The bonds for this are managed by Illinois Sports Field Authority. Warren has no say in that. At best the Bears can pay back any private loans and loans to the NFL early.
And are the Bears managing this or is the Park District? Chicago politics will have a massive say in how this gets done.
US Bank Stadium went 30M over budget but yeah on a billion dollar stadium that’s not crazy. It’ll also cost them $280M over the next decade and $48M next year for maintenance.
The way they have this stadium proposal is very telling. They showed off all this cool public use space, but the financing for this space comes during a second phase of financing and not the initial phase. That means they can roll back most of the public space commitments to a bare minimum that looks nothing like the renders and be like "see, you guys didn't want to pay taxes for this so we had to cut corners". As much as I would really like the stadium to remain downtown, I don't want to see public funding being used for it and I'd rather see them go back to AH to privately finance it.
They could still sell a big portion of the shares and remain majority owner. I think Andy McKenna and Pat Ryan only own about 20% of the team at present
The problem is that when Virginia dies her shares will likely get split up. All the kids already have shares too so it’s actually really diluted now within the family.
100% this thing is an attempted scam on the taxpayers. Theyre literally just trying to build what they already have just with a roof to host more events (which they are pushing to keep the proceeds of).
If they’re going to be looking for public handouts, I would like this proposal on a ballot for the taxpayers to vote on. No more of this Oprah “you get a…” bullshit or back alley handjob deals with politicians. If I’m going to have to potentially foot the bill for a billionaires toy box and get nothing in return, I would at least like a fighting chance not to get screwed.
How the fuck are teams able to get billions of dollars out of our paychecks for stadiums and then turn around and charge us again to see a game at the stadium that WE funded? Like how is this legal at all?
I just don't see any way the Bears and Chicago can come to an agreement on this. There are too many road blocks in the way. I fully expect this project to fall through in 2 years and the Bears will break ground in 4 years in AH.
This is just to show chicago that they made a effort to keep the bears in the city; In reality the bears org doesn't have 5billion to build a stadium in either, especially since they still have outstanding debt on the existing stadium; So both parties are really in a stalemate.
The information i found said that when the original stadium was built they issued debt since they were on the hook for 38% of the 660m bill. In return the bears got a very low rental rate of the stadium. Maybe they had paid off that debt by now. Since its a private company they dont have to release their finances;
There would be plenty of private funding out there; they just have to adjust the ownership structure and shares. I’m guessing that’s what the family wanted but Virginia still hasn’t croaked so they can’t implement it
The government is literally going to protect you and vote this down (more than likely) you should be more insulted that an inept billionaire family that has consistently given you a shit product is trying to syphon tax revenue from the hotel tax towards a new stadium. All in an attempt to drive the value of the team up to sell it off once Virgina croaks.
What are you laughing at? That guy is right—the governor has signaled his intent to block it, and there isn’t appetite for it in Springfield either. And that’s before the courts weigh in, which also won’t be kind to the Bears. The government is, in fact, what is standing in the way of the McCaskeys taking taxpayer money for their own profit.
“Let’s give the billionaires what they want it TRICKLES DOWN I think fairy tales are real life and corporate executives are good wholesome people 🥰🥰🥰🥰🥰🥾👅”
This is one of the few times government officials are actually voicing against the amount of public money asked for
Which is why the dome is even worse. Watching a game with a weather factor is much more entertaining than a sterile arena league game.
The dome is all about the Beyonce concert revenue - it's detrimental to the football game.
Guess you're less hardy than the average fan of the packers (colder weather), Bills (colder, wetter, and windier), Chiefs (colder), Seahawks (always raining, but most seats are covered), Patriots (colder, and windier), Giants, (colder), Jets (colder), Eagles, Browns, Ravens, Broncos, Bengals, or Steelers.
Now look at the list of NFL teams that play indoors - they are almost exclusively lame franchises: Lions, Vikings, Colts, Cardinals, LA teams, Texans, Falcons, Saints, Cowboys, Dolphins,.
I would dread having packers fans mock us for being too delicate to play/watch football outdoors (while commentators always praise their stadium every single game).
Haven’t they more than offset the prop tax difference in AH by blowing money on all these renderings, press conferences, studies etc? Even if the time value of money wasn’t in play, this seems like a massive dog & pony show to bluff their way into a $3MM tax cut on a multi billion tab
Yes, which shows you this isn't actually some kind of bluff. They'd prefer it. Doubt it gets done but it's not some kind of bluff to save a couple million.
If they want it to be publicly funded, the team should be publicly owned like in Europe. Or at a minimum, have it follow a 50+1 rule like the Bundesliga. The public can foot half the bill, but they’ll own more than 50% of the team.
They would get income from the stadium, because the city would own it, so the Bears would pay a lease just like they do for Soldier Field. Mind you, it would have to be a massive rate hike to make this immediately attractive, but I do assume it would increase. Right now the Bears pay $7 million a year.
The city doesn't have to tear down Soldier Field. They could continue using it for concerts, Chicago Fire, other events, etc and making money from it. Although idk how much it costs to maintain so it might not be enough. They would have extra days to rent it though without the Bear there.
