Bears Explore Minority Stake Sale Following McKenna Estate Review

The Chicago Bears are considering the sale of a small minority stake held by the estate of the late Andrew McKenna Sr. This move indicates a significant shift in the franchise’s ownership structure. Following McKenna’s passing in 2023, his estate, which previously held about 2% of the ownership share, is now up for sale. Given the rising valuations of NFL teams, even this small stake could represent a considerable financial opportunity.

Currently, the majority ownership of the Bears remains firmly with the Halas-McCaskey family, who hold approximately 80% of the team. Billionaire Pat Ryan also possesses a significant minority stake. Purchasing McKenna’s shares could further consolidate control among existing shareholders, enhancing governance transparency and unity within the ownership group.

An investment bank has been engaged to facilitate this potential sale, indicating a professional approach to the transaction. While no buyer has been publicly identified, the process suggests that the franchise is open to utilising its assets for strategic goals, such as funding stadium development or reshuffling investment portfolios.

Importantly, any change in ownership is likely to maintain continuity with the current leadership structure. The Halas-McCaskey family, led by chairman George McCaskey following the passing of matriarch Virginia Halas McCaskey in early 2025, has no plans to give up control. Instead, this move is a practical step toward enhancing operational flexibility without compromising governance stability.

Financially, the timing is advantageous. Forbes ranks the Bears among the most valuable franchises in the NFL and the sale of a 2% stake could generate hundreds of millions of dollars. This capital could then be allocated to pressing priorities, such as stadium logistics, digital innovation, or improving the team’s competitive infrastructure, without introducing entirely new owners.

This development reflects a broader trend in professional sports, where minority stakes are sold to unlock liquidity for specific projects, often related to stadium financing or estate planning, without surrendering significant control. It also highlights the increasing business savvy of long-standing ownership groups who are adjusting to modern franchise economics.