Billion-Dollar Bears: McKenna's Shared Ownership Stake Sells for $8.8B
Chicago Bears Sold Minority Stake to Ryan Family in Record-Breaking Deal
The Chicago Bears, a storied franchise in the National Football League (NFL), has recently sold a minority stake to the Ryan family in a deal worth approximately $2 billion. This transaction, which is awaiting approval from the NFL, marks the highest ever paid price for a piece of an NFL team.
The Bears, currently valued at around $8.8 billion, have been owned by the McCaskey family since 1924, when George Halas bought the team for just $100. The team was under the control of Virginia McCaskey, daughter of George Halas, for decades until her passing earlier this year at the age of 102.
Following Virginia's death, the Halas-McCaskey family, led by chairman George McCaskey, has no plans to relinquish control or change the current leadership structure. After restructuring parts of its ownership, George McCaskey is now the franchise's control person.
The Ryan family will become the second-largest shareholders in the Bears, owning about 22.5% of the team after the transaction. The McCaskey family will retain approximately 77.5% ownership.
The deal involves the sharing of the equity owned by late investor Andrew McKenna, who previously held a stake in the team. It's worth noting that this equity did not include any perks such as access to tickets, gameday parking, Super Bowl rings, travel perks, or locker room access.
The proceeds from the sale to the Ryan family were used by the team to help pay down debt burdens. This transaction follows a trend in the NFL, with teams such as the Miami Dolphins and Philadelphia Eagles also recently bringing on new backers at roughly $8.1 billion valuations.
In 1990, Pat Ryan Sr. and Andrew McKenna bought 20% of the Bears from the McCaskey ownership group. Since then, the Ryans have added a small amount of equity, making them currently among the largest minority shareholders in the NFL.
The agreement between the McCaskey and Ryan families is not yet approved by the NFL, but it represents a significant shift in the ownership of the Chicago Bears. The Bears, with a rich history and a devoted fan base, are poised for continued success under the guidance of the McCaskey and Ryan families.
- The people involved in the transaction, the McCaskey family and the Ryan family, are significant players in the business world, having invested in the reputable American football team, the Chicago Bears, for several decades.
- The influx of finance from the recent sale to the Ryan family has allowed the Chicago Bears to lessen their financial burdens, a common trend observed in the National Football League (NFL) as teams seek strategic partnerships to improve their financial states.
- With the Ryan family becoming the second-largest shareholders in the team and maintaining the McCaskey family's majority control, both families will work together to manage the sports franchise, potentially influencing the performance of the Chicago Bears in leagues such as the NFL and American Football, including sports like football.
