McCaskeys Reportedly Have Succession Plan To Keep Chicago Bears

Virginia McCaskey is 99 years old. Her health is rumored to be in decline. Everybody knows it is only a matter of time before she’s gone. At that point, many wonder what fate awaits the Chicago Bears. The organization has belonged to the George Halas bloodline since it was founded in 1920. Originally the plan had been to pass it to his son George Halas Jr., but he tragically died of a heart attack in 1979. So Virginia became the only option.

Reports over the past year suggest there is friction inside the McCaskey family. Some younger generations want to sell the team and get out of the football business. This led to speculation on whether the Bears may not survive Virginia’s eventual passing. There would be no shortage of suitors that would jump at the chance to purchase a marquee franchise like this one. However, it sounds like moves are being made inside Halas to prevent that from happening. Eben Novy-Williams and Kurt Badenhausen of Sportico gave details on this development.

It sounds like a plan is already forming.

The Bears, whose owners declined to comment for this story, have a plan to keep the team in the family when Virginia McCaskey dies, according to multiple people familiar with the matter. Specifics of that plan weren’t provided, but would require re-consolidating control of at least 30% of the team, which is now worth $5 billion, into a single wing of the McCaskey family. It could also involve the sale of some equity.

Bears ownership appears to have cleared the first two hurdles of NFL succession planning—minimize tax impact and create a framework for the heirs. The final, and often most complex, step is successfully executing that plan when the time comes.

“Things can get really complicated with passing them to the next generation,” Sean Clemens, a principal at Park Lane investment bank, said in a phone interview. “[Teams] also need to get their governance lined up so they aren’t too fragmented from a league standpoint, and sometimes that creates friction, creates lawsuits, and creates a need to exit.”

The Chicago Bears will likely stay in the family.

By the sound of things, this plan centers on a specific group of McCaskey family members gaining more shares of the organization. It’s about consolidation. Fewer of the younger generations should hold ownership to no longer muddy the waters. That could be a challenge since some may not want to give up their shares. Family inheritance is always a messy business. It’s why Virginia and her inner circle have likely worked to implement this plan. They knew it was going to be an issue.

The truth is nobody should be surprised by this. Virginia has made it clear for years that her mission was to fulfill her father’s wishes. That meant making the Chicago Bears a success and ensuring it stayed in the family. There is no way they would’ve embarked on the purchase of the Arlington Park property and laid the groundwork for a new stadium if there were a possibility the team would be sold. What nobody knows is who the primary owner(s) will be once Virginia is gone.