NFL teams have a knack for boasting of record revenues every day of the year except for when it’s time to ask for new stadium upgrades. Then they plead poverty.
That seems to be the case with the Chicago Bears as they pursue a brand new stadium in the Windy City.
According to the Chicago Tribune, the Bears’ $4.6 billion price tag on their new stadium features around half of the money coming from local tax payers – Bears fans and non-Bears fans alike. The price tag includes $3.2 billion in stadium construction costs plus another $1.4 billion in infrastructure improvements.
“The Chicago Bears are set to announce a $4.6 billion plan to build a new enclosed stadium and improved lakefront area with half of the money coming from taxpayers, sources said. But the team will have to overcome serious skepticism from several directions,” the outlet wrote.
“The stadium itself would cost $3.2 billion to build, with another $1.4 billion in proposed infrastructure improvements, according to sources familiar with the plan who spoke to the Tribune on the condition of anonymity.”
Per the report, the Bears are ready to pledge $2.3 billion to the cause with the NFL financing some of the bill. However, the plan also calls for $2.3 billion in public financing along with debt refinancing. The final price tag for tax payers will reportedly be the entirety of the $1.4 billion in infrastructure improvements plus another $1 billion to finance a stadium for the MLB’s Chicago White Sox.
“The sources said the Bears plan to pledge $2.3 billion, which includes some financing through the NFL. But the Bears’ plan includes an additional $2.3 billion in public financing, along with refinancing outstanding debt for prior publicly financed stadium projects for the Bears and White Sox, according to the sources,” the report continued.
“Taxpayers would be on the hook for the proposed infrastructure improvements along with about $1 billion in new borrowing to finance the new stadium south of Soldier Field, the sources said.”
Judging by the reaction on social media, this proposal isn’t going to sit well with the city of Chicago. Fans are already admonishing the Bears for going to the city, hat in hand, when they’re part of one of the richest sports leagues in the world.
We’ve seen an increasing trend of cities rejecting bids to have taxpayers foot the bill for new stadiums or stadium improvements even at the risk of teams relocating.
Will the Bears get their wish from the city? Will they threaten to leave if they don’t get their money?