The Chicago Bears' quest for a new stadium has been brewing for some time, and it's a story that goes beyond just wanting a modern venue. Soldier Field, while iconic, lacks the amenities and revenue potential of its newer counterparts. After the Chicago Park District turned down upgrades in 2021, the Bears set their sights on Arlington Racecourse, signaling their intent to build a new home.
But there's more to this than meets the eye. Rumors have circulated that the McCaskey family might consider selling the team after Virginia McCaskey's passing.
While George McCaskey publicly denies these plans, insiders like Jeff Hughes suggest otherwise. The buzz around the league is that the McCaskeys are waiting for the franchise's value to climb past $9 billion before making a move.
A new stadium could be the key to pushing that valuation higher.
The recent sale of the Washington Commanders for $6 billion, despite a market valuation of $8 billion, underscores the potential financial windfall. The Bears, valued at $8.2 billion by Forbes last year, could see a significant boost with a state-of-the-art stadium, making them an even more attractive asset.
For the McCaskeys, whose wealth is tied to the team, selling could mean walking away with a substantial fortune. With George turning 70 and his brother Patrick at 76, the demands of ownership may be more than they're willing to handle, especially with younger family members showing little interest.
Building a new stadium is a classic strategy for owners looking to sell. It boosts the franchise's appeal and revenue potential, offering a lucrative retirement package for the current owners. Despite George's insistence that there's no sale in the works, the urgency to build suggests otherwise.
The Bears' storied history, massive fan base, and position in the third-largest media market make them a prime target for potential buyers. Names like Jeff Bezos, Mark Cuban, and Elon Musk have been floated as possible suitors. Pat Ryan, a longtime part-owner, holds the right of first refusal, and while his net worth might not cover the purchase alone, he could assemble a group of investors.
Lukas Walton, with a net worth of $39 billion and ties to Chicago, is another intriguing possibility. His uncle, Rob Walton, already owns the Denver Broncos, adding another layer to the speculation.
As the Bears move forward with their stadium plans, the future of the franchise remains a hot topic. Whether the McCaskeys choose to sell or not, the developments in Arlington Heights could reshape the team's legacy for years to come.