WARE, England — Bears President and CEO Kevin Warren says his focus for a new stadium project remains on the Museum Campus in Chicago, with a goal of breaking ground on construction in 2025.
Speaking Wednesday at the countryside resort where the team is staying in preparation for Sunday’s game against the Jacksonville Jaguars in London, Warren projected the same energy and passion for the project he has all along.
Beyond that, there wasn’t much new since the last time Warren spoke publicly about the project in an early September appearance at the Economic Club of Chicago.
The Bears have proposed spending $2.3 billion to build an enclosed stadium just south of Soldier Field. They are seeking about $1.5 billion in taxpayer financing and up to another $1.5 billion in public infrastructure.
That has created obstacles the team is working to navigate while it continues to plan a stadium that, with a few modifications here and there, could be placed anywhere.
Warren said he is studying the ramifications of the NFL’s approval in August for teams to sell stakes to select private equity firms — up to 10% — a move that could inject cash into the Bears organization as it pursues the stadium project.
“I want to make sure any decisions we make don’t create any unintended consequences,” Warren said. “At this point in time, (selling stakes is) not something that we’re focused on and exploring in Chicago.
“But I say that to say these next couple months, my focus will be to make sure I truly understand how the private equity system would work in the National Football League. I will spend the next couple of months really digging deep into not only how it operates, but the financial implications, what happens down the road. Probably in about two months, I’ll be more educated to say the impact that private equity not only will have on the (NFL), but any of these stadium projects that are current.”
Warren said he remains optimistic even as the Bears have struggled to gain traction for public money to get the project rolling.
“Me worn down?” he said. “Never. These stadium projects … that’s why you do them once every 30, 40, 50 years. I’m actually energized by it because anything that is great in life, anything that lasts 50 years, takes a lot of energy and effort.
“I’m confident in the political leadership, the business leadership, our fan base that we’ll be able to figure this out and so it will become a crown jewel for the (NFL).”
The Bears, of course, are working to replace a stadium that was rebuilt less than 30 years ago. The revamped Soldier Field opened in 2003. Warren has said from the beginning that the longer the project takes to get started, the costlier the venture will be. He noted Wednesday that interest rates recently dipped but didn’t seem fazed that the team eventually can secure public money.
Asked point blank if he’s concerned about the ability to land that money, he pressed on.
“’Concerned’ is probably a strong word,” Warren said. “I’m focused on making sure that we structure the best financial deal for all parties involved.
“The theoretical next step is to continually work forward and ultimately get approval from a political standpoint. You have a fall veto session. You have a session in January. You have a session next year. So there are steps, but we want to make sure that we’re prepared. We’re going to continue to stay positive and push forward.”
Asked if Mayor Brandon Johnson, who said he will attend Sunday’s game in London, is still on board with the lakefront plan, Warren responded in general terms.
“If you’ve spent time with me — the relationships are critically important to me,” he said. “So we’ve stayed close with the individuals in the City of Chicago. We’ve stayed close with the individuals in Arlington Heights. We’re the largest landowner there. We’ve stayed close to individuals in the governor’s office.
“I just continue to work on building relationships, looking for ways that we can collectively work together to do what’s right. This stadium here in Chicago will be a game changer not only for the (NFL), for the Chicago Bears, but primarily for the state of Illinois.”