Churchill Downs Inc. CEO Bill Carstanjen says he is filled with remorse about the company’s decision to sell Arlington International Racecourse to the Chicago Bears football team. But he doesn’t feel bad enough to squelch the deal, which would reap $197 million for the track operator, according to the Chicago Sun-Times.
“Although we are sad to close Arlington Park and would have loved to continue racing and investing in the region, we believe that the Chicago Bears will ultimately develop this prime real estate into a world-class stadium and development, with numerous amenities for fans and residents to enjoy over the coming decades,” Carstanjen said during a quarterly earnings call.
The Bears outbid a group that included the former track president who wanted the races to continue. Da Bears haven’t owned up to anything except performing due diligence on the possibilities of a new field on the 326-acre tract.
The sale won’t close anytime soon. Late 2022 at the earliest, and even then, it depends on da Bears obtaining necessary approvals. Another factor in this soap opera is the $87 million the team would be on the hook for if they break their lease at Soldier Field.
Chicago Mayor Lori Lightfoot wants the team to stay put, but she is adamant that a sportsbook is out of the question as she works to lure a full-scale casino.
