If the Bears Move Out to the Suburban Area, What Would Become of Chicago?
It’s likely that the Chicago Bears are moving to Arlington Heights from Chicago.
The National Football League (NFL)’s founding member team, the Chicago Bears, paid $197.2 million to acquire Arlington International Racecourse in June 2021. The organization has already revealed plans to develop the 326 acres into a stadium with neighboring eateries, pubs, a business center, and other attractions. The final sale is anticipated to close by early 2023.
Mayor Lightfoot and her administration are worried about the Bears leaving, so they have suggested some changes to Soldier Field, the team’s present home, in an effort to keep the team in Chicago.
Given that the Bears are a storied football team with strong ties to the community, there are a few concerns that need to be answered. First, what would happen to the city’s economy if the Bears moved to the suburbs?What are the expenses related to the Bears remaining in Chicago? Lastly, and maybe most crucially, how does either choice impact Chicago taxpayers?
It’s critical to comprehend the Bears’ motivations for wanting to depart Soldier Field in order to properly assess the economic effects of any potential move. Regarding modern NFL stadiums, Soldier Field is severely constrained. With just 61,500 seats, it is the NFL’s smallest stadium as well as the oldest, having been constructed in 1924.
In contrast, there are 81,441 seats at Lambeau Field, home of the Green Bay Packers, the Bears’ opponent. Furthermore, without a roof, Soldier Field is unfit to host major sporting events like the Super Bowl or the Final Four and provides spectators with unpleasant winter viewing conditions.
Moreover, the Bears are merely tenants at Soldier Field, which is owned and operated by the Chicago Park District. This limits the franchise’s ability to make decisions on strategic initiatives, general stadium maintenance, and upgrades. It also limits its revenue potential. The Bears are looking for independence in terms of operations, finances, and creativity, and Arlington Heights offers them just that.
The Bears’ departure has three financial implications for the city: lease payments, bond payments, and the impact on the local economy.
According to the Chicago Tribune’s examination of the lease arrangement, the Bears pay the Chicago Park District $6.48 million annually. The Bears would have to pay a fine if they moved to Arlington Heights before the lease’s expiration in 2033.
When the team decides to depart, the financial penalty decreases the longer they remain at Soldier Field. The same Tribune research states that the Bears will have to pay the city a financial penalty of $84 million in addition to their yearly lease payment if they leave Soldier Field in 2026.
/cdn.vox-cdn.com/uploads/chorus_image/image/72966296/usa_today_22077256.0.jpg?w=640&ssl=1)
Although $84 million may sound like a lot, a Statista analysis from 2021 revealed that the Bears’ revenue was $520 million; this amount should rise by the time 2026 rolls around.
Furthermore, the Bears believe that the $84 million fine is insignificant in comparison to the estimated $5 billion cost of a new campus in Arlington Heights. Nevertheless, Chicago loses money by the Bears’ early departure from Soldier Field but receives a sizable payment from the team for breaching their lease.
