(670 The Score) The Chicago Bears and Churchill Downs Incorporated signed a Purchase and Sale Agreement this week for the entire 326-acre Arlington Park property in northwest suburban Arlington Heights.
The move is the latest development that showcases the Bears’ seriousness about leaving Chicago for the suburbs as they continue to clash with the city on issues regarding their Soldier Field home. Chicago Mayor Lori Lightfoot acknowledged the Bears’ latest step forward in a tweet late Tuesday night.
“My statement still stands on the Bears: My admin remains committed to continuing the work to keep the team in Chicago,” Lightfoot tweeted. “As I have said numerous times, our door in city hall remains open.”
Lightfoot previously called the Bears’ bid on the Arlington Park property a “negotiating tactic” while adding their focus should instead be on "beating the Packers finally and being relevant past October." The Bears lease Soldier Field from the Chicago Park District.
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Lightfoot’s office also released a statement to the Athletic Chicago regarding the latest news.
"We are not surprised by this move,” a spokesperson for the mayor’s office told the Athletic. “We remain committed to continuing the work to keep the team in Chicago and have advised the Bears that we remain open to discussions. However, just as the Bears view this as a business decision, so does the city. This season, Soldier Field signed a major contract with the Chicago Fire and just last weekend Soldier Field hosted the Shamrock Series — both of which are lucrative for the Chicago Park District and local economy.
"These examples and others demonstrate that Soldier Field remains a very sought-after venue and as the mayor has said many times overall, the city and park district must explore all options to both enhance the visitor and fan experience at Soldier Field year-round and maximize revenues. Therefore, we must do what's in the best economic interests of our taxpayers and maximize the financial benefits at the important asset that is Soldier Field. As for the Bears, the mayor has said numerous times, our door in city hall remains open to engage the Bears."
The Chicago Bears, Churchill Downs Incorporated, and the Village of Arlington Heights all released statements Wednesday morning in regards to the purchase of Arlington Park.
“We are excited to have executed a Purchase and Sale Agreement (PSA) for the Arlington Park property,” said Bears President and CEO Ted Phillips, in a statement. “We are grateful to Churchill Downs Incorporated for their efforts to reach this point. We also appreciate the support of Mayor Tom Hayes and the Village of Arlington Heights.
"Finalizing the PSA was the critical next step in continuing 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 can close on this transaction. 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.”
Churchill Downs Incorporated CEO Bill Carstanjen congratulated the team and wished them success.
“This has been an extraordinarily competitive bid process. 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," Carstanjen said in a statement.
Arlington Heights Mayor Tom Hayes added: “I could not be more excited about the news that the Chicago Bears have signed a Purchase and Sale Agreement to buy the Arlington Park property in our community. 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. 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.”
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In June, the Bears submitted a bid to purchase Arlington International Racecourse, which has long hosted horse racing but is up for sale by Churchill Downs, Inc.
"It's our obligation to explore every possible option to ensure we're doing what's best for our organization and its future,” Bears president Ted Phillips said in a statement in June. “If selected, this step allows us to further evaluate the property and its potential."
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The Bears are under contract to lease Soldier Field from the Chicago Park District through 2033, but it’s an agreement that could be broken with a penalty. The Bears’ penalty for breaking the lease would start at $84 million in 2026, the Chicago Tribune previously reported. That year - 2026 - is widely considered the first year in which a new stadium could ready for the Bears when factoring in the process of acquiring the site and then designing and building the facility.
The financial penalty for the Bears leaving Soldier Field would decrease each year from 2026 -- to $74 million in 2027, $63.8 million in 2028, $53.3 million in 2029, $42.7 million in 2030, $32.1 million in 2031, $21.6 million in 2032 and $11 million in 2033, according to the Tribune.
Soldier Field’s capacity of 61,500 is the smallest in the NFL. It sits on 17-acres while the Arlington Park property is 326 acres. Recently, news emerged that the Bears were irked by the park district’s refusal to engage in what the team considered “good faith negotiations” regarding a sports betting lounge at Soldier Field, as WBEZ reported.
