Bears sign sale agreement for Arlington Park
The sale positions the Bears to leave Soldier Field, the franchise's home stadium since 1971.
"Finalizing the PSA was the critical next step in continuing our exploration of the property and its potential," team president and CEO Ted Phillips said in a statement, adding that much work still needs to be completed before the transaction is closed.
Mayor Lori Lightfoot has publicly stated she wants the club to remain in Chicago.
Soldier Field currently has the smallest stadium capacity in the NFL, seating 61,500. The 97-year-old structure last underwent renovations in 2003.
Since 2000, 17 new NFL stadiums have been built, with the most recent being SoFi Stadium in Los Angeles and Allegiant Stadium in Las Vegas, which both opened in 2020.
The Bears have a lease at Soldier Field until 2033, but they could pay an $84-million penalty to break the lease in 2026, according to the Chicago Tribune's Bill Ruthhart. That penalty decreases after 2026.
The Chicago Fire of MLS returned to Soldier Field for the 2020 season.