St. Pete Denies Rays' Ballpark Search Deal Levine: Yankee Stadium Can House MLS, MLB Sabres Impressed With HarborCenter Facility Braves Add Land For New Ballpark Parking Rice Univ. Upgrading Football Stadium Facility Notes DC United Finalizes New Stadium Approval Redskins Nix Chinese-Built Wi-Fi System Deal NASL Team Owner Discusses MLS Plans Vinik Unveils Building Plan Near Amalie Arena
REACTION NEGATIVE TO BEARS' DESIRES FOR NEW 'BURB HOME
Published April 19, 1995
The latest issue of CRAIN'S CHICAGO BUSINESS examines Bears Owner Michael McCaskey's desire for $185M in state funding for a new $285M home for the team in suburban Chicago. Jeff Borden reports that the team "could build the stadium with much less public money -- and possibly none." Borden writes that McCaskey's price tag for the new park is too high -- experts say $200M "would be plenty" to pay for a new stadium -- and that through methods such as advance payment on skyboxes and sale of a new stadium's naming rights, McCaskey "could pull in almost $160 million before the doors open." Also, the value of the franchise "is expected to jump" $40M-200M once a stadium opens, "which would make it easier to obtain bank financing, if necessary" (CRAIN'S CHICAGO BUSINESS, 4/17 issue). An editorial in CRAIN'S calls McCaskey's plan "unrealistic, out of step with modern sports economics and an affront to the ... Illinois General Assembly" (CRAIN'S CHICAGO BUSINESS, 4/17 issue).