The latest reports have the team staying put in Chicago
I don’t know if there’s more drama on soap operas or in Chicago sports stadium news these days.
But as the NFL world turns towards free agency and the draft, Crain’s Chicago Business has new developments in the ongoing Bears stadium saga.
In their latest report, they say that the Chicago Bears are close to announcing a plan that will keep in downtown Chicago and build a lakefront domed stadium on the parking lot site that has been previously reported.
To fight off legal challenges and help secure funding, they have hundreds of millions of private financing lined up and are proposing infrastructure improvements that would connect the museum campus and Northerly Island.
While the city has long sought improvements to the campus, the infrastructure would likely add hundreds of millions to the total taxpayer tab to support a new stadium.
To help arrange the complex financial deal, the Bears are working with banking giant Goldman Sachs and have retained attorneys from Sidley Austin, a Chicago-based global law firm with a large sports practice.
There’s a lot of other details, too. The bond-issuing Illinois Sports Facilities Authority hasn’t met with the Bears and there is pressure from Springfield for the Bears and the White Sox to work together to bring one proposal to them.
Other details are that the city, with Mayor Brandon Johnson’s administration, plus other city backers, are on board with the Bears’ plans and have met with Team President Kevin Warren to help shape the plans that will appease the public and the Friends of Chicago Parks.
But while Chicago may have taken the lead in the race for a new stadium, the Arlington Heights property isn’t dead yet. Their mayor, Tom Haynes, is still optimistic the Bears will head to the suburb.
To aid in the stadium plan, the Bears have promoted longtime executive Karen B. Murphy to executive vice president of stadium development and chief operating officer.
Stay tuned because this ongoing drama isn’t going anywhere, and there aren’t likely to be any shovels in the ground for a long, long time.
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