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The Chicago Bears took a major step in their potential plans to move away from Soldier Field on Wednesday (September 29).
The Bears announced they've signed a $197.2 million purchase and sale agreement (PSA) with Churchill Downs Inc. for the 326-acre Arlington Park property in the Illinois suburb of Arlington Heights, 30 miles outside of their current home in downtown Chicago.
"Finalizing the PSA was the critical next step in continuing our exploration of the property and its potential," Bears President and CEO Ted Phillips said in a statement obtained by ESPN. "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."
Churchill Downs Inc. released a separate statement confirming it hoped to close a deal in late 2022 or early 2023.
The Bears have played at Soldier Field since 1971 -- having previously played at Staley Field (1920) and Wrigley Field (1921-1970) -- but the stadium initially opened in 1924, making it the oldest in the NFL and, holding just 61,500 fans, the smallest capacity in the league.
The franchise currently has a lease with Soldier Field that runs through 2033.
In July, the Chicago Tribune reported the Bears would need to pay $84 million in damages to the city of Chicago if their lease is broken in five years.
Chicago Mayor Lori Lightfoot released a statement regarding the Bears' PSA saying, "We remain committed to continuing to work to keep the team in Chicago and have advised the Bears that we remain open to discussions," NBC Chicago reports.
Soldier Field underwent renovation folloiwng the 2001 season, which forced the Bears to relocate to the University of Illinois in Champagne for the 2002 NFL season.