Rob Ninkovich reads a note from Bears superfans. It makes the Get Up cast laugh. (1:54).
LAKE FOREST (Ill.) -- The Chicago Bears are one step closer to leaving historic Soldier Field.
Wednesday's announcement by the Bears was that they have signed a $197.2million purchase and sale agreement (PSA), with Churchill Downs Inc., for Arlington Park, a 326-acre property in suburban Arlington Heights.
Ted Phillips, Bears CEO and president, stated that "Finalizing our PSA was the crucial next step in continuing to explore the property's potential." Before we can close this deal, there is still much work to do, including close collaboration with Arlington Heights and the surrounding communities.
Our goal is to create a pathway that will allow our team to flourish on the field, Chicago to prosper from this venture, and the Bears to have a bright future. We will continue to work towards providing Bears fans with the best possible experience. We will keep you informed of our progress as it happens."
Churchill Downs Inc. stated in a separate statement that it expects the deal to close in the late 2022 or early twenty23.
Soldier Field has been home to the Bears since 1971. The lease runs through 2033. It holds only 61,500 people, making it the NFL's smallest stadium. After the 2001 season, Soldier Field was renovated at $690 million. This forced the Bears' to play their home games at the University of Illinois for the 2002 season.
The Chicago Tribune reported this summer that Chicago's Bears would be responsible for $84 million in damages if they broke the lease within five year.
Lori Lightfoot, Chicago's Mayor, stated in a statement that she was committed to keeping the team in Chicago. She also advised the Bears to continue to have discussions.
