In an article in its Sept. 13 issue, and available online here, Forbes Magazine writer Monte Burke pulls no punches.
↵He wants Chicago Bears fans and sports business enthusiasts of all stripes to know that the McCaskeys and President & CEO Ted Phillips have failed to maximize the revenues of what could be one of the most profitable franchises in the NFL. The article brings to light a number of interesting points about the team, including:
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- With an estimated worth of $1.07 billion, the Bears are the lowest ranked big-market team in this year’s Forbes NFL valuations (ninth), ↵
- The article speculates that the team could be worth $800 million more, calling the Bears “the greatest unlocked asset in professional sports,” ↵
- The team pays $5.7 million in rent annually on a Soldier Field lease that runs through 2033, ↵
- Because the Bears rent, they reap zero financial benefits from extracurricular events (such as concerts), and ↵
- Soldier Field offers the fewest seats of any stadium in the NFL, thanks in part to the 2003 renovation. ↵
Perhaps the most interesting nugget in the article regards who may take over the team when 87-year-old owner Virginia McCaskey passes on. Burke names a name, and it’s one all Bears fans should file away for future reference. What is it? We’ll let you read the article and find out for yourself.
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