Venue Detail
Chicago Bears
Revenues From Sports Venues Pro Facilities Report
February, 2011
Chicago Bears
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250 N Washington Lake Forest, IL 60045-2499 Phone: 847-295-6600 Fax: 847-295-5238 URL: www.chicagobears.com
Owner
The McCaskey family
League
National Football League NFC North
Venue
Soldier Field, 425 E McFetridge Dr, Chicago, IL 60605-2801 Owner: City of Chicago Managed by: SMG Facility Management Built: 1924 Capacity: 61,500 Permanent concession stands: 20 Concessionaire: Aramark Suite caterer: Prime Food Caterers Soft drink: Coca Cola Beer: Multiple
Ticket prices
Season tickets range from $680 to $1,080 Single tickets range from $68.00 to $350.00
Attendance
2007 average attendance: 62,158 2008 average attendance: 62,034 2009 average attendance: 62,250
Luxury Suites
Quantity: 133 Term: 5 to 9 years Price: $75,000 to $200,000 Seats: 12 to 32 Includes: Bears tickets, parking passes. There are 8 premium suites selling for $300,000 per year and leased only on 10 years terms.
Club seats
Quantity: 8,600 Price: $2,450 to $3,500
Financing
The original $10 million stadium was publicly financed. Pct. public: 100
Seat licenses
The Chicago Bears sold 28,000 seat licenses to help fund the 2002 renovation of Soldier Field and have a list of those waiting to buy. The licenses cost $900 to $10,000 each, making them among the most expensive in the league. Only 45 percent of the stadium's seats will require a license. The sale of the licenses is expected to generate $50 million to $60 million.
The most expensive seats, called Club 1, are on the stadium's east side on the 50-yard line. Buyers have access to a private club and a parking pass for every two seats. Current season ticket holders get a 15 percent discount on any PSL, making the cost for the most expensive seats just $8,500.
There are 11 categories of licenses. The price points are $900, $1,300, $2,700, $2,800, $2,900, $3,700, $3,900, $4,400, $4,500 and $5,300. The $900 seats are in the lower bowl at the end zone.
Buyers must put 25 percent down when they sign the agreement, then pay another 25 percent Oct. 1, 2002, and the balance by May 1, 2003.
The Illinois legislature approved funding for a $587 million renovation of Soldier Field in Chicago to be complete by the start of the 2003 season. The plan called for the state to sell $387 million in construction bonds supported by an existing hotel tax in the City of Chicago. The Bears put in $100 million in cash plus $100 million from an NFL loan. The Bears' cash came mainly from the sale of seat licenses.
The work included new parking garages to aid not only the stadium, but nearby museums. Road work improved traffic flow at the lakefront site. The White Sox will also benefit from $22 million in infrastructure work at Comiskey Park.
To make the deal work, the City of Chicago offered to make up the difference in any year when the earnings from the tax did not cover the cost of financing the bonds.
The Bears were also awarded naming rights to the renovated stadium, but after the September 11, 2001, terrorist attacks, the team decided to leave the Soldier Field name unchanged.
As part of the agreement, the Bears did not pay sales taxes on steel, concrete and other construction material for an estimated savings of about $12 million. The exemption comes because the stadium is a public property exempt from sales taxes.
The Bears say their $5.7 million in rent for the renovated Soldier Field will be the highest in the NFL. The comments were made as part of a lawsuit concerning the renovation program.
The Bears played one season outside the stadium while construction was underway. The team went to the 70,145-seat Memorial Stadium at the University of Illinois in Champaign.
In addition to its premium seating, the Bears have offered hospitality tents. Full tables get parking passes, an open bar and buffet. Tables of 10 are priced at $3,000, including tickets. Individual tickets are $325.
In 2005, the Bears offered a new 151-seat super luxury suite to individuals for $8,000 per seat for the season.
The Skyline Suite has 8,000 square feet of space and is served by a concierge desk and 46 television monitors. Buyers have access to an open bar and buffet.
Buyers must put down a $5,000 deposit, but that will be refunded 20 percent at a time after the 11th season. (Facilities, Financial, Football, NFL, Professional Sports)