Good morning, all! I hope you have a terrific Tuesday!
Well, the Chicago Bears want out of Chicago. The Bears made it official on Monday. Before their season-opening game against the Minnesota Vikings, they announced plans for a privately-funded new stadium in suburban Arlington Heights. Meanwhile, the taxpayers are on the hook for a renovation of Soldier Field that was completed in 2003.
Under the original deal the Bears and the NFL paid $200M toward the renovation with the taxpayers picking up $398M. The Illinois Sports Facility Authority issued public bonds that were supposed to be paid off with a hotel/motel tax. It was the old bait-and-switch, selling the idea that tourists would pay for the stadium renovation not residents.
Well guess what? The debt, scheduled to be paid off by 2032, has grown to $589M thanks to repeated refinancing of the deal. So you are going to have a situation where the Bears will be playing in their new stadium, while the renovated stadium is still in debt. Adding to the intrigue is the fact the Bears can buy their way out of their lease at Solder Field after next season for $84M.
Bears officials say timing is of the utmost to get the new stadium built, as they want to host a Super Bowl as soon as 2031. The plan is to make the stadium a centerpiece of a development that includes, retails, offices and more.
All I have to say is those tourists better start flooding Chicago - from what I have been witnessing a highly unlikely scenario - if they want to pay off that debt on a stadium that will be empty before too long.
Here are some other thoughts, while I remember the preseason College All-Star game vs. the NFL defending champs at Soldier Field back in the day:
By the way, as I recall, Chicago broadcasting legend Jack Drees use to broadcast that All-Star game.
The Athletic is reporting, when the sale of the Tampa Bay Rays to developer Patrick Zalupski is completed, current owner Stu Sternberg will be part of a group that holds on to 10 percent of the franchise. Beats buying season tickets, I guess.
If you don’t think Dolphins coach Mike McDaniel isn’t on the hot seat, you are not paying attention. In fact, Miami’s home opener against the Patriots could be a must win for the beleaguered coach with the sweat suit attire.
Of course Brian Daboll was going to start Russell Wilson on Sunday against the Cowboys. Now stop all the nonsense about Jaxson Dart “should be the starter.”
Speaking of QBs, Niners coach Kyle Shanahan admits Brock Purdy could miss Sunday’s game against the Saints because of shoulder and toe injuries. TE George Kittle will remain sidelined with a hamstring injury.
This potential sale of the WNBA’s Connecticut Sun could get ugly, if the league insists the team must move from Connecticut. U.S. Sen. Richard Blumenthal has sent a letter to the WNBA essentially saying butt out or expect an investigation. Noted for his “investigations” when he was Connecticut’s Attorney General, Blumenthal is a member of the Senate Judiciary Committee and contends federal antitrust laws could be at play if the WNBA puts. a full court press on an instate sale.
That is going to do it for today’s newsletter. As always, thank you for subscribing.
DAN
