Chicago Bears Are Considering Drastic Measures To Fund New Stadium
Building a new stadium in modern times is really expensive. It costs anywhere from $2 billion to $5 billion on average. It all depends on size, location, and how many amenities you wish to include. For some NFL owners, that isn’t a problem. They are more than rich enough to foot the bill. That isn’t the case for the McCaskey family. Their entire fortune is tied up in the Chicago Bears. The only way they can become genuinely wealthy is if they sell the team. That isn’t happening, at least not according to George McCaskey.
So, how do they foot the bill? They had hoped to get help from the state government through public money. Governor J.B. Pritzker outright refused that option. The NFL itself will help with a large donation. Beyond that, the Bears may have no choice but to eat most of the cost personally. However, there is another player they are considering. According to Randall Williams and Miranda Davis of Bloomberg News, the team might be planning to sell a minority stake in the team for the first time since 1990.
The NFL’s Chicago Bears are exploring a sale of the minority stake owned by the late Andrew McKenna Sr., according to people familiar with the matter.
The exact size of the stake isn’t known. McKenna, a former chairman of McDonald’s, died in 2023. The descendants of George Halas, the team’s founder, own approximately 80% of the team. In addition to McKenna’s stake, some shares are owned by insurance billionaire Pat Ryan, 88. Ryan and McKenna originally purchased 19.7% of the club in 1990.
The Chicago Bears have an interesting decision to make.
Under the current ownership structure, the McCaskey family has the right of first refusal in any sale. In other words, if McKenna’s family wishes to sell their 2% stake in the team, the McCaskeys are the ones allowed to purchase it first. Pat Ryan has the second right of first refusal. The idea is to maintain as much control of the organization as possible. The problem is NFL teams have become so valuable these days that even minority ownership is highly sought after. Tom Brady recently bought 5% of the Las Vegas Raiders, estimated at around $175 million.
The Chicago Bears are said to be worth $6.4 billion. That means whoever seeks that 2% stake from the McKennas would pay at least $128 million. The number could go much higher if the team were to open it up to an auction. That would mean the McCaskeys and Ryan would waive their rights of first refusal. Such a sale could go a long way in helping the Bears fund their new stadium in Arlington Heights.