Chicago Assesses Financial Hit as Bears Mull Move to Suburbs

The Chicago Bears took a major step toward leaving their hometown on Wednesday with an agreement to buy a suburban horse-racing property, a move that a fiscal watchdog says threatens the tourism-reliant city’s finances.

Churchill Downs Inc. has agreed to sell a 326-acre property in Arlington Heights, Illinois, the site of Arlington International Racecourse, for $197.2 million to the National Football League team, according to a statement Wednesday.

The closing is expected to be in late 2022 or early 2023. The transaction isn’t a surprise but is still a concern for Chicago, which is still trying to claw back from ...