The 326-acre property is currently the home of horse racing track Arlington International Racecourse. The operator announced its plans to sell the site – on which the Bears are likely to pursue plans to build a new stadium – in February.
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 their 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 endeavor, 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.”