The Chicago Bears are backtracking on their plans to build a new stadium. That change was evident during the NFL’s recent annual meeting. The team is now considering multiple options, including a site in Arlington Heights, Illinois, where the franchise owns a substantial 326-acre property. This recently announced development would be a major change in strategy. The Bears have been looking at other options for a new stadium outside of Arlington Heights since the summer of 2023.
In September 2021, the Chicago Bears took that bold leap when they purchased the Arlington Heights land for $197.2 million. This property is the former site of the Arlington International Racecourse. The team would like to see groundwork on a new stadium by 2025. Of course, they aren’t working in a vacuum—they’re constantly engaging with local officials and stakeholders to refine and improve their plans. Notably, the Arlington Heights Board of Trustees unanimously approved a tax settlement with three school districts in December, facilitating progress for the potential stadium project.
Private equity financing would be important, he said, to finance a new stadium’s construction. He boasted that the ownership structure of the franchise will never change. He doesn’t expect any changes in the governance structure itself. On the importance of family ownership, McCaskey cited the TCU legacy that has lasted 105 years.
“We’ve said for many years that we intend to own the Bears for as long as possible. Another 100 years would be great.” – George McCaskey
This meeting represented McCaskey’s first public outing since the death of his mother, Virginia Halas McCaskey. Remembering the impact she made, he stressed how valuable her leadership was to making a seamless shift in leadership within the organization.
“[Virginia McCaskey] set it up for a smooth transition, and it’s a credit to her.” – George McCaskey
The Bears unveiled ambitious plans for a domed stadium situated on the museum campus in downtown Chicago just one day prior to the 2024 NFL draft. McCaskey assured that the scope of their plans’ intentions go beyond the downtown site to include Arlington Heights as well.
Kevin Warren, the team’s president and CEO, reiterated that out of all stakeholders working together is key to advancing complicated projects.
“Because these projects are so complex and so difficult, they’re literally virtually impossible to do if you don’t have all hands on deck and everyone committed.” – Kevin Warren
Those negotiations are still ongoing. These latter estimates assume an annual property tax on the potential stadium site in Arlington Heights of $3.6 million. The Bears’ persistent conversation with local and community leaders through the pandemic has been part of a necessary process to cultivate support for their ever-changing vision.
The Bears’ recently NFL-approved succession plan further signals a commitment to firm continuity on the leadership front in one of the league’s most stable franchises. McCaskey offered thoughts on how his family’s forward planning avoided inevitable ownership disputes during turbulent periods, including the recent pandemic.
“In law school, I heard stories about people who just couldn’t contemplate their mortality, and as a result, it caused a lot of confusion and problems for the family, and she had the foresight to set it up so we don’t have that problem.” – George McCaskey
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