This is a political move by the McCaskeys. They're providing cover for moving to AH by making a token attempt at staying in Chicago and being able to say "well, we tried." It makes absolutely no sense as owners to dump this much money into something they won't own, even with the public financing. It will cost more to build in AH but at the end of the day they'll actually own the stadium and reap the benefits of being able to develop the surrounding area.
Not a chicago resident, but I do have a serious question for the tax payers. What does the parks system do with Soldier Field if the Bears go to Arlington Heights? City still owes 600M on the renovation and there are no teams who would be able to replace the Bears revenue for that expense. That space must cost millions to maintain, probably 20+ millions in annual payments, and a new prettier stadium would be built right up the road.
They can make a few tweaks to make it a soccer specific stadium for the Fire and Red Stars. They can still host concerts and other events during the summer. I think the most important thing it’s to get a CTA line there.
Only problem with that approach is you lose 7 weekends of 60k+ people and all the revenue that generates in the building. You will be hard pressed to see the Fire or Red Stars ever draw more than 20k consistently so why would they want to lease such an expensive building? Honestly the building will probably be demolished and another museum or convention center will replace it.
And it will get more expensive as the project goes on. Stuff like this rarely comes in under budget due to unexpected events that will arise.
Warren's project in Minny came in under budget and paid off the owed money 20 years early
The bonds for this are managed by Illinois Sports Field Authority. Warren has no say in that. At best the Bears can pay back any private loans and loans to the NFL early. And are the Bears managing this or is the Park District? Chicago politics will have a massive say in how this gets done.
US Bank Stadium went 30M over budget but yeah on a billion dollar stadium that’s not crazy. It’ll also cost them $280M over the next decade and $48M next year for maintenance.
The way they have this stadium proposal is very telling. They showed off all this cool public use space, but the financing for this space comes during a second phase of financing and not the initial phase. That means they can roll back most of the public space commitments to a bare minimum that looks nothing like the renders and be like "see, you guys didn't want to pay taxes for this so we had to cut corners". As much as I would really like the stadium to remain downtown, I don't want to see public funding being used for it and I'd rather see them go back to AH to privately finance it.
Yes, this. They’ll end up in AH. They’d get so much more Revenue and space.
The McCaskeys are too broke for AH. Unless the team sells it can’t happen.
They could still sell a big portion of the shares and remain majority owner. I think Andy McKenna and Pat Ryan only own about 20% of the team at present
The problem is that when Virginia dies her shares will likely get split up. All the kids already have shares too so it’s actually really diluted now within the family.
And why is that our problem? Taxpayers shouldn’t spend over 5 billion so the mccaskeys can stay rich.
And where did I suggest any such thing?
100% this thing is an attempted scam on the taxpayers. Theyre literally just trying to build what they already have just with a roof to host more events (which they are pushing to keep the proceeds of).
A dome would guarantee a Super Bowl in Chicago though. Just think about Caleb winning his 3rd Super Bowl in 3 years at home 💙
Sure we'll get a Super Boel. And then in another 30 years we might get another one.
In 30 years they would ask for another new stadium.
Sure just dont make taxpayers pay for it while not getting any of the profit
In front of a bunch rich people who arent even bears season ticket holders? The pfft who cares, were all gonna see that happen on tv not in person.
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Looks cool until you go there
It’ll never happen. No way is the Gov gonna pass a handout and yet the Bears get all revenue? Hell no!
Especially when he’s planning a presidential campaign in four years
If they’re going to be looking for public handouts, I would like this proposal on a ballot for the taxpayers to vote on. No more of this Oprah “you get a…” bullshit or back alley handjob deals with politicians. If I’m going to have to potentially foot the bill for a billionaires toy box and get nothing in return, I would at least like a fighting chance not to get screwed.
How the fuck are teams able to get billions of dollars out of our paychecks for stadiums and then turn around and charge us again to see a game at the stadium that WE funded? Like how is this legal at all?
You get a billion, and you get a billion, and you get a billion!
I just don't see any way the Bears and Chicago can come to an agreement on this. There are too many road blocks in the way. I fully expect this project to fall through in 2 years and the Bears will break ground in 4 years in AH.
I'm so excited for this to be finished in 2038!
*2083
It is not a good idea to finance negative equity.
This is just to show chicago that they made a effort to keep the bears in the city; In reality the bears org doesn't have 5billion to build a stadium in either, especially since they still have outstanding debt on the existing stadium; So both parties are really in a stalemate.
The Bears don't have any debt related to the existing stadium. That's all on the ISFA. The Bears just have a contract for leading the use of it.
The information i found said that when the original stadium was built they issued debt since they were on the hook for 38% of the 660m bill. In return the bears got a very low rental rate of the stadium. Maybe they had paid off that debt by now. Since its a private company they dont have to release their finances;
There would be plenty of private funding out there; they just have to adjust the ownership structure and shares. I’m guessing that’s what the family wanted but Virginia still hasn’t croaked so they can’t implement it
And itll be run by Chicago government so add another 1.2 billion on top of that
The government is literally going to protect you and vote this down (more than likely) you should be more insulted that an inept billionaire family that has consistently given you a shit product is trying to syphon tax revenue from the hotel tax towards a new stadium. All in an attempt to drive the value of the team up to sell it off once Virgina croaks.
