326-ACRE PROPERTY.
>> THE CHICAGO BEARS BID FOR
ARLINGTON INTERNATIONAL RACE
COURSE HAS ODD MAKERS IN A BIND
IS IT A BLUFF?
ARE THERE ARE DARK HORSES IN THE
RACE TO BUY THAT SITE.
HERE IS WHAT MAYOR LORI
LIGHTFOOT A BEARS SEASON TICKET
HOLDER HERSELF HAD TO SAY ABOUT
IT.
>> FRANKLY I AM A HE NOT SURE
EXACTLY WHAT THEY WANT.
BUT WE ARE OPEN TO THE
CONVERSATION.
I THINK IT'S IMPORTANT.
I SAY THIS AS MUCH AS THE MAYOR
AND ALSO AS A 20 PLUS YEAR
SEASON TICKET HOLDER OF THE
CHICAGO BEARS THAT THERE IS
INTEREST IN IMPROVING THE FAN
EXPERIENCE AT SOLDIER FIELD AND
THEM BEING ABLE TO MAXIMIZE THE
PROFITABILITY OF THE STADIUM AND
I'M TOTALLY SUPPORTIVE OF THAT.
>> AND JOINING US ARE ALAN
SANDERSON HE HAS WRITTEN ON THE
ECONOMIC IMPACT OF BIG TICKET
EVENTS.
AND MARC GANIS PRESIDENT OF
SPORTS BUSINESS CONSULTING FIRM
SPORTS CORP AND IS A SPECIALIST
AND WORKED ON THE SALE OF THE
CUBS FROM THE TRIBUNE COMPANY TO
THE RICKETTS FAMILY.
GOOD TO SEE BOTH OF YOU AGAIN.
I KNOW YOU CANNOT SEE ME ON
ZOOM.
MARK, THIS BEARS BID FOR THAT
ARLINGTON PARK LAND IN YOUR EYES
IS THIS A BLUFF TO GET MORE OUT
OF THE CITY?
OR COULD THEY REALLY LEAVE
CHICAGO?
>> I THINK THIS IS VERY SERIOUS.
THIS IS NOT A BLUFF.
THE BEARS HAVE BEEN LOOKING FOR
DECADES IF PEOPLE WILL REMEMBER
IN VARIOUS SUBURBAN LOCATIONS.
THEY PURCHASED AN OPTION ON
FARMLAND IN WESTERN SUBURBS IN
GARY, INDIANA.
THEY HAVE LOOKED AT ARLINGTON
PARK YEARS AGO.
THIS IS SOMETHING THE BEARS ARE
TAKING VERY SERIOUSLY.
IT'S SOMETHING THEY WOULD LIKE
TO DO.
I DO NOT SEE THIS AS A BLUFF.
I DO NOT SEE THIS AS A
NEGOTIATING LEVERAGE WITH THE
CITY.
IF YOU LOOK AT WHERE THESE NFL
STADIUMS ARE GOING WHAT THEY
NEED TO BE FOR FUTURE
GENERATIONS YOU NEED A LOT OF
LAND, AND A LOT OF SPACE AND YOU
NEED A BUILDING THAT CAN BE
EXPANDED AS NEEDED.
SO YOU CANNOT DO THAT AT SOLDIER
FIELD.
YOU CAN'T DO THAT AT SOLDIER
FIELD.
ONE WAY OR ANOTHER YOU HAVE TO
LOOK FOR A NEW STADIUM.
IS IT POSSIBLE IT'S IN THE CITY
OF CHICAGO?
OF COURSE IT'S POSSIBLE.
ARLINGTON PARK SEEMS LIKELY.
>> AND THE MAYOR IS WILLING TO
WORK ON IMPROVING THE STADIUM
EXPERIENCE AND PROFITABILITY OF
SOLDIER FIELD.
WHAT NEEDS TO BE DONE TO MAKE
THOSE THINGS HAPPEN AT THAT SITE
AT SOLDIER FIELD TO KEEP IT
ATTRACTIVE FOR THE BEARS TO STAY
THERE?
>> WELL, THE BEARS MADE A
MISTAKE 20 YEARS AGO WHEN THE
PLACES THEY COULD HAVE GONE AND
THERE'S RENOVATIONS THAT COULD
HAVE BEEN DONE.
MAYBE THE HORSE STADIUM IS THE
BEARS FAULT.
I LOOK AT THE OLD JOKE OF THE
KID WHO KILLS HIS PARENTS AND
ASKS FOR MERCY FROM THE COURT
BECAUSE HE IS AN ORPHAN.
THE BEARS DID THIS TO
THEMSELVES.
THE OTHER ISSUE HERE IS ONE WAY
OR ANOTHER IT IS A BILLION
DOLLARS.
IF THERE IS A NEW FACILITY
SOMEWHERE AND THE QUESTION IS
NOT JUST ARE THE BEARS GOING TO
ARLINGTON HEIGHTS OR GOING TO
SOMEPLACE ELSE IN THE CITY BUT
WHO IS GOING TO PONY UP THE
BILLION DOLLARS?
CERTAINLY ARLINGTON HEIGHTS I
DON'T THINK WANTS TO PAY THAT.
THE CITY DOESN'T WANT TO PAY
MUCH.
AND THE BEARS DON'T.
YOU WILL HAVE TO FIND SOMEBODY
WHO WANTS TO.
>> ONE OF THE WAYS --
>> LET ME ADD ONE THING, TOO,
ONE OF THE THINGS THAT HAPPENED
OVER TIME NOT JUST IN THE NFL
BUT SPORTS IN GENERAL OVER THE
LAST 30 YEARS, 40 YEARS,
TELEVISION CHANGED IT
DRAMATICALLY.
MOST OF THE BEARS REVENUE MOST
OF ANY NFL TEAM'S 11 KNEW COMES
FROM TELEVISION.
IT IS A MUCH BETTER EXPERIENCE
UNLESS ARE YOU ON THE 50
YARDLINE TO WATCH THE GAME AT
HOME WHEN YOU ARE WARM AND A
BEER IS A DOLLAR INSTEAD OF 10.
SO IN SOME WAYS IT DOESN'T MUCH
MATTER WHERE THEY PLAY BECAUSE
THE REVENUES ARE GOING TO COME
FROM TELEVISION NOT FROM GATE
RECEIPTS.
AND MARC GANIS, THE BEARS ARE
STUCK IN A LEASE AT SOLDIER
FIELD UNTIL 2033 UNTIL THE DEBT
IS PAID OFF BY THE ILLINOIS
SPORTS AUTHORITY CAN THEY BREAK
THAT LEASE EARLY?
WOULD IT BE COST-EFFECTIVE TO
PAY A PENALTY TO MOVE SOONER?
>> WELL, THERE ARE SOME
PROVISIONS IN THE LEASE THAT
ALLOW FOR SOME FEES TO BE PAID
POTENTIALLY FOR EARLY
TERMINATION.
BUT THIS IS NOT A SHORT-TERM
PROPOSITION BY THE BEARS.
USUALLY TAKES FIVE TO SEVEN
YEARS FROM INCEPTION UNTIL YOU
OPEN THE DOORS ANYWAY.
2033 IS ONLY 12 YEARS AWAY?
YOU ARE LOOKING AT A FIVE OR
SIX-YEAR DELTA IN THERE.
THEY COULD WORK --
IF THEY DECIDE TO GO THERE, THE
BEST DEAL THE CITY COULD DO IS
NEGOTIATE A WAY FOR THEM TO
BUYOUT OF THE LEASE EARLY SO THE
CITY COULD USE THAT MONEY FOR
OTHER PURPOSES IF IT COMES TO
THAT POINT.
>> THERE'S BEEN A PRIVATE
DEVELOPER TALKING ABOUT A
DEVELOPMENT A TRANSIT HUB AND
HOUSE THE BEARS HALL OF FAME AND
GAME DAY EXPERIENCES IS THAT THE
KIND OF THING THAT WERE IT TO BE
APPROVED WITH PUBLIC FUNDING
THAT WOULD SWEETEN THE POT TO
KEEP THE BEARS AT SOLDIER FIELD?
YOU ARE SAYING MOST OF THE MONEY
COMES FROM TV?
>> WELL, THE ISSUE IS THAT THERE
ARE TWO THINGS THAT YOU DO NOT
WANT TO BUILD ON A VALUABLE
PIECE OF REAL ESTATE ON SOLDIER
FIELD IS A VALUABLE PIECE OF
REAL ESTATE.
ONE IS A CEMETERY.
AND THE OTHER IS AN NFL STADIUM.
FOOTBALL STADIUMS ARE ECONOMIC
LOSERS FOR THEIR COMMUNITIES.
THE UTILIZATION RATE IS SOLO
COMPARED TO ANY OTHER FACILITY.
NOW, COULD THE BEARS MAKE A GO
OF IT FINANCIALLY WOULD IT BE A
GOOD INVESTMENT?
NO.
THAT'S JUST FOOTBALL STADIUMS NO
MATTER WHERE IT IS IT'S NOT
GOING TO HAPPEN.
ALSO, I SHOULDN'T SAY THIS AS A
SOUTH SIDER BUT THE CHICAGO CUBS
ARE THE ONLY OF OUR MAJOR
FRANCHISES IN TOWN THAT HAVE A
POSITIVE IMPACT ON THE CITY.
EVERYBODY AT A BEARS CAME IS
FROM CHICAGO SAME FOR THE
BLACKHAWKS AND THE BULLS AND THE
WHITE SOX.
THERE IS THEY ARE SPENDING THEIR
MONEY $100 INSTEAD OF THE MALL
OR CONCERTS OR RESTAURANTS.
THE CUBS DRAW FROM OUTSIDE OF
THE CITY SO THEY BRING MONEY IN.
FOOTBALL DOESN'T.
>> YOU'RE SAYING IT'S NOT
BRINGING PEOPLE FROM OUTSIDE THE
CITY AND MIGHT NOT BE A LOSS FOR
CHICAGO IF THE BEARS WERE TO
LEAVE.
MARC GANIS WE ARE OUT OF TIME,
WOULD IT BE A LOSS OF FANS IF
THE BEARS WERE NO LONGER CALLING
THEIR HOME SOLDIER FIELD?
OR WOULD FANS GET OVER IT?
>> THERE WOULDN'T BE A LOSS OF
FANS.
AT ALLEN SAYS THEY WILL WATCH IT
ON TELEVISION AND THE ONES THAT
GO TO THE GAMES, 60,000 PER GAME
SMALL STADIUM IN THE NFL RIGHT
NOW, YOU MAY GET A CHANGE IN THE
MIX OF THE PEOPLE AT THE GAMES.
BUT YOU WILL SELLOUT THE STADIUM
EVEN IF YOU ADDED 10 OR 15,000
SEATS.
NO LOSS AT ALL OF ANY FANS.
>> ALL RIGHT.
FASCINATING DISCUSSION AND WE DO
HAVE AN INVITE OUT TO BEARS
CHAIRMAN AND WE WANT TO DISCUSS
THIS WITH HIM AND OTHER THINGS
ABOUT THE FRANCHISE.