Bears

Should Chicago buy the Bears to keep team in the city?

Bears

One Chicago alderman has an interesting idea to help keep the Bears in the city, instead of moving to Arlington Heights. According to multiple reports, George Cardenas, 12th ward alderman, says he’s going to introduce an ordinance for the city to buy the team from the McCaskey family, and sell “shares” of the team back to Bears fans.

The problem is the McCaskeys have made it clear they have no intentions of selling the team. Of course, Chicago’s city council would have to approve of the plan, too.

If both of those huge hurdles are hypothetically cleared, Cardenas’ plan resembles how the Green Bay Packers offer “shares” to their fans. Periodically, the Packers have offered common “stock” to their fans, including a sale that started this week. But really these “stocks” are donations to the team, as fans who buy them receive no profits from their “shares” in the team, nor can they resell them publicly. What Packers fans do get for their $300 (plus a $35 handling fee) is a neat piece of paper saying they “own” part of the team to frame, and access to “exclusive shareholder merchandise.”

Back in September the Bears announced they’d signed a purchase agreement to acquire Arlington Park from Churchill Downs Inc. That is a big step towards the team moving out of the city and into the suburbs, but it is by no means a done deal. The team has said more work needs to be done before they finally close on the deal to buy Arlington Park.

 

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