The New York Giants have confirmed they are exploring the sale of minority shares to private equity firms, a move that could serve as a model for family-owned teams like the Chicago Bears.
With the passing of longtime team matriarch Virginia McCaskey, a key question for the Bears is whether the family can maintain control of the franchise. This could become challenging if any of Ed and Virginia McCaskey’s nine surviving children decide to sell portions of their ownership for liquidity. However, the Giants are demonstrating a way for teams to navigate such situations.
According to reports from NFL Network and Sports Illustrated’s Giants coverage, the Mara and Tisch families have hired a banker to facilitate the sale of up to 10% of the team. This follows a trend among NFL franchises since the league approved a rule last year allowing teams to sell up to 10% of their shares to private equity firms. The Giants’ offering is expected to attract significant interest from equity and hedge funds.
Such transactions not only provide an influx of capital to owners selling shares but also boost the overall valuation of the team. While the Bears have not indicated any plans to pursue this option, interest could develop in the future.
Before last season, when the rule was implemented, Bears president Kevin Warren was asked about private equity sales. He emphasized the importance of fully understanding the implications before making any decisions.
“I want to make sure any decisions we make don’t create any unintended consequences,” Warren said. “At this point in time, it’s not something that we’re focused on or exploring in Chicago. But I say that to say these next couple of months, my focus will be to make sure I truly understand how the private equity system would work in the National Football League.”
Other teams, including the Bills, Dolphins, Eagles, and Raiders, have already taken advantage of this opportunity. The Giants, currently valued at $7.3 billion by Forbes, rank as the seventh most valuable sports franchise. The Bears, valued at $6.4 billion, sit 15th overall and ninth among NFL teams, just behind Manchester United ($6.55 billion).
There have been no confirmed reports of any McCaskey family members looking to sell their shares. Historically, the family has remained committed to maintaining ownership. Before stepping down as board chairman in 2010, the late Michael McCaskey reaffirmed this commitment.
“We intend for our family to own the Bears as long as you care to think about it,” McCaskey stated.
Still, with a vast family tree that includes nine children, 21 grandchildren, 40 great-grandchildren, and four great-great-grandchildren, it remains possible that some members may eventually wish to sell their stakes. The new NFL rule, however, caps private equity sales at 10%, allowing families to retain majority control.
Chicago-based sports marketing consultant Marc Ganis told the Chicago Sun-Times that the Bears have a strong estate plan in place. Meanwhile, team chairman George McCaskey acknowledged the potential financial challenges ahead when he took over from his brother.
“It’s going to be difficult, but we think we’re up to the challenge,” McCaskey said. “Our entire family supports the notion of being the owners of the Chicago Bears for as long as possible.”
With the path now established by teams like the Giants, the Bears could leverage similar strategies to ensure long-term family ownership while still providing liquidity options for family members who may wish to sell their stakes.
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