CDI Closes Sale of Arlington Property to Chicago Bears

Churchill Downs Inc. announced Feb. 15 that the company has closed on the sale of the 326 acres of the former Arlington International Racecourse property in Arlington Heights, Ill., to the NFL's Chicago Bears for $197.2 million per the agreement announced in September 2021.

Read: CDI Sells Arlington Property to Chicago Bears

Pursuant to an Internal Revenue Code transaction, CDI will apply the proceeds of the sale to the purchase of, and improvements to, real property previously acquired in connection with the Peninsula Pacific Gaming acquisition that closed in 2022. It is speculated the Bears could use the property to build a new stadium or negotiate a better deal on their current home stadium, Soldier Field, in Chicago, Ill.

"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," Bears president and CEO Ted Phillips said in 2021. "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."

In a similar fashion CDI sold Hollywood Park in 2005 to the Bay Meadows Land Company for a reported $257.7 million; the now SoFi Stadium is home to the Los Angeles Rams and Los Angeles Chargers.

Arlington Racecourse initially opened in 1927; the track's initial crown jewel, the Arlington Classic Stakes, became one of the top races in the country for 3-year-olds. Disaster struck in 1985 when the clubhouse was destroyed by fire, but the track was able to pull off the Arlington Million (G1T) the following month. The miraculous feat of staging the venue for 35,000 amid temporary facilities and tents earned the moniker the "Miracle Million," and an Eclipse Award for the track.

Arlington was the first racetrack to offer the world's first $1 million race for Thoroughbreds and the Arlington Million would become the track's signature race. It began in 1981 and is still held to this day, but has been moved; most recently to Churchill Downs with plans to conduct the race this year at Colonial Downs.

The track closed for two seasons in 1998 and 1999 before transferring ownership from Richard Duchossois to CDI in 2000.

Sister Ruler , on Sept. 25, 2021, earned the final victory at the track. That last race, 'The Luxembourg', was named after the first horse to win at the track.

Soldier Field, a 99-year-old facility, seats 61,500 fans. Owned by the city of Chicago, Soldier Field was named in honor of soldiers who died in combat during World War I. The stadium is also home to Major League Soccer's Chicago Fire FC.