The Chicago White Sox are trying to move out of the stadium that the team has called home for over three decades, but the timing is a little tricky.
The team's lease ends in 2028, and owner Jerry Reinsdorf, who also owns the NBA's Chicago Bulls, would want to keep the team in Chicago provided that it has a flashy new stadium to bring in additional allure, according to an interview Reinsdorf had with Crain's Chicago Business.
Reinsdorf argued that despite being fairly new to Guaranteed Rate Field, the location of the stadium — which is on the South Side of Chicago, about three miles away from the downtown area — affects the revenue of the team.
"A new space in a livelier downtown area with shops, bars and other entertainment venues within walking distance should do better," Reinsdorf told Crain.
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The space he's targeting is called "The 78," a 62-acre site that rests on the south side of Chicago's downtown area. While it's only a few miles north of Guaranteed Rate Field, the site would be easier to access and potentially boost their attendance that has been in the bottom third of the league for most of the past decade.
While that could also be attributed to team performance, the team did not crack the top 10 in attendance even when it made the MLB playoffs in 2021.
But Reinsdorf's plea has a major caveat, one that could force it to butt heads with other sports teams in the city and even create frustration among local fans.
Reinsdorf said that financing of the stadium would require over $1 billion worth of public funds. That could hit a snag as the NFL's Chicago Bears are also looking to move from Soldier Field, its downtown Chicago stadium which is the oldest in the NFL.
The Bears were originally looking to build a stadium in Arlington Heights, a Chicagoland suburb, but are now shifting to looking to build a new stadium in the heart of Chicago. It's likely that the team, owned by McCaskey family, would also request a significant amount of public funding.
Reinsdorf told Crain that he has been in talks with the Bears ownership group, but said he doesn't "want to be in competition with the McCaskeys."
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However, the two iconic teams aren't alone in looking for public funding for a stadium. A report by the Chicago Tribune on Feb. 26 said that the NWSL's Chicago Red Stars are also seeking public funding for its own new stadium. The Red Stars play in SeatGeek Stadium in Bridgeview, an Illinois suburb that also makes the team a lot more difficult to access for fans.
The team is reportedly seeking a site within the city, though taking over Guaranteed Rate Field does not seem to be an option for the Red Stars. Team president Karen Leetzow argued that there needs to be consideration for women's sports when it comes to funding.
"Women's sports need to have a seat at the table," Leetzow told the Chicago Tribune.
Illinois Governor J.B. Pritzker has already shown reluctance to use tax dollars to fund sports teams.
“The idea of taking taxpayer dollars and subsidizing the building of a stadium as opposed to, for example, subsidizing the building of a birthing center, just to give the example, does not seem like the stadium ought to have higher priority,” Pritzker told reporters on Feb. 26. "We’ve seen other teams be able to support their own stadiums privately."
Many other franchises around the country that have created new stadiums have used massive chunks of public funding, such as $750 million for Allegiant Stadium, the home of the NFL's Las Vegas Raiders, and $1.26 billion for the new stadium for the NFL's Tennessee Titans set to open in 2027.
According to the 2023 Valuations List of Sportico, the Bears are valued at $6 billion, eighth among NFL franchises; the White Sox are valued at $1.84 billion, 16th among MLB franchises; while the Red Stars are valued at just $40 million, last among NWSL franchises.
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