The Chicago Bears have taken another big step toward possibly leaving Soldier Field and building a new stadium in the suburbs. The Athletic's Scott Powers reported Tuesday night that the Bears have signed a purchase agreement for the Arlington Park property in Arlington Heights.

The Bears officially announced this move on Wednesday. The deal with Churchill Downs is worth over $197 million and is expected to close in 2022 or 2023.

The franchise submitted a bid for the property earlier in 2021. Arlington Park, known for its horse-racing track, just shut its