By Chelsea Meyer
Rock River Current
The Chicago Bears have taken a step toward securing property for a new stadium, the team announced Wednesday.
The team signed a $197.2 million purchase agreement for the Arlington Heights International Racetrack and is considering a move out of Soldier Field
On June 17, the Bears put in multiple bids to purchase the property from Churchill Downs Inc.
President and CEO Ted Phillips of the Chicago Bears said in a statement Wednesday that finalizing the agreement was the “critical next step in continuing our exploration of the property and its potential.”
Soldier Field is the smallest stadium in the NFL and is owned by the Chicago Park District. This stadium holds 61,500 fans. If the Bears do purchase the Arlington Heights International Racetrack, they would be able to develop the 326-acre land around the stadium with dining, entertainment and shopping.
Bears announce purchase and sale agreement for Arlington Park.https://t.co/CIVIOV8wHZ
— Chicago Bears (@ChicagoBears) September 29, 2021
Phillips said that much work still needs to be completed before they actually close on the purchase but this will create a path toward allowing the Bears to thrive on the field.
“We will never stop working toward delivering Bears fans the very best experience,” Phillips says in the statement. “We will continue to provide updates on our progress at the appropriate time.”
Chicago Mayor Lori Lightfoot said she is “not surprised” about the move, although she says she is trying to do everything she can to get the Bears to stay in Chicago.
Read the full statement from the Chicago Bears, HERE.