Marshall Field IV, a publishing magnate who acquired the Chicago Sun-Times in 1956 and owned it until 1965, and Katherine Woodruff Fanning, a prominent newspaper editor who later served as editor and publisher of the paper until 1983.[15][16] As a scion of the Field family—descendants of Marshall Field, the 19th-century founder of the eponymous Chicago department store chain—Field was born into substantial wealth and privilege.[17] His parents divorced when he was young, after which he relocated with his mother to Alaska, distancing him from his Chicago roots and the father he reportedly knew little of.[18][8] Marshall Field IV died in 1965, when Ted was 12 years old, leaving the family fortune primarily to Ted's older brother, Marshall Field V.[19] Field's formal schooling culminated at Pomona College in Claremont, California, a liberal arts institution, where he enrolled in the mid-1970s and graduated in 1979.[10] Field's initial interests emerged in his late teens, including auto racing, which he began pursuing as a driver in the early 1970s, an avocation that later shaped his entrepreneurial ventures.[15] He also engaged in chess and martial arts, reflecting personal pursuits in strategy and physical discipline that persisted into adulthood.[15] These activities preceded his broader forays into media and entertainment, marking an early blend of competitive drive and self-improvement.[13]Motorsports Involvement
Establishment of Interscope Racing
Ted Field, the heir to the Marshall Field's department store fortune, established Interscope Racing in 1975 as a privateer team to compete in professional motorsports, drawing on his personal interest in racing and financial resources.[20] At age 23, Field, an amateur driver himself, formed the team initially to enter the SCCA Formula A series (later known as Formula 5000), marking its debut in open-wheel racing.[21] The operation was based in California and emphasized high-performance entries backed by Field's sponsorship through his Interscope entity, which would later extend to other ventures.[22] The team's inaugural campaign centered on hiring experienced driver Danny Ongais, a former motorcycle and drag racing champion transitioning to road racing, to pilot a Lola T332 Chevrolet in the 1975 US F5000 championship.[23] Ongais contested multiple rounds, including Pocono and Road Atlanta, in the black-liveried chassis HU31, achieving competitive qualifying and finishes that validated the team's setup. Interscope also fielded a March 75B for driver Jon Woodner in select events, demonstrating an early willingness to deploy multiple chassis for broader participation.[21] Field occasionally participated as a driver, including in a Porsche Carrera RSR acquired that year for endurance events, which served as an entry point into sports car racing alongside the primary F5000 focus.[24] This dual approach reflected Field's hands-on involvement and the team's evolution from Formula 5000 toward diverse series like USAC Champ Car and IMSA GT, though the 1975 foundation prioritized Ongais' exploits to build credibility.[25] The establishment leveraged Field's wealth for top-tier equipment and talent without institutional backing, positioning Interscope as a competitive independent outfit in an era dominated by manufacturer-supported teams.[26]Key Racing Victories and Championships
Interscope Racing, founded by Ted Field, achieved its most prominent victory in the 1979 24 Hours of Daytona, securing the overall win with a Porsche 935 driven by Field, Danny Ongais, and Hurley Haywood.[27] The team dominated the IMSA GTX class throughout the late 1970s, posting multiple class victories with the Porsche 935, including strong performances at events like the 6 Hours of Watkins Glen in 1978, though overall triumphs were limited by mechanical issues and intense competition from factory-supported entries.[28] Transitioning to the Lola T600 in 1982, Interscope Racing excelled in the IMSA GTU class, clinching victories at the 6 Hours of Riverside on June 6, 1982, with Field and Bill Whittington co-driving the Chevrolet-powered prototype.[29] The team added further successes that season, including a win at Mid-Ohio, contributing to five total T600 victories across IMSA in 1982, though Porsche entries ultimately claimed the manufacturers' title.[30] In 1983, Interscope's Lola T600 campaign yielded four GTU class wins, with Field securing runner-up honors in the drivers' standings behind John Paul Jr. Notable results included a class victory at the 24 Hours of Daytona on February 6, 1983, and the 250-mile race at Pocono on September 26, 1983, alongside Ongais.[30][31] Despite these achievements, the team did not capture an IMSA championship, as reliability and points consistency favored rivals.| Year | Event | Class/Position | Drivers | Car |
|---|---|---|---|---|
| 1979 | 24 Hours of Daytona | Overall 1st | Ted Field, Danny Ongais, Hurley Haywood | Porsche 935 |
| 1982 | 6 Hours of Riverside | GTU 1st | Ted Field, Bill Whittington | Lola T600-Chevrolet |
| 1983 | 24 Hours of Daytona | GTU 1st | Ted Field, Bill Whittington et al. | Lola T600-Chevrolet |
| 1983 | Pocono 250 Miles | GTU 1st | Ted Field, Danny Ongais | Lola T600-Chevrolet |