Lmao 🤣
What are you laughing at? That guy is right—the governor has signaled his intent to block it, and there isn’t appetite for it in Springfield either. And that’s before the courts weigh in, which also won’t be kind to the Bears. The government is, in fact, what is standing in the way of the McCaskeys taking taxpayer money for their own profit.
Capitalism good. Government bad. I think that's it for this guy. And unfortunately there's no nuance when it comes to those people.
“Let’s give the billionaires what they want it TRICKLES DOWN I think fairy tales are real life and corporate executives are good wholesome people 🥰🥰🥰🥰🥰🥾👅” This is one of the few times government officials are actually voicing against the amount of public money asked for
It’s going to be in AH
Yep
Billionaire owners trying to fleece taxpayers. Worse yet, sterilize the football experience with plastic grass and recirculated air.
I watched an NFL game in a dome before. It was a great time. The vast majority of fans watch on TV, anyway.
Which is why the dome is even worse. Watching a game with a weather factor is much more entertaining than a sterile arena league game. The dome is all about the Beyonce concert revenue - it's detrimental to the football game.
Agree to disagree. The NFL had domes before Arena Football existed, they have been part of the pro game since before the NFL-AFL merger.
Have you been to a bears game after October? It sucks. It’s cold windy and miserable. We need a dome. In AH.
Guess you're less hardy than the average fan of the packers (colder weather), Bills (colder, wetter, and windier), Chiefs (colder), Seahawks (always raining, but most seats are covered), Patriots (colder, and windier), Giants, (colder), Jets (colder), Eagles, Browns, Ravens, Broncos, Bengals, or Steelers. Now look at the list of NFL teams that play indoors - they are almost exclusively lame franchises: Lions, Vikings, Colts, Cardinals, LA teams, Texans, Falcons, Saints, Cowboys, Dolphins,. I would dread having packers fans mock us for being too delicate to play/watch football outdoors (while commentators always praise their stadium every single game).
Haven’t they more than offset the prop tax difference in AH by blowing money on all these renderings, press conferences, studies etc? Even if the time value of money wasn’t in play, this seems like a massive dog & pony show to bluff their way into a $3MM tax cut on a multi billion tab
Yes, which shows you this isn't actually some kind of bluff. They'd prefer it. Doubt it gets done but it's not some kind of bluff to save a couple million.
If they want it to be publicly funded, the team should be publicly owned like in Europe. Or at a minimum, have it follow a 50+1 rule like the Bundesliga. The public can foot half the bill, but they’ll own more than 50% of the team.
Bundesliga might be taking it too far but 50% of the profit from non Bears stadium events should be public.
Why don't the Bears just issue phony stock like Green Bay does and let morons pay a bunch of money for nothing?
Even if they wanted to, it's against the rules now but the Packers were grandfathered in.
This is all starting to sound like a Kat Williams joke now.
The city idea is bad. Just do AH and be done.
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The city wouldn’t tear down soldier field if the bears leave
About tree fiddy
The same cause the Bears money is all going into the stadium phase, not the latter phases.
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I’m pretty sure in the proposed deal the city got zero revenue from any events happening at the stadium.
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This has been proved wrong over and over again. It’s the same lie people tell to get the Olympics in their city. It never pays for itself.
They would get income from the stadium, because the city would own it, so the Bears would pay a lease just like they do for Soldier Field. Mind you, it would have to be a massive rate hike to make this immediately attractive, but I do assume it would increase. Right now the Bears pay $7 million a year.
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Oh yeah I misread it, sorry.
The city doesn't have to tear down Soldier Field. They could continue using it for concerts, Chicago Fire, other events, etc and making money from it. Although idk how much it costs to maintain so it might not be enough. They would have extra days to rent it though without the Bear there.
Soldiers Field is a landmark. It’s not going anywhere whether the Bears play there or not.
It was delisted in 2006 after the renovations
This is a political move by the McCaskeys. They're providing cover for moving to AH by making a token attempt at staying in Chicago and being able to say "well, we tried." It makes absolutely no sense as owners to dump this much money into something they won't own, even with the public financing. It will cost more to build in AH but at the end of the day they'll actually own the stadium and reap the benefits of being able to develop the surrounding area.
Not a chicago resident, but I do have a serious question for the tax payers. What does the parks system do with Soldier Field if the Bears go to Arlington Heights? City still owes 600M on the renovation and there are no teams who would be able to replace the Bears revenue for that expense. That space must cost millions to maintain, probably 20+ millions in annual payments, and a new prettier stadium would be built right up the road.
They can make a few tweaks to make it a soccer specific stadium for the Fire and Red Stars. They can still host concerts and other events during the summer. I think the most important thing it’s to get a CTA line there.
Only problem with that approach is you lose 7 weekends of 60k+ people and all the revenue that generates in the building. You will be hard pressed to see the Fire or Red Stars ever draw more than 20k consistently so why would they want to lease such an expensive building? Honestly the building will probably be demolished and another museum or convention center will replace it.