• Loading stock data...
Thursday, November 7, 2024
The Best Employers in Sports survey is open through Nov. 13 Learn More

Bears’ $5B Stadium Plan Clears Another Hurdle

  • Arlington Heights approved a pre-development agreement with the Chicago Bears.
  • The vote allows a potential $5 billion stadium project to move to next steps.
Chicago-Bears
Chicago Bears

The Chicago Bears have a ways to go before moving to Arlington Heights, but they completed an important step in the process.

On Monday, Arlington Heights trustees unanimously approved a pre-development agreement regarding the team’s plan to build a $5 billion stadium and mixed-use area on the Arlington International Racecourse site.

  • The agreement does not commit the village or team to a particular project or funding arrangement, but does lay out a series of steps. Arlington Heights mayor Tom Hayes has said that the Bears ending up there is not a foregone conclusion.
  • The Bears agreed to buy the 326-acre property last year for $197.2 million.
  • The team’s lease at Soldier Field extends through 2033, and the Bears would have to pay Chicago $84 million if they broke it in 2026, with decreasing penalties thereafter.

The city of Chicago has been looking into investments such as adding a roof to Soldier Field in hopes of keeping the Bears at their home since 1971.

Taxing Question

Bears owner Ted McCaskey said the team will need public assistance to build the project.

The team has said it will not ask for government money to build the stadium itself, but will likely seek to recover tax revenue related to the project. Under one proposal, the team would collect property tax revenue over a certain set level for a specified area and length of time.

Arlington Heights leadership rejected a proposal by a libertarian group to block public funds from going to new businesses.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NFL TV Ratings: Can Amazon Keep Up Record ‘TNF’ Pace?

Thursday night games are averaging 13 million viewers.

2024 NFL Trade Deadline More Active Than 2023

Several big-name players found new homes.

400 People Showed Up to WTA Saudi Final With $15 Million Purse

The WTA is in the first year of a three-year agreement with Saudi Arabia.

Twins At Crossroads: Team Sale, Media Shifts, and Rising Competition

Team officials look to maintain “business as usual” amid growing uncertainty.
podcast thumbnail mobile
Front Office Sports Today

The NFL Player Set to Inherit a US Potato Empire

0:00

Featured Today

NFL Center Connor McGovern Is the Heir to a Potato Empire

The NFL vet’s family provides potatoes for McDonald’s, Wendy’s, and others.
Vanderbilt Commodores fans head to the south end zone as the goal post is taken down by exuberant fans after beating No. 1 Alabama 40-35 at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 5, 2024.
opinion
November 2, 2024

Something New in College Football This Year: Parity

Upsets, surprises. CFB is more fun on the field than the NFL.
Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.
November 1, 2024

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
October 31, 2024

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.

Cubs Agree to Alter Wrigley As Part of DOJ Settlement

The second-oldest MLB ballpark will have to make upgrades again.
November 1, 2024

Inside Cosm’s Plans for a Fourth Location—and Beyond

The downtown Detroit site will add to the city’s sports and entertainment district.
November 1, 2024

Rays’ Future Uncertain As Tropicana Field Repairs Begin

The Rays still don’t know where they will play in 2025.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
October 31, 2024

Florida-Georgia Game Hits the Road Amid $1.4B Stadium Renovation

EverBank Stadium will have reduced capacity in 2026 and be closed in 2027.
Oct 20, 2024; Cleveland, Ohio, USA; Cleveland Browns defensive end Myles Garrett (95) walks off the field after the game against the Cincinnati Bengals at Huntington Bank Field.
October 25, 2024

Browns Sue Cleveland Over ‘Modell Law’ Threatening Suburban Dreams

The Browns want a new stadium, but a law forbids leaving downtown.
October 24, 2024

Packers Agree to Green Bay’s Rent Terms Amid Lambeau Lease Dispute

The team and city have been embroiled in a lease dispute.
Intuit Dome
October 24, 2024

From Restrooms to Tech, Fans Rave About Intuit Dome Despite ‘Hassle’

The Intuit Dome cost $2 billion to build.