The Chicago bear purchased the property they were sizing for a new stadium in suburban Arlington Heights on Wednesday.
The Bears announced that they had purchased the 326-acre property for $197.2 million.
However, the team has warned that the sale does not mean the plan to build a new dome stadium and an entertainment complex will come to fruition.
“There is still a great deal of due diligence work to be done to determine if it is feasible to construct a modern self-contained stadium and multi-purpose recreation area,” Bears said in a statement.
The Bears currently play at Soldier Field in downtown Chicago.
Economic analysts say the creation of a Bears recreation area will create more than 48,000 jobs and generate $9.4 billion for the local economy.
“The Bears will continue to work closely with the Village of Arlington Heights, surrounding municipalities and their residents to gather broad feedback on how we can best benefit the local community. and Bears fans across Illinois,” the statement read. “This plan will include a strong diversity, equity and inclusion program that prioritizes local recruitment in every stage of development.”
Associated Press report.
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