Chicago Bears purchasing Arlington International Racecourse

In the American point out of Illinois and Churchill Downs Included has declared the signing of an definitive arrangement that is to see the Chicago Bears franchise of the Countrywide Football League (NFL) purchase its Arlington International Racecourse facility.

The Louisville-headquartered racing-turned-gambling business made use of an formal Wednesday push release to declare that the $197.2 million deal remains ‘subject to the fulfillment of numerous closing conditions’ but will possible be completed inside the future six months. The organization also stated that it intends to use any proceeds from the coming transaction ‘to order or commit in alternative property’ that would not stifle levels of competition for its nearby Rivers Casino Des Plaines location.

Evolving environment:

Churchill Downs Incorporated put the now-shuttered Arlington Intercontinental Racecourse on the current market in February following earlier revealing that it would not be applying for permission to remodel the 326-acre residence into one of the Midwestern state’s new racinos. The advancement located in the northern Chicago suburb of Arlington Heights had been hosting horseracing occasions given that 1927 but just lately noticed its revenues slide sufferer to shifting preferences and the progress of land-based and iGaming choices.

Stiff struggle:

Invoice Carstanjen serves as the Main Govt Officer for Churchill Downs Included and he proclaimed that the Chicago Bears bested 30 other runners in ‘an extraordinarily competitive bid course of action’ that lasted via four rounds. The 53-year-previous additionally praised the NFL franchise’s extensive-held a dedication to generating ‘an remarkable vision’ for itself and its fans right before disclosing that the team will now have more room should really it ever choose to build a alternative for its current 61,500-seat Soldier Subject home.

Read a statement from Carstanjen…

“Congratulations to the Chicago Bears for its professionalism and perseverance. We want the Chicago Bears the finest achievement and are psyched for the prospect this delivers to the village of Arlington Heights and the potential economic improvement of this unique residence. I could not be much more psyched about the news that the Chicago Bears has signed a purchase and sale arrangement to buy Arlington Worldwide Racecourse.”

Relocation reference:

For its aspect and the Chicago Bears, which would be obliged to spend a price of $84 million must it come to a decision to up sticks before the conclusion of the 2033 NFL period, applied its very own push launch to acknowledge the signing of the arrangement and hint at the likelihood of a move. The President and Main Government Officer for the 101-12 months-old company, Ted Philips, thanked Churchill Downs Incorporated for its ‘attempts to attain this place’ in progress of describing the alliance as ‘the important following step in continuing our exploration of the property and its possible’.

Philips’ assertion read…

Our target is to chart a route ahead that allows our staff to thrive on the area, Chicagoland to prosper from this endeavor and the Chicago Bears organization to be ensured a powerful long term. We will never cease operating towards offering followers of the Chicago Bears with the incredibly finest working experience and we will keep on to provide updates on our progress at the suitable periods.”