There were always rumblings that Virginia McCaskey’s death might lead to a reckoning with Chicago Bears ownership. It was felt she was the one holding the family together. Nobody would voice the idea of selling the team as long as she was alive. Her duty was to maintain the legacy left behind by her father, the late George Halas. Now she’s gone. Some can’t help but wonder what the future holds for this team. George McCaskey has insisted there are no plans to sell the franchise. He has every intention of keeping it in the family forever.
However, this suggests that the family is unified on that plan. It is not. Jeff Hughes of Da Bears Blog revealed quite the opposite. There is a significant division on the subject. Many would prefer to sell, while hardliners led by George want to keep it.
Peggy Kusinski reported on ESPN 1000 that the estate tax is about to slap the Bears with $160 million in additional costs. Many family members can’t afford that, which is forcing part-owner Pat Ryan to buy additional shares. The Bears are also looking into other private investors. This is an important reminder that while the McCaskeys own a billion-dollar organization, they aren’t as wealthy as you’d think.
Time is still working against the Chicago Bears.
People seem to forget that George McCaskey isn’t exactly a spring chicken himself. He turned 69 years old in March. Patrick McCaskey is 75. Brian McCaskey is 65. Most of the team’s board of directors have hit retirement age. The only one who has any semblance of youth is Ed McCaskey Jr., the son of Patrick and grandson of Ed McCaskey, Virginia’s husband, who passed in 2003. Details are incredibly scarce, but it looks like he is the only one lined up as a possible successor. Nobody else has stepped into such a prominent role, which doesn’t bode well for the future.
Experts have said that organizations owned by families almost never survive to the third generation. Some studies have said the rate is as high as 87%. Well, the Chicago Bears just entered their third generation with George and his brothers. History gave us plenty of clues about his ability to run a football franchise. It hasn’t been great. Some wonder if they are only waiting things out until the new stadium is built, which would significantly increase the overall prestige and value of the organization.
It’s clear this story won’t go away.
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