Chicago, Illinois – The Chicago Bears might be bidding farewell to its home stadium in the city.

On Wednesday, the Chicago Bears officially announced they had signed a Purchase and Sale Agreement (PSA) for Arlington Park in its entirety for the hefty price of $197.2 million.

The land itself used to house the Arlington International Racecourse – a thoroughbred horse-racing track – until the owners, Churchill Downs Incorporated, put the property up for sale.

The last race at Arlington Park was held on September 25.

Although Arlington Heights, Illinois is only about an hour outside of Chicago, mayor Lori Lightfoot posted a tweet Tuesday night doubling down on her commitment to keeping the team within the city limits.

"My [administration] remains committed to continuing the work to keep the team in Chicago," the mayor tweeted.

Despite having signed a purchase agreement, the sale between the parties is not yet a done deal.

The president and CEO of the Bears, Ted Phillip, said in a statement, "Finalizing the PSA was the critical next step in continuing our exploration of the property and its potential."

The Bears have played at Soldier Field since 1971, having previously played games at Wrigley Field – the home field of the Chicago Cubs.

While Churchill Downs Inc. agreed to the sale, they noted in a separate statement that there are various closing conditions that must be met for the purchase to be finalized.

The company also estimated the deal for the 326-acre property will close towards the end of 2022 or at the beginning of 2023.

Churchill Downs Inc. plans to use the proceeds from the sale to purchase or invest in a replacement property.

As for the Bears, Phillip said, "We will never stop working toward delivering Bears fans the very best experience."