Record-Breaking Minority Stake Sale in Chicago Bears
The National Football League’s finance committee has approved the sale of a 2.35% minority stake in the Chicago Bears, setting a new league record with a franchise valuation of $8.9 billion, according to multiple sources familiar with the transaction. The deal, which closed recently, involved existing owners and therefore did not require approval by three-fourths of NFL team owners.
Significant Increase in Franchise Value
This valuation marks a substantial increase from the Bears’ $6.4 billion valuation recorded in 2024, as reported in CNBC’s Official NFL Team Valuations, where the Bears moved up from 10th to 7th place among the league’s 32 franchises.
Ownership Redistribution Following Estate Sale
The stake sold originated from the estate of Andrew McKenna, who passed away in 2023. Galatioto Sports Partners facilitated the sale on behalf of the estate. Following the transaction, approximately two-thirds of the 2.35% stake were transferred to the McCaskey family, with the remaining one-third allocated to the Ryan family. This adjustment leaves the McCaskeys with roughly 77% ownership and the Ryans with 23%.
Context Within NFL Minority Stake Sales
The Chicago Bears’ $8.9 billion valuation surpasses the previous record of $8.6 billion set in May 2025 during a 6.2% minority stake purchase in the San Francisco 49ers. This also exceeds the $8.3 billion valuation attributed to an 8% stake in the Philadelphia Eagles at the end of 2024. Meanwhile, the New York Giants are reportedly seeking to sell a 10% stake valuing the franchise at approximately $10 billion.
Stadium Considerations and Revenue Prospects
Currently, the Bears play at Soldier Field, a stadium last renovated over two decades ago, which limits revenue opportunities. The Chicago Park District receives a portion of revenue generated from non-NFL events held at the venue. The franchise is actively exploring plans to construct a new fixed-roof domed stadium in Arlington Heights, a Chicago suburb. Such a facility would enable year-round hosting of non-NFL events, potentially boosting ancillary revenue streams.
Valuation Nuances for Minority Stakes
Valuations of limited partner stakes do not necessarily equate to control sale prices. Larger minority stakes (above 20%) often trade at discounts relative to control sales due to limited influence on team operations and higher capital requirements. Conversely, smaller stakes (under 10%) can sometimes command premiums as they offer rare entry points into NFL ownership amid soaring franchise valuations.
Recent Control Sale Benchmark
The most recent full control sale in the NFL was Josh Harris’ acquisition of the Washington Commanders for $6.05 billion in 2023, underscoring the rapid escalation in franchise valuations across the league.
FinOracleAI — Market View
The Chicago Bears’ minority stake sale at an $8.9 billion valuation reflects the continuing upward trajectory of NFL franchise values, driven by media rights, merchandising, and potential stadium development. This transaction highlights sustained investor appetite for NFL ownership despite evolving economic conditions.
- Opportunities: Enhanced revenue potential from a new stadium; increased franchise valuation attracting further investment; strategic ownership consolidation.
- Risks: Dependence on stadium development approvals; potential market corrections impacting valuations; limited liquidity for minority stakeholders.
Impact: This transaction sets a new benchmark for NFL franchise valuations, reinforcing the Bears’ position as a premier asset and signaling robust investor confidence in the league’s financial outlook.
