Two of Chicago’s major sports franchises are chugging along with their respective plans to build new stadiums, while working out the financial kinks.
Chicago White Sox owner Jerry Reinsdorf, who’s been working to erect a ballpark in Related Midwest’s South Loop megadevelopment, The 78, could reach deep into his own pockets to help fund construction of the stadium, Crain’s reported.
Contrary to previous reports suggesting that Reinsdorf expected the Illinois Sports Facilities Authority to cover the entire estimated $1.25 billion cost, a source close to him said there’s potential for significant private investment from the White Sox. While the exact amount remains unclear, Reinsdorf could invest upwards of $200 million, the outlet reported.
Separately, the Chicago Bears are set to unveil updated plans for a new domed stadium on the city’s lakefront on Wednesday, solidifying the team’s intent to stay within the city limits after a tax dispute shut the door on a potential gameday venue in Arlington Heights, Crain’s reported.
The Bears will showcase a vision for a “state of the art, publicly owned stadium” along with expanded green space on the Museum Campus nearby the team’s current home at Soldier Field, as part of a stadium-anchored mixed-use development. Invitations from team owner George McCaskey and president Kevin Warren have been extended to city officials and VIPs.
For both the Bears and White Sox, financial questions persist, despite a willingness to invest private funds by the ownership of both teams — the Bears have been reportedly willing to chip in significantly for their estimated $3 billion plan.
Under Reinsdorf’s plan for the Sox, the ISFA would oversee stadium construction and ownership in the South Loop, with funding sourced from existing taxes on Chicago hotel stays and increased sales-tax receipts from the stadium area.
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Reinsdorf, Related seek $1B subsidy for new White Sox stadium
The Bears, also eyeing the hotel tax for funding, have proposed contributing $2 billion towards their own stadium costs, largely sourced from fan-related revenues and NFL-operated funds. Yet, the team would still need at least $1 billion in public subsidies to fund the stadium, along with the Museum Campus overhaul and extensive public infrastructure upgrades.
While the NFL team has been proactive in publicizing their proposal, Reinsdorf’s recent willingness to invest follows calls from Mayor Brandon Johnson for greater involvement from the billionaire owner. However, uncertainty looms over whether the proposed financing frameworks will meet the approval of Governor J.B. Pritzker, who remains cautious about taxpayer subsidies for sports franchise owners.
—Quinn Donoghue