Fitch Ratings assigned a 'BB+' credit rating to the Village of Bridgeview, Ill., the site of SeatGeek Stadium, which "reflects the Village's very high long-term liability burden, expectations for stagnant revenue growth, limited expenditure flexibility" and "gap-closing capacity and that operations could become stressed in a downturn." The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. The $100M, Village-owned and bond-financed stadium opened in '06 and served as the Fire's home pitch through the end of last MLS season. The club was set to play in its Soldier Field homecoming game when the season was paused due to the pandemic. The report found that Bridgeview "received $10M upfront [from the Fire] and will receive $39M in installments of $3M per year through fiscal 2033, $2M in calendar year 2034, and $9.5M in annual installments of $558,823 through calendar year 2037. The Fire will also pay the Village $5M for construction and maintenance of stadium facilities and will guarantee half of the $7.5M naming rights deal should it be terminated by SeatGeek. The payments from the Fire will help Bridgeview in the short term, according to the report, but in the long term, the village will need to replace the lost revenue "with other entertainment at the stadium in order to reduce its subsidy." The stadium also has been home to the NWSL Chicago Red Stars since '16. The team drew 65,412 last season during its 12 home matches.
