Chicago Bears purchasing Arlington Global Racecourse

Friday October 1, 2021 |
Chicago Bears purchasing Arlington Global Racecourse

In the American point out of Illinois and Churchill Downs Integrated has announced the signing of an definitive arrangement that is to see the Chicago Bears franchise of the Countrywide Soccer League (NFL) invest in its Arlington Intercontinental Racecourse facility.

The Louisville-headquartered racing-turned-gambling organization applied an official Wednesday push launch to declare that the $197.2 million deal stays ‘subject to the satisfaction of several closing conditions’ but will possible be concluded in the subsequent six months. The corporation also stated that it intends to use any proceeds from the coming transaction ‘to buy or commit in substitute property’ that would not stifle level of competition for its nearby Rivers On line casino Des Plaines location.

Evolving natural environment:

Churchill Downs Included positioned the now-shuttered Arlington Global Racecourse on the sector in February immediately after earlier revealing that it would not be implementing for permission to remodel the 326-acre property into a single of the Midwestern state’s new racinos. The improvement positioned in the northern Chicago suburb of Arlington Heights had been internet hosting horseracing occasions considering the fact that 1927 but a short while ago observed its revenues drop sufferer to altering tastes and the progress of land-dependent and iGaming choices.

Stiff struggle:

Bill Carstanjen serves as the Chief Executive Officer for Churchill Downs Integrated and he proclaimed that the Chicago Bears bested 30 other runners in ‘an terribly aggressive bid procedure’ that lasted via four rounds. The 53-12 months-outdated also praised the NFL franchise’s lengthy-held a dedication to developing ‘an interesting eyesight’ for by itself and its followers before disclosing that the crew will now have extra place need to it ever make a decision to build a replacement for its existing 61,500-seat Soldier Subject dwelling.

Read through a assertion from Carstanjen…

“Congratulations to the Chicago Bears for its professionalism and perseverance. We want the Chicago Bears the finest good results and are psyched for the chance this delivers to the village of Arlington Heights and the future financial improvement of this exclusive house. I could not be extra psyched about the information that the Chicago Bears has signed a purchase and sale arrangement to acquire Arlington Worldwide Racecourse.”

Relocation reference:

For its portion and the Chicago Bears, which would be obliged to fork out a fee of $84 million need to it decide to up sticks in advance of the end of the 2033 NFL period, utilized its own press release to admit the signing of the arrangement and trace at the probability of a go. The President and Chief Govt Officer for the 101-year-outdated company, Ted Philips, thanked Churchill Downs Integrated for its ‘attempts to reach this stage’ in progress of describing the alliance as ‘the vital following action in continuing our exploration of the residence and its opportunity’.

Philips’ assertion read…

Our objective is to chart a path ahead that permits our workforce to thrive on the discipline, Chicagoland to prosper from this endeavor and the Chicago Bears firm to be ensured a robust future. We will by no means quit doing work towards providing fans of the Chicago Bears with the pretty most effective practical experience and we will proceed to deliver updates on our development at the appropriate occasions.”