Getty Images
- Bears signed US$197.2m purchase agreement for Arlington Heights location in September
- Current lease at Soldier Field expires in 2033
- Team could reportedly pay US$84m to leave current home after 2026 season
The National Football League’s (NFL) Chicago Bears could complete their acquisition of the Arlington Heights Racecourse by early 2023, the team’s president has confirmed.
The Bears signed a US$197.2 million purchase agreement for the 326-acre property in September, fuelling speculation that the site could be used to build a new stadium.
Bears president Ted Phillips, who is exploring the move for the franchise, told reporters on 10th January: “The closing on the land is probably going to take the rest of this year, maybe into the first quarter of 2023. And at that point in time, we will decide whether it’s financially feasible to try to develop it further.”
The development has the potential of offering the Bears a site for a new state-of-the-art stadium, with a higher capacity than Soldier Field, and the option of including a purpose-built sportsbook.
Speaking to the Chicago Sun Times, Phillips said that the new development could become an “entertainment destination” which would “help put Arlington Heights on the map as a destination spot.”
One of the league’s oldest teams, the Bears have played at Soldier Field for more than half a century, with the current venue lease set to expire in 2033. According to the Chicago Tribune, the franchise would be able to pay US$84 million to leave Soldier Field after 2026.
Lori Lightfoot, the mayor of Chicago, has been clear in her objective to keep the Bears in Chicago, amid concerns that the team could move to Arlington Heights, around 30 miles north of the city’s centre.
Soldier Field, the long-time home of the Bears, was subject to a US$733 million renovation between 2001 and 2003.