CDI Sells Arlington Property to Chicago Bears

Arlington International Racecourse owner Churchill Downs Inc. announced Sept. 29 that it has sold the 326-acre track property in Arlington Heights, Ill., to the Chicago Bears.

CDI said it had signed a purchase and sale agreement with the NFL team, which will pay $197.2 million for the property. The Bears could use the property to build a new stadium or negotiate a better deal on their current stadium, Soldier Field.

"Finalizing the (purchase and sale agreement) was the critical next step in continuing our exploration of the property and its potential," said Bears president and CEO Ted Phillips. "Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities, before we can close on this transaction.

"Our goal is to chart a path forward that allows our team to thrive on the field, Chicagoland to prosper from this endeavor, and the Bears organization to be ensured a strong future. We will never stop working toward delivering Bears fans the very best experience. We will continue to provide updates on our progress at the appropriate time."

Oddly enough, CDI had owned Hollywood Park before selling that property in 2005 to the Bay Meadows Land Company for $257.7 million. Today SoFi Stadium, home of the Los Angeles Rams and Los Angeles Chargers, resides on that property.

CDI noted that there were a number of bidders for the Arlington property.

"This has been an extraordinarily competitive bid process," said CDI CEO Bill Carstanjen. "Congratulations to the Chicago Bears for their professionalism and perseverance. It is clear they are committed to an exciting vision for their team and their fans. We wish them the greatest success and are excited for the opportunity this brings to the Village of Arlington Heights and the future economic development of this unique property."

In a text, Dave McCaffrey, executive director of the Illinois Thoroughbred Horsemen's Association, questioned CDI's commitment to racing.

"This shouldn't come as a shock. Churchill did what their past performance lines suggested—they closed another track."

In a Bears release, Arlington Heights Mayor Tom Hayes was optimistic about the land's future.

"I could not be more excited about the news that the Chicago Bears have signed a purchase and sale agreement to buy the Arlington Park property in our community," Hayes said. "My goal for any redevelopment has always been to put this prime piece of real estate to its highest and best use, and I can't think of a higher and better use than this one.

"There is a long way to go as we begin this journey, and many issues for the community to discuss, but the Village is committed to working with the Bears organization and all stakeholders to explore this opportunity for Arlington Heights and the northwest suburban region."

The Chicago Tribune reports that Soldier Field, capacity 61,500, is the smallest NFL stadium currently in use. The paper also noted that the Bears also would be able to develop the land around Arlington with shopping, dining, and entertainment if it moves forward on a stadium at the location.

According to the Tribune, The Bears' lease at the stadium runs through 2033, and an investigation by the paper found the team would have to pay $84 million in damages to the city of Chicago if it breaks the lease in five years. The two sides likely would enter into negotiations to reach a financial settlement, officials said.

Chicago Mayor Lori Lightfoot, on WSCR-AM's Mully & Haugh Show on Wednesday morning, said she would try to keep the Bears in Chicago.

"I'm the mayor of the city, I'm a Bears fan of longstanding, I'm going to do everything I can to try to keep the Bears in Chicago," Lightfoot said. "But just as this is a business decision for them, it's a business decision for us.

"They actually have to come to us and tell us what they want. We have been open to a conversation. They have not."

There was no immediate information on any possibility of continuing racing at the Arlington site during any transition. Earlier this month CDI did not apply for race dates in 2022. Hawthorne Race Course was granted 76 Thoroughbred race dates, a reduction in dates for the Chicago area from this year when both Hawthorne and Arlington operated. Hawthorne plans to run separate meets of Standardbreds and Thoroughbreds in 2022.

CDI anticipates closing of the sale, which is subject to a number of closing conditions, in late 2022 or early 2023 and said it plans to use the proceeds from the sale to purchase or invest in a replacement property. Those plans to purchase or invest in a replacement property are in line with what CDI has said since announcing the sale. It has said it would like to build or invest in another track in Illinois.

BloodHorse previously has reported that CDI soured on adding casino gaming at Arlington as it was too close to Rivers Casino, in which CDI is the majority stakeholder.

If this is the end of racing at Arlington, it closes the book on a rich history for a track that initially opened in 1927. In short order the Arlington Classic would become one of the top races for 3-year-olds in the country, drawing the likes of Triple Crown winners Gallant Fox and Omaha in the 1930s. Stars including Nashua, Dr. Fager, and Alydar would follow in the 1950s, '60s, and '70s.

Arlington became the world's first track to offer a $1 million race for Thoroughbreds when it launched the Arlington Million Stakes (G1T) in 1981.

Fire destroyed the Arlington clubhouse in July 1985 but the track pulled things together the next month to stage the Arlington Million, as some 35,000 fans watched from tents and temporary facilities. The "Miracle Million" would earn the track an Eclipse Award.

Owner Richard Duchossois would rebuild the track—a lavish, modern racing facility recognized as one of the best in North American racing. It maintained that status to this day.

Despite the sparkling facility, Duchossois would have to close the track for two seasons, 1998 and 1999, before selling to CDI in 2000—a deal that saw Duchossois pick up nearly four million shares of CDI common stock. 

Confident Chicago area racing fans would support such ventures, Arlington has been willing to put races together to draw top equine stars. In 1973 it landed Secretariat for his first start after the Triple Crown in the Arlington Invitational, drawing more than 41,000 fans; and 23 years later it would attract Cigar, who secured his 16th straight win before more than 34,000 fans in the Arlington Citation Challenge Invitational Stakes.

Bob Kieckhefer contributed to this story.