George McCaskey says family wants to own Bears for ‘another 100 years’

PALM BEACH, Fla. — Bears chairman George McCaskey and his family feel the responsibility to steward the franchise in the wake of his mom Virginia’s death in February at 102.

Wednesday, he paused when asked by the Sun-Times what that felt like. His eyes watered and he spoke in a hush.

“Tremendous,” he said. “Overwhelming. Daunting. Challenging. Humbling. Gratifying.”

McCaskey said he and his family “intend to own the Bears for as long as possible” in his first public comments since his mom’s death. He doesn’t plan for there to be a shift in ownership structure.

“Another 100 years would be great,” McCaskey said. “She set it up for us to accomplish that. She gave us the playbook. She coached us up. Now we’ve got to execute the plan, and we’re prepared to do that. We’ve got to stick together.”

The NFL long ago approved a succession plan to allow family ownership to continue after the matriarch’s death. There are four McCaskeys on the team’s board of directors and four more who work inside Halas Hall.

“That was the whole idea — to provide a process for as smooth a transition as possible,” he said. “I give her all the credit in the world. …

“In law school, I heard stories about people who just couldn’t contemplate their mortality, and as a result, it caused a lot of confusion and problems for the family. She had the foresight to set it up so we don’t have that problem.”

There are challenges ahead nonetheless. Managing family dynamics will be a big one, even with the matriarch’s gameplan in place and the chairman’s calls to stick together.

President/CEO Kevin Warren will make a presentation to the team’s board of directors in May detailing the pros and cons of private equity investment. The NFL agreed last year to let teams to sell up to 10% of a franchise to private equity investors. The Bills and Dolphins have since done exactly that, with their ownership groups maintaining of control while receiving a cash infusion.

It would take a while for McCaskey to be comfortable with adding a silent partner, but it’s a distinct possibility. Selling a percentage of the team could help the Bears afford to build a new stadium, be it downtown or in Arlington Heights.

“The dollars are staggering,” McCaskey said. “The risk is staggering.”

Continuing forward, though, is continuing the family business.

“The thing she emphasized to us is, we’re not owners — we’re stewards of George Halas’ legacy,” he said. “We didn’t do anything to deserve this. It just happened to us. It’s not a role she ever wanted; she was perfectly comfortable with her brother running the show. Fate determined otherwise. She did the best that she could in her own way to carry on her dad’s legacy.

“Now it’s our responsibility. We’ve got to do that cooperatively and thoughtfully and energetically and faithfully.”