The Chicago Bears have agreed to buy the Arlington Park property, a move that marks the end of Churchill Downs Inc.’s involvement in Illinois horse racing, at least for the time being.
In a Wednesday filing with the U.S. Securities and Exchange Commission, CDI said the Bears will pay US$197.2 million for the property. The sale is likely to close in late 2022 or early 2023, according to the filing.
News of the sale was first reported by The Athletic. Both parties released statements about the transaction Wednesday morning.
“Finalizing the (property and sale agreement) was the critical next step in continuing our exploration of the property and its potential,” Bears president and CEO Ted Phillips said in his statement. “Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities, before we can close on this transaction. Our goal is to chart a path forward that allows our team to thrive on the field, Chicagoland to prosper from this endeavor, and the Bears organization to be ensured a strong future.”
The team initially bid on the property in June. They were one of several suitors for the Arlington land, along with at least one, former track boss Roy Arnold’s Endeavor Properties, that planned to keep racing going.
Arnold did not immediately respond to a request for comment. He said in August that his team had had informal discussions with the Bears about possibly keeping racing at Arlington and building a stadium elsewhere on the 326-acre property.
The Bears did not return a request for comment as to whether racing could continue on the property in any form. The track hosted what might have been its final day of racing on Saturday.
“This has been an extraordinarily competitive bid process,” CDI CEO Bill Carstanjen said in a statement. “Congratulations to the Chicago Bears for their professionalism and perseverance. It is clear they are committed to an exciting vision for their team and their fans. We wish them the greatest success and are excited for the opportunity this brings to the Village of Arlington Heights and the future economic development of this unique property.”
CDI announced in 2019 that it would not seek a casino license for the track, which many saw as the death knell for racing in suburban Chicago. It announced it would sell the land in 2020.
Carstanjen invoked controversy when he said the Arlington land could have a “higher and better purpose” on a June 2020 earnings call with CDI shareholders. In his Wednesday statement, Arlington Heights Il. mayor Tom Hayes used similar language.
“My goal for any redevelopment has always been to put this prime piece of real estate to its highest and best use, and I can’t think of a higher and better use than this one,” Hayes said “There is a long way to go as we begin this journey, and many issues for the community to discuss, but the Village is committed to working with the Bears organization and all stakeholders to explore this opportunity for Arlington Heights and the northwest suburban region.”
The Bears are locked into a lease at Soldier Field in Chicago until at least 2026. Mayor Lori Lightfoot took to social media Tuesday night to share her thoughts on the possible move.
“My statement still stands on the Bears: my admin remains committed to continuing the work to keep the team in Chicago,” Lightfoot said on Twitter. “As I have said numerous times, our door in City Hall remains open.”
