It was recently announced that the Chicago Bears’ plans for a new stadium in Arlington Heights have stalled after the team submitted a plan asking for $862 million in funding for public infrastructure.[i]
The Illinois state legislature adjourned its fall session without approving the necessary funding. Therefore, the team will now have to wait until early 2026 to see whether or not a funding measure will pass. State lawmakers have been adamant that they will not provide funding to the Bears for a new stadium as the Illinois Sports Facilities Authority is still paying off $534.4 million in debt on the 2003 Soldier Field renovations.[ii] Lawmakers have even gone so far as to propose legislation saying that they will not provide funding to any teams that have a losing record (although the Bears have been on a hot streak recently and now lead the NFC North). If this new stadium is eventually built, it will likely surpass SoFi Stadium as being the most expensive stadium ever built, especially as construction costs increase by more than $10 million every month.[iii]
A key opponent of the Bears’ move to Arlington Heights is Governor J.B. Pritzker, who stated earlier this year that while he would consider providing funding for infrastructure like roads and metro lines, he would not support building facilities for private enterprises.[iv] He was also against a deal that would shield the team from paying property taxes on the stadium, stating that it is “not good for taxpayers”, especially given the team’s recent $8.9 billion valuation.
As one of the oldest teams in the NFL that is located in the third largest media market in the country, it is very unlikely that the NFL would want to see the Bears leave the Chicago area.[v] The NFL’s current media deal was signed in 2021 and is valued at $111 billion over 11 years, however the deal contains an opt-out clause after the 2029-2030 season for all partners except Disney, meaning that negotiations for a new deal could begin as early as next year.[vi] Should the deal for a new stadium fall through and the Bears were to threaten relocation out of Chicago, the value of such media rights could be severely impacted.
If the Bears were to stay and move forward with the stadium project, the team may turn to private equity as a source of capital for these improvement projects should the state not approve the $862 million the Bears are asking for. After the NFL voted to allow private equity investment in 2024, the Bills, Dolphins, and Chargers have been the only teams to take advantage of a new source of capital. With approved private equity groups only allowed to purchase up to a 10% stake in a team and restricted to a six-year minimum hold period with no voting rights or decision-making power,[vii] this may be an attractive alternative for owners seeking capital for major infrastructure projects.
Ownership has become a hot topic of conversation with the Bears, as Virginia Halas McCaskey, the daughter of Bears founder George Halas, passed away in February at the age of 102, and the estate of Andrew McKenna, a minority owner, sold his share back to the McCaskeys in August.[viii] As Sportico noted, the Bears ownership group is structured like a family business, with each owner – the McCaskey family on one side and the Ryan family on the other – having a first right of refusal. Therefore, any sale of a stake in the team would need both owners to agree. This arrangement means that it may be a while before we hear of any new investors joining the Bears ownership group, and that the stadium plans may be stalled for a little longer until the Bears finalize a plan for financing without state contributions.
[i] https://www.thestadiumbusiness.com/2025/11/03/chicago-bears-stadium-plans-hit-stumbling-block/
[ii] https://www.forbes.com/sites/philrogers/2025/09/12/old-debt-at-solder-field-casts-shadow-on-bears-stadium-efforts/
[iii] https://www.the-sun.com/sport/15511025/chicago-bears-stadium-arlington-heights-plan/
[iv] https://www.nprillinois.org/illinois/2025-10-22/pritzker-talks-city-budget-bears-stadium-with-chicago-business-and-civic-leaders
[v] https://www.sportsbusinessjournal.com/Articles/2025/09/29/us-media-market-rankings-bay-area-passes-boston-strong-growth-for-austin-west-palm-beach-okc/
[vi] https://www.cnbc.com/2025/09/24/nfl-tv-rights-renegotiations-accelerated-roger-goodell.html
[vii] https://frontofficesports.com/slow-burn-the-nfls-private-equity-era-so-far/
[viii] https://www.sportico.com/business/team-sales/2025/chicago-bears-stake-sold-mccaskey-ryan-mckenna-1234866271/
Photo Credit: @Manica
Stacy Walker is a third-year law student at the University at Buffalo School of Law. Her areas of interest lie at the intersection of sports and corporate transactions, with prior research done on private equity investments in youth sports and professional stadium development projects.
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