Alderman calls on city to purchase Chicago Bears to keep them in city, sell shares to fans
CHICAGO (WLS) -- In a bid to keep the Chicago Bears in the city, Alderman George Cardenas said he'll introduce an ordinance for the city to purchase the team and sell shares to fans.
The Bears announced at the end of September they had signed a Purchase and Sale Agreement for the entire Arlington Park land parcel in the village of Arlignton Heights, which previously housed the Arlington Race Course.
READ MORE | Chicago Bears confirm deal to buy Arlington Heights property
The sale is not yet a done deal, and Arlington Heights' village president told the board in early October that he had not yet received any details about the team's plans. He also said it'd be one to two years before any work would begin on building a new stadium.
Ald. Cardenas' proposal is similar to how the Green Bay Packers are structured.
It's a long-shot effort to keep the Bears in Chicago. Whether it would pass the city council, or whether an offer would be accepted by the team, was not clear.
The Bears' lease at Soldier Field runs until 2033, meaning the team would have to pay $84 million to the city to break it. The mayor said she has no plans to let the football team out of their lease just because they are unhappy with it, but she also said the Bears have never said what they want from the city in order to stay.
