The owners of the Chicago Bears will sell about 20% of the team to two Chicago businessmen but will not lose control of the club, its management announced today.
No terms were disclosed for the sale, which must be approved by the National Football League.
Andrew J. McKenna, president of Schwarz Paper Co. and a director of the Bears, and Patrick G. Ryan, president of Aon Corp., an insurance holding company, will acquire the stock. McKenna is also a director of Aon Corp.
"We welcome two outstanding business leaders to the Bear family," said Bears President Michael McCaskey in a news release. "The addition of Andy and Pat will relieve some of the financial pressure on the team."
The announcement of the sale came two days after the Bears agreed to pay $8 million in rent a year to play in a proposed domed stadium along Chicago's lake front. The amount would be one of the league's highest rents for a government-owned stadium.