NFL approval of private equity investment could help Chicago Bears' plans for new stadium
CHICAGO (WLS) -- The Chicago Bears are getting ready to start the regular season with their long-term stadium plans still up in the air.
A vote Tuesday by NFL owners may help them figure it out.
ABC7 Chicago is now streaming 24/7. Click here to watch
Crews were busy Wednesday getting Soldier Field ready for the Bears home opener in a little more than a week. Bears administrators were at the historic stadium to help introduce the new food options for fans this season.
As the team gets ready to play another season there, many are wondering how much longer the team will be playing here.
The Bears' quest for a new stadium, first in Arlington Heights and most recently on the lakefront, is well known.
"It's special to be able to have downtown Chicago and all the energy that this organization brings to the city," former Bears star Israel Idonije said.
The Bears introduced drawings for a proposed new multi-billion dollar domed lakefront stadium next to Soldier Field this spring. So far, those plans have failed to garner support from state lawmakers.
READ MORE | Bears remain committed to downtown stadium despite Soldier Field lease, Arlington Heights property
The team may now have a new possible source of funding. The NFL has finally relaxed a few of its strict rules around team ownership, formally approving the entry of private equity funds into the equation.
NFL owners have voted at a special meeting in Minnesota to allow stakes in individual clubs by investment groups, an emerging trend in the financial world that the league was content to let other pro sports take the lead on while it carefully took notes and considered how it might integrate the practice into its booming business for the good of all 32 teams.
"The primary area a team can grow is through local facilities, stadium facilities, that kind of thing," said Marc Ganis with Sportscorp LTD.
While questions remain about how many more potential buyers might be able to get in the game beyond the initial group of approved firms, it's clear as always that the NFL would not have gone down this road if it didn't think it could benefit its booming business with the stated goal of generating $25 billion in annual revenue.
Bears management voted in favor of the proposal, but they have not committed to any plan, much less how the money would be spent.
"It's a step in the right direction for the NFL, but again we just passed the vote yesterday, and we need to spend some time learning how it operates," Bears President Kevin Warren said.
If the Bears decide to try to raise money from private equity investors, they could use it to help build a stadium anywhere, including Arlington Heights. However, the sale would also be limited to 10% of the team's estimated value.
"It could be helpful, but it's not the answer to everything," Ganis said.
The Bears' contract with a new food vendor, Levy, runs for five years with the option of five more after that, an indication that developments in the Bears' relationship with Soldier Field are not likely to happen any time soon.
The Associated Press contributed to this report.
