CHICAGO — The Chicago Bears have signed a purchase agreement for Arlington International Racecourse, a move that takes the team a step closer toward securing property for a new stadium and leaving their longtime home at Soldier Field.
The Bears on June 17 submitted one of multiple bids to purchase the Arlington Heights property, which Churchill Downs Inc. last winter announced would be up for sale for redevelopment.
Bears President and CEO Ted Phillips said in a statement Wednesday morning that finalizing the agreement was the “critical next step in continuing our exploration of the property and its potential.” Churchill Downs announced the sale price was $197.2 million and said it anticipated closing the sale in late 2022 or early 2023.
Soldier Field, which is owned by the Chicago Park District, holds 61,500 fans, the smallest capacity in the NFL. The Bears also would be able to develop the 326-acre land around the stadium with shopping, dining and entertainment.
“Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities, before we can close on this transaction,” Phillips said in the statement. “Our goal is to chart a path forward that allows our team to thrive on the field, Chicagoland to prosper from this endeavor and the Bears organization to be ensured a strong future. We will never stop working toward delivering Bears fans the very best experience. We will continue to provide updates on our progress at the appropriate time.”
The Athletic first reported the news of the purchase agreement Tuesday night.
The Bears have played at Soldier Field since moving from Wrigley Field in 1971. They played the 2002 season at Champaign’s Memorial Stadium while Soldier Field underwent a $690 million renovation.
The purchase agreement ratchets up pressure on Chicago Mayor Lori Lightfoot, who in June mocked the team’s interest in Arlington by tweeting that they should “focus on putting a winning team on the field, beating the Packers finally and being relevant past October.”
“Everything else is noise,” Lightfoot added.
In a radio interview on WSCR-AM 670 Wednesday morning, Lightfoot struck a friendly tone, though she expressed exasperation with the Bears for not telling her what they want. Lightfoot said the Bears canceled a meeting with her administration on Tuesday and haven’t told the city what it would take to keep them in Chicago.
“Look, we have attempted to understand what their interests are for months and they have not shared them,” Lightfoot said.
“I can’t negotiate a deal by myself,” she added.
Asked if she’s willing to build a new stadium, Lightfoot said the Bears haven’t conveyed what they want but noted that taxpayer-funded stadiums cost billions of dollars. What the city does must be “fiscally responsible,” Lightfoot said.
The Bears’ lease at the stadium runs through 2033, and a Chicago Tribune analysis this summer found the team would have to pay $84 million in damages to the city of Chicago if it breaks the lease in five years. The two sides likely would enter into negotiations to reach a financial settlement, Park District officials said.
Lightfoot said in a tweet Tuesday night that her administration “remains committed to continuing the work to keep the team in Chicago.”
Throughout the Wednesday morning radio interview, Lightfoot tried to highlight Soldier Field, saying the city is “looking overall at what can we do to maximize the value of this asset we have on the lakefront.”
Lightfoot said Chicago at the moment is not getting the best it can out of the venue. The stands are empty six months of the year, she said.
Older stadiums have been turned into year-round destinations, and the city has created a working group to see how it can maximize the value of Soldier Field as well as the Museum Campus while improving the fan experience, she said.
But she also said she doesn’t believe it’s a done deal for the Bears to leave for Arlington, saying her understanding is that “there’s a lot that needs to be done” to close the deal.
Earlier Wednesday, her office released a statement highlighting other events at Soldier Field, including a “major contract with the Chicago Fire” and a deal to host the Shamrock Series, which she said demonstrate that Soldier Field is a “sought-after venue.”
Still, Fire matches draw far less interest than Bears games.
As she alluded to in the interview, Lightfoot faces a complicated balancing act between being fiscally responsible and keeping a beloved sports franchise. Further complicated matters for her is the timing of a deal, which reportedly will close in late 2022 or early 2023, around the time she would be gearing up for reelection.
Arlington International closed its gates to horse racing for possibly the last time Saturday.
Roy Arnold, former Arlington president and CEO of Endeavor Properties, told the Tribune earlier this month his group was one of three finalists in the running to purchase the property. That group intended to keep horse racing there, but Arnold suggested Churchill Downs was interested in limiting competition for Rivers Casino, the Des Plaines gambling venue in which Churchill Downs has ownership.
Churchill Downs kept the bidding process quiet, declining to disclose what groups were among their multiple bidders.
“This has been an extraordinarily competitive bid process,” said Churchill Downs CEO Bill Carstanjen said in a statement Wednesday. “Congratulations to the Chicago Bears for their professionalism and perseverance. It is clear they are committed to an exciting vision for their team and their fans. We wish them the greatest success and are excited for the opportunity this brings to the Village of Arlington Heights and the future economic development of this unique property.”
Arlington Heights mayor Tom Hayes said he “could not be more excited” about the agreement.
“My goal for any redevelopment has always been to put this prime piece of real estate to its highest and best use, and I can’t think of a higher and better use than this one,” Hayes said in a statement. “There is a long way to go as we begin this journey, and many issues for the community to discuss, but the Village is committed to working with the Bears organization and all stakeholders to explore this opportunity for Arlington Heights and the northwest suburban region.”
As that exploration continues, questions loom as to how the stadium would be funded. When Soldier Field was last renovated, taxpayers covered $432 million, a number that will grow when debt and interest are paid off.
But building their own stadium and entertainment complex also would bring in new revenue streams. The Bears are playing at two of the NFL’s newest stadiums this season — the Los Angeles Rams’ and Chargers’ SoFi Stadium and the Las Vegas Raiders’ Allegiant Stadium — where they can get a closer look at what their future could hold.
