Bears’ 2% Stake Sale Will Likely Require Goodell Intervention

The estate of Andrew McKenna is selling a roughly 2% stake in the Chicago Bears, with existing team owners likely to purchase it. The decision on who acquires this stake is expected to be determined by NFL Commissioner Roger Goodell and general counsel Ted Ullyot due to competing rights of first refusal (ROFR) between the McCaskey and Ryan families. The sale, managed by Galatioto Sports Partners, doesn't grant special privileges like tickets or plane access. Small stakes in NFL teams are often sold for estate planning, capitalizing on high valuations, and the Bears' valuation recently reached $6.26 billion. This transaction is unrelated to any succession or liquidity issues within the McCaskey family, who control the team's majority shares.