Bears To Commit $2 Billion To New Stadium In Chicago

It turns out all the Bears really wanted was a sweet home in Chicago.

CEO and President Kevin Warren said Monday the team is willing to provide up to $2 billion for a new domed stadium in the city, potentially ending a years-long flirtation with moving the storied NFL franchise to the north suburbs of Arlington Heights.

“The Chicago Bears are committed to contributing over $2 billion to build a stadium and improve open spaces for all families, fans and the general public to enjoy in the City of Chicago. The future stadium of the Chicago Bears will bring a transformative opportunity to our region—boosting the economy, creating jobs, facilitating mega events and generating millions in tax revenue. We look forward to sharing more information when our plans are finalized.”

The Bears caused a stir in September 2021 when they purchased the parcel of land where horse racing track Arlington Park was situated for $197.2 million from Churchill Downs in September 2021. Demolition work started last May at the 326-acre site, which included the razing of the iconic grandstand that featured a cantilevered roof.

The team, though, ran into a series of logistical issues with the Arlington Heights site, which prompted them to court other cities and villages around the north suburbs as a potential home in addition to ongoing talks with the city of Chicago.

The Bears were not helped in February when Cook County valued the land at $192 million, which would cost the team an estimated $15 million annually. The Bears and the village of Arlington Heights were roughly $100 million apart on the valuation of the land.

Keeping all options open

That opened up the possibility of returning to the city, which now includes plans to build a stadium in the parking lot just south of the Bears’ current venue at Soldier Field.

Soldier was renovated back in 2002, but the city still owes nearly $600 million in payments on the refurbishing after it was refinanced several times over the past 20-plus years.

One of the sticking points in the Bears’ initial desire to relocate was a lack of cooperation from the city’s Park District, which oversees Soldier Field. The team expressed a desire to build a retail sportsbook at the stadium — the Bears entered an agreement with BetRivers to be the team’s official sportsbook partner in June 2021 — but little to no progress has been made on that front.

In contrast, DraftKings last Friday became the first operator to obtain a sports facility sports betting license from the Illinois Gaming Board for a retail sports betting location adjacent to Wrigley Field.

First-year Chicago Mayor Brandon Johnson expressed optimism that the city and team could reach an agreement on a deal for a new stadium. A domed stadium would allow Chicago to host high-profile sporting events, including the Super Bowl and Final Four, as well as concerts and other events year-round.

“I have said all along that meaningful private investment and a strong emphasis on public benefit are my requirements for public-private partnerships in our city,” Johnson said in a statement. “The Chicago Bears’ plans are a welcome step in that direction and a testament to Chicago’s economic vitality.

“I look forward to subsequent talks with the Bears, State leadership and community stakeholders about how we can continue to responsibly support the aspirations of the team, its fans and all residents of the City of Chicago.”

What about the White Sox?

Part of the proposed new stadium includes increasing the open space and park space around the lakefront area.

Meanwhile, the White Sox are also considering moving from their current location on 35th Street on the South Side of Chicago and recently released renderings for a stadium located in the South Loop, which would be in relative proximity to the Bears’ new digs.

The baseball team, whose lease at Guaranteed Rate Field expires in 2029, is reportedly in negotiations with Related Midwest to build the stadium in a location known as “The 78,” a 62-acre property.

It was also considered as a site for a casino in downtown Chicago, but the bid from Rush Street Interactive lost out to Bally’s, which will build its $1.7 billion venue in the River West section of the city.

White Sox owner Jerry Reinsdorf went public last month in asking for $1 billion in subsidies for a new stadium. However, it’s also possible they may now be competing with the Bears for the subsidies that come from the city’s hotel and amusement taxes.