Bears Purchase Arlington International Racecourse
You have to wonder what Chicago mayor Lori Lightfoot thinks about that negotiating tactic now.
The Bears really were serious about leaving Soldier Field for the Arlington International Racecourse property and have signed a purchase agreement.
When the story first broke in early summer about the Bears making a bid on the property, Lightfoot had called it a "...negotiating tactic that the Bears have used before," then added, "... and like most Bears fans, we want the organization to focus on putting a winning team on the field, beating the Packers finally, and being relevant past October. Everything else is just noise."
The noise sounds a little loud at this point.
According to The Athletic, the Chicago mayor remains under the impression they can still work to keep the team in Chicago.
"We are not surprised by this move. We remain committed to continuing the work to keep the team in Chicago and have advised the Bears that we remain open to discussions," a spokesperson for Lightfoot's office told The Athletic. "However, just as the Bears view this as a business decision so does the city. This season, Soldier Field signed a major contract with the Chicago Fire and just last weekend Soldier Field hosted the Shamrock Series (Notre Dame)—both of which are lucrative for the Chicago Park District and local economy."
The Bears sell out the stadium for every game. It has a seating capacity of 61,500, the smallest in the NFL.
The Fire's largest home attendance this season has been 15,915 and they had a low crowd of 5,926 for a match in June.
So the city obviously would suffer a major blow by losing its only NFL team to a suburb, much like in New York.
A comment from Lightfoot's Twitter account said something similar about continuing to talk: "My statement still stands on the Bears: my admin remains committed to continuing the work to keep the team in Chicago. As I have said numerous times, our door in City Hall remains open."
There was no mention of negotiating tactics.
Would the city then try to lure another NFL team to Chicago or an expansion team? It's always a topic of discussion if the Bears eventually do land in Arlington Heights, as this story suggests will happen.
According to WBEZ radio, the Bears wanted to add a sportsbook to Soldier Field and the city seemed disinterested in this idea. It's an idea teams around the league are exploring and one the Arizona Cardinals have already undertaken.
Shortly thereafter the Bears put in a bid on the property.
The WBEZ story said the Bears denied this was why they put in a bid on the Arlington Heights location, and it is true they have been linked to this property several times in the past. But the talks with the city seemed situated too close to the time the Bears bid on the property to think otherwise.
Regardless, this is a move that could greatly increase the value of the franchise over what it currently is with their games played in a leased 20-year-old stadium in downtown Chicago. The lease runs through 2033. The Bears could break the lease for about $84 million, according to a Chicago Tribune report.
The Bears' value is currently $3.45 billion, according to Forbes, making them the 10th most valuable North American sports team. The Dallas Cowboys are No. 1 at $5.5 billion and have their own spectacular, modern domed facility, while the New England Patriots are valued at $4.1 billion, the New York Giants at $3.9 billion and San Francisco 49ers at $3.5 billion.
The 326-acre property currently is owned by Churchill Downs Inc. and bids were taken and then closed in June. The race track held what was dubbed the final races on Sept. 25.
The northwest suburban location is near an interstate and major highway and already has rail service. Development of the property with restaurants and hotels could completely change the entire area.
Building a retractable domed stadium in the northwest suburbs would require a tremendous amount of funding as it's no climate now in Illinois for publicly constructed stadiums. Whether the Bears can swing this remains an issue.
Soldier Field opened on Oct. 9, 1924, but the stadium it once was is essentially gone except for the outer wall and also the columns which made the old facility a favorite of the Chicago architectural community. An entirely new stadium was built inside of the old outer wall and it opened in 2003.
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