Bears Can't Count on State Funding for Potential Stadium
Soldier Field has been home to the Chicago Bears since 1971, and underwent a renovation funded by $300 million in state bonds in 2002. The Bears have purchased the home of the current Arlington International Racecourse in Arlington Heights, which may be eyed as a potential home for a future stadium.
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As the Chicago Bears have drawn significant attention this week for its winning bid to buy the Arlington International horse racing track as a potential location for a new stadium in the suburbs, financing the potential project could be the biggest sticking point.
The team relied on $300 million in state-issued bonds for a renovation to its current home, Soldier Field, between 2002 and 2003. According to figures publicly available from the Illinois Sports Facilities Authority, which oversaw the Soldier Field bond sale and owns Guaranteed Rate Field, the home of the Chicago White Sox, nearly all of the principal on the bonds remains.
If the team is hoping for more state help to build a new stadium in the suburbs, the franchise may want to start finding other options. Two Democratic lawmakers, Rep. Mike Zalewski (D-Riverside) and Rep. Kam Buckner (D-Chicago) have introduced a resolution indicating the state will not publicly finance any stadium construction projects.
The resolution is not binding, but it would send a clear message on the will of lawmakers, or lack thereof, to cough up more cash for a stadium deal.
“It concerns me that we’re already onto building a new stadium for the Bears when there’s open questions as to whether taxpayers still owe money on Soldier Field,” Zalewski said in a statement. “My colleagues and I have spent several years righting the financial ship of the state by making sounds decisions and Illinois’ fiscal condition is in the best shape it’s been since construction of the new Soldier Field started. This is no time to look back.”
Zalewski says he’ll request House Speaker Chris Welch allow a vote on the resolution during veto session later this month.
The Bears’ owners, the McCaskey family, aren’t independently wealthy outside of ownership of the franchise, which is valued at around $3.5 billion. But if the legislature declares public financing a non-starter, it makes it far more difficult haul to make a potential $1.5-3 billion project feasible. (Allegiant Stadium in Las Vegas, one of the newest facilities in the NFL, cost around $2 billion to construct.)
The Bears haven’t spoken publicly about financing plans at this point.
