A Record-Breaking Deal
The stake was previously held by the estate of Andrew McKenna, a longtime Bears shareholder who passed away in 2023. According to people familiar with the matter, Galatioto Sports Partners represented the estate in the sale. The shares were split between the team’s two primary ownership groups: roughly two-thirds went to the McCaskey family, which now controls about 77% of the franchise, while the Ryan family increased its stake to around 23%.
Because the sale was made to existing owners, it did not require the typical three-fourths approval vote from other NFL owners. The deal closed quietly several days ago.
Bears' Valuation Surges
The $8.9 billion valuation marks a sharp rise from just a year ago, when CNBC’s Official NFL Team Valuations pegged the Bears at $6.4 billion, ranking them No. 10 among the league's 32 teams. In the 2025 update, the Bears climbed to No. 7, reflecting both the team's brand strength and the broader surge in NFL franchise values.
This deal surpasses the previous record for a minority stake sale: a 6.2% stake in the San Francisco 49ers earlier this year that valued the team at $8.6 billion. That itself had topped the $8.3 billion valuation set by an 8% stake sale in the Philadelphia Eagles at the end of 2024. Meanwhile, the New York Giants are reportedly shopping a 10% stake at a valuation near $10 billion.
Stadium Questions Loom
Despite the lofty valuation, the Bears still face challenges on the field and off. The team currently plays at Soldier Field, a stadium last renovated more than 20 years ago and widely considered outdated by NFL standards. The Chicago Park District also takes a cut of non-football event revenue, limiting the team's upside.
Ownership has been exploring a move to Arlington Heights, a Chicago suburb, where plans for a fixed-roof domed stadium are under discussion. Such a venue would allow the Bears to host concerts, conventions, and other non-NFL events year-round, creating new revenue streams and potentially boosting the team's valuation even further.
Minority Stakes vs. Control Sales
It's worth noting that minority stake valuations don't always translate directly to full control sale prices. Large limited partner (LP) stakes—say, above 20%—often sell at a discount because they don't come with decision-making power. Smaller LP stakes, however, can sometimes command a premium, since they represent one of the few accessible entry points into NFL ownership.
The last full control sale in the league was Josh Harris' $6.05 billion purchase of the Washington Commanders in 2023. That deal set the record for a control sale, but minority stake valuations have since soared past that figure, underscoring the scarcity value of NFL ownership.
The Bottom Line
The Bears' $8.9 billion valuation underscores the relentless rise of NFL franchise values, even for minority stakes. With the McCaskey and Ryan families consolidating ownership, and with stadium plans in flux, the Bears are positioning themselves for the next chapter in their history.
For investors, the message is clear: NFL ownership remains one of the most exclusive—and expensive—clubs in American sports.