The Bears are considering other sites for the new stadium despite having already paid $197.2 million for the land.

Chicago Bears said on Friday that they are considering scrapping their current plan to build a new stadium in nearby Arlington Heights and are considering looking for other venues.

This happens despite the fact that the team is already buying $197.2 million for land in Arlington Heights.

The Bears cite that the property’s valuation is, they say, too high, so the area “is no longer our only focus.”

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View of the Soldier's Field

A view of the recently renovated Soldiers Field, home of the Chicago Bears NFL team. (JEFF HAYNES/AFP via Getty Images)

“We have a responsibility to hear from other communities in Chicagoland about potential venues that can provide this transformational opportunity for our fans, our club, and the state of Illinois,” the team said.

“The stadium-based design remains widely popular in Arlington Heights, Chicago and the state. However, the property’s initial valuation is five times the 2021 tax value, and the recent agreement with Churchill Downs for 2022, which is three times higher, does not reflect the property is not in operation and is not commercially viable in its current state.”

Chicago Bears stadium plan

Plan layout for the Chicago Bears stadium in Arlington Park. (Hart Howerton/Chicago Bears)

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The Bears said in September they would not seek government funding to build the stadium, but were counting on funding from the surrounding “entertainment district”.

The Bears imagine entertainment the area will include restaurants, offices, a hotel, a fitness center and more, “which will bring significant economic benefits to Cook County.”

The city of Chicago offered last summer to fence off Soldier Field and increase its capacity from 61,500, a low figure for the league, but the Bears have repeatedly insisted that the only options they were considering was the Arlington Heights ground.

Justin Fields, the Chicago Bears’ first player, warms up before a game against the Washington Commanders at Soldier Field on October 13, 2022 in Chicago, Illinois. (Quinn Harris/Getty Images)

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The Bears remain committed to their current lease on Soldier Field, which has been their home since 1974.

Polina Dedage and Scott Thompson of Fox News and The Associated Press contributed to this report.