Bears Sign Purchase Agreement To Buy Arlington Park For $197M

ARLINGTON HEIGHTS, IL — It appears the Chicago Bears are one step closer to building a new stadium outside the city. The NFL team has signed a purchase agreement for Arlington International Racecourse. The news comes just days after the summer horse racing season concluded at Arlington.

Churchill Downs Inc., the Kentucky-based group that currently owns the 326-acre property, said the Bears' bid was $197.2 million. The closing of the sale of the property is subject to the "satisfaction of various closing conditions," according to a news release from Churchill. CDI anticipates closing the sale of the property in late 2022 or early 2023.

In a joint statement issued by the team Wednesday morning in conjunction with Arlington Heights village officials, team President and CEO Ted Phillips said the signing of the agreement was a "critical next step in our exploration of the property and its potential."

"Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities before we close on this transaction," Phillips said. "Our goal is to chart a plan that allows our team to thrive on the field, Chicagoland to prosper in 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."

Chicago Mayor Lori Lightfoot, who has long contended the team will remain playing at Soldier Field for the foreseeable future, confirmed the report Tuesday night.

In June, Lightfoot called the bid by the Bears to buy Arlington a "negotiating tactic." She said the team has a lease with Soldier Field through 2033, and the NFL "doesn't let teams break their leases."

Lightfoot, calling news of the move not unexpected, said she spoke with Bears' Chairman George McCaskey Tuesday night. She called the move a business decision for the Bears and said the city needs to make one regarding the future of Soldier Field.

"I'm going to continue to do what I can [as mayor] to keep them here in Chicago. I don't think that door has been closed by any means," Lightfoot said. "I also need to make sure I'm doing, first and foremost, what's best for the taxpayers of the city."

Stating she doesn't know specifically what the issues are the Bears have with staying in Chicago and at Solider Field, she called for them to "come to the table." She said a planned meeting with the McCaskey and the team was canceled Tuesday and there has been little discussion between her office and the Bears since June.

Soldier Field, which opened in 1924, is the NFL's oldest stadium. The Bears began playing there in 1971 after leaving Wrigley Field. It has a football game capacity of 61,500 fans.

“My goal for the 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,” Arlington Heights Mayor Tom Hayes said. “There is a long ways 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.”

Arlington, the flagship racetrack for horse racing in Illinois, was put up for sale in February. The Bears were among a number of bidders to submit proposals to Churchill Downs Inc.

"We recently submitted a bid to purchase the Arlington International Racecourse property," Phillips said at the time. "It's our obligation to explore every possible option to ensure we're doing what's best for our organization and its future. If selected, this step allows us to further evaluate the property and its potential."

In addition to the Bears, several other bids have been announced publically in recent months, including two groups hoping to keep horse racing at Arlington. The racetrack, which opened in 1927, was purchased by Churchill Down's Inc. in 2000. The final day of a 68-day race meet was held on Saturday.

“This has been an extraordinarily competitive bid process,” CDI CEO Bill Carstanjen said. “It is clear (the Bears) are committed to an exciting vision for their team and their fans.”

State Rep. Jonathan Carroll (D-Northbrook) also weighed in on the news.

“I have been going to Chicago Bears games since I was 10 years old. In fact, at my first game, I saw the greatest Bear of all time, Walter Payton, set the NFL rushing mark," Carroll said. "While I have many great memories of Soldier Field, it’s become more and more evident over the years that the Bears have outgrown the stadium.”

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