Churchill Downs sells Arlington Racecourse to Chicago Bears
The deal is still subject to closing conditions and could be concluded in 2022 or early 2023.
US.- Churchill Downs Incorporated (CDI) has announced a deal to sell Arlington International Racecourse in Arlington Heights, Illinois, to the American football team the Chicago Bears. The company, which oversees 16 casinos and racing properties, said the sale price was $197.2m.
The sale of the 326-acre property is still subject to closing conditions, but it’s expected to be concluded in 2022 or early 2023.
Chicago Bears CEO and president Ted Phillips said: “We are excited to have executed a Purchase and Sale Agreement (PSA) for the Arlington Park property. We are grateful to Churchill Downs Incorporated for its efforts to reach this point. We also appreciate the support of Mayor Tom Hayes and the Village of Arlington Heights.
“Our goal is to chart a path forward that allows our team to thrive on the field, Chicagoland to prosper from this endeavour, 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.”
CDI CEO Bill Carstanjen added: “This has been an extraordinarily competitive bid process. Congratulations to the Chicago Bears for their professionalism and perseverance. It is clear they are committed to an exciting vision for their team and their fans.
“We wish them the greatest success and are excited for the opportunity this brings to the Village of Arlington Heights and the future economic development of this unique property.”
See also: Churchill Downs sues horse owners in California over commissions
