Why a $1 billion deal for Chicago’s new ballpark is worth $500 million
Chicago — As the city’s sports teams prepare to play their first postseason game since 2002, the Cubs have decided to play it safe by signing a deal to buy the land where the stadium would be built.
The deal to move the Cubs to Wrigley Field, the site of their last World Series appearance, is worth more than $500,000 a month to the Cubs, the team said Monday.
The city will also pay the team $1 million annually over 30 years to lease the land.
The land was bought by the Cubs in the fall of 2018, but it’s been unclear if the team will be able to keep it.
The Cubs have spent years negotiating a deal with the Chicago Board of Trustees that would keep them in Wrigly Field for the duration of the new stadium’s life.
The deal is estimated to be worth $1.3 billion, including a $150 million donation from Chicago’s wealthiest philanthropist, Michael and Susan Bass.
The sale was approved unanimously Monday by the city Board of Estimates.
The Cubs will also get a portion of the land’s revenue.
The team plans to spend the money on the new Wrigleys Corner restaurant and other amenities, including an entertainment district.
The land includes several parks and other public spaces.
The site is located between Wriglys Avenue and West Lake Shore Drive.
The property was originally owned by the Chicago Landmarks Commission for the construction of the Chicago Cubs’ Wrigle Field stadium in the late 1980s and early 1990s.
The project was completed in 1999 and included $300 million in public and private money.