The Chicago Bears announced on Wednesday that they have finalized the $197.2 million purchase of the Arlington Heights location for a new stadium in the Chicago suburb.
“Finalizing the purchase does not guarantee the land will be developed, but it is an important next step in our ongoing evaluation of the opportunity. There is still a tremendous amount of due diligence work to be done to determine if constructing an enclosed state-of-the-art stadium and multi-purpose entertainment district is feasible.”
Chicago Bears statement on Arlington Heights
This sets into motion a relocation from downtown Chicago and the end of the famed Soldier Field as we know it. This also comes with that iconic venue set to celebrate its 100th year of existence during the 2023 NFL season.
For many in the Windy City, this has to be seen as a bittersweet moment. While Soldier Field is archaic, it’s also home to some of the most-memorable moments in professional sports history. It’s also not necessarily worn down with several renovations being done over the years.
Related: 2023 Chicago Bears mock draft
What the Chicago Bears purchase of Arlington Heights location means
Per the Bears’ press release, construction of a new stadium in Arlington Heights would create more than 48,000 jobs with an economic impact within the Chicago region of $9.4 billion.
This also comes shortly after Illinois Governor J. B. Pritzker (D) announced that widespread public funding would not be used for construction of the new venue.
“I am of the opinion that it’s not our obligation as the state to step in and provide major funding, and I certainly don’t want to burden taxpayers with major support for a private business,” Pritzker statement on Chicago Bears Arlington Heights location.
This means that the Bears are prepared to construct the new venue through private funds. Bears owner Virginia Halas McCaskey is said to have a net worth of $1.3 billion with Forbes valuing the organization at $5.8 billion.
From a football perspective, the idea of Chicago moving from Soldier Field just seems to be a money grab. Bears football existing in a retractable dome stadium in a suburb 36 miles from downtown Chicago spits in the face of NFL history. Such is the nature of the beast in today’s professional sports world.