In the American condition of Illinois and Churchill Downs Included has announced the signing of an definitive agreement that is to see the Chicago Bears franchise of the Nationwide Football League (NFL) invest in its Arlington Worldwide Racecourse facility.
The Louisville-headquartered racing-turned-gambling organization applied an formal Wednesday push release to declare that the $197.2 million offer remains ‘subject to the satisfaction of several closing conditions’ but will likely be concluded inside the up coming six months. The enterprise also said that it intends to use any proceeds from the coming transaction ‘to acquire or make investments in substitute property’ that would not stifle competitiveness for its close by Rivers On line casino Des Plaines venue.
Churchill Downs Integrated put the now-shuttered Arlington Intercontinental Racecourse on the marketplace in February soon after earlier revealing that it would not be implementing for authorization to transform the 326-acre assets into one particular of the Midwestern state’s new racinos. The development situated in the northern Chicago suburb of Arlington Heights experienced been hosting horseracing situations because 1927 but not too long ago observed its revenues drop sufferer to transforming tastes and the advancement of land-dependent and iGaming alternate options.
Bill Carstanjen serves as the Main Government Officer for Churchill Downs Included and he proclaimed that the Chicago Bears bested 30 other runners in ‘an terribly competitive bid method’ that lasted by four rounds. The 53-year-old also praised the NFL franchise’s lengthy-held a dedication to building ‘an thrilling eyesight’ for alone and its enthusiasts right before disclosing that the team will now have much more place should it ever choose to build a substitution for its current 61,500-seat Soldier Subject home.
Study a statement from Carstanjen…
“Congratulations to the Chicago Bears for its professionalism and perseverance. We would like the Chicago Bears the biggest success and are psyched for the possibility this provides to the village of Arlington Heights and the foreseeable future financial improvement of this distinctive residence. I could not be a lot more fired up about the information that the Chicago Bears has signed a invest in and sale agreement to buy Arlington Intercontinental Racecourse.”
For its element and the Chicago Bears, which would be obliged to pay out a charge of $84 million ought to it make your mind up to up sticks just before the finish of the 2033 NFL year, made use of its own push launch to admit the signing of the arrangement and hint at the possibility of a shift. The President and Main Government Officer for the 101-yr-aged organization, Ted Philips, thanked Churchill Downs Included for its ‘efforts to reach this place’ in advance of describing the alliance as ‘the critical next move in continuing our exploration of the residence and its potential’.
Philips’ statement read…
“Our goal is to chart a path ahead that permits our workforce to prosper on the area, Chicagoland to prosper from this endeavor and the Chicago Bears group to be ensured a potent long run. We will hardly ever end functioning towards delivering enthusiasts of the Chicago Bears with the quite finest practical experience and we will go on to offer updates on our development at the proper instances.”