Bears announce purchase agreement for Arlington Heights racetrack land, one step closer to stadium relocation

Chicago Bears sign deal to buy Arlington Park in northwest suburbs

The Chicago Bears are officially buying Arlington Park, which makes their move from Soldier Field look even more realistic.

ARLINGTON HEIGHTS, Ill. - The Chicago Bears are officially buying Arlington Park, which makes their move from Soldier Field look even more realistic.

In a joint announcement made Wednesday morning, the Bears, Churchill Downs, which owns Arlington Park, and the Village of Arlington Heights said that the Bears signed a purchase and sale agreement this week for the entire Arlington Park land parcel.

The cost of the property would be $197 million if the deal goes through.

MORE: Lightfoot: Bears 'gotta come to the table' after bid for Arlington Heights racetrack

The Bears are interested in building a privately-financed domed stadium on this 326 acre site. By most estimates, that would cost about $2 billion.

Lightfoot reacts to Bears bid to purchase Arlington International Racecourse

Mayor Lori Lightfoot spoke publicly for the first time since the Chicago Bears announced a bid to purchase the Arlington International Racecourse.

It would be part of a larger entertainment complex that would include other commercial properties, and possibly hotels and a sports book operation.

DOWNLOAD THE FOX 32 NEWS APP FOR BREAKING NEWS ALERTS

All three entities agree that this is not a done deal yet.

The Village of Arlington Heights still has to sign off on the project, although the mayor has indicated he'd be more than happy to welcome the Bears to the Northwest suburbs.

The Bears would also have to pay an $84 million penalty to the city of Chicago for breaking their lease on Soldier Field.