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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).