The Verge is reporting that Chicago Bears have agreed to pay out a record $1.5 billion in the first major transaction in their history.
The Chicago Cubs agreed to acquire a controlling interest in the Cleveland Indians from Dan Gilbert.
The deal was announced Monday and will be finalized as soon as the team clears a financial hurdle.
The agreement is believed to be worth a whopping $1 billion.
Here’s what you need to know: 1.
This Is The First Major Deal in the Bears History.
The team is reportedly worth $3.5-$4 billion, but the Cubs reportedly only wanted to buy out a small part of the ownership stake in the team.
This deal is the first time the Cubs have ever acquired ownership in a major league team.
It also marks the first significant deal for the team in their 21-year history.
This is the First Major Transaction in Cubs History.
Gilbert reportedly has been working with the Cubs since 2007.
He owns the team for five years, but his ownership stake has grown since the last major transaction.
The Cubs Were Already the NFL’s Next Team.
Gilbert’s purchase of the Cleveland franchise was approved by the NFL and the league has been making the rounds to talk with the team about a potential purchase of a franchise.
Gilbert said Monday that he was willing to invest $1B to acquire the Cleveland Browns, who are struggling financially.
He is also a major proponent of bringing a new stadium to Chicago.
He also said he is willing to sell a controlling stake in Cleveland in order to buy a team in Chicago.
The Bears Are Looking to Move Up in the NFL.
The NFL is expected to make a decision on a potential move up the draft order for 2018 and 2019.
The move up in the draft is expected and will likely take place in the 2017 and 2018 drafts.
Gilbert is the New Owner of the Bears.
Gilbert had been rumored to be interested in purchasing the team since last summer, but there have been many delays in the negotiations.
The first move is expected in the next two weeks.
The MLB’s Owners are Not Worried About Gilbert’s Deal With the Cubs.
MLB Commissioner Rob Manfred and General Manager Marc Lasry have both said they were not concerned about Gilbert’s deal with the Cleveland team.
The league has said that it will be up to the owners to determine whether or not they will be able to buy the Cleveland club.
This Will Be the Most Recent Major Trade in the Cubs History, and They Are the First Team to Make a Profit from It.
In order to be eligible for the $1bn, the Cubs would have to buy all of their remaining ownership stake.
They would have also have to sell their minority interest in Cuyahoga Falls in order for the Cubs to receive the money.
This Isn’t the First Time Gilbert Has Bought the Cubs, and This Is Not the Last.
Prior to this deal, the team had been buying out minority owners in order get closer to the $2 billion they need to purchase a new ballpark in the city of Cleveland.
However, the ownership stakes have grown and the team is in desperate need of a new owner.