Churchill Downs Inc. (CDI) has agreed to sell the 326-acre property in Arlington Heights, Ill., currently the home of Arlington International Racecourse, for $197.2 million, to the Chicago Bears.
The company anticipates closing the sale of the property in late 2022 /early 2023. CDI is planning to use the proceeds of the sale to purchase or invest in replacement property that qualifies as an Internal Revenue Code §1031 transaction.
“We are excited to have executed a purchase and sale agreement (PSA) for the Arlington Park property,” said Ted Phillips, the Chicago Bears’ president and CEO. “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. Finalizing the PSA was the critical next step in continuing our exploration of the property and its potential. Much work remains to be completed, including working closely with the Village of Arlington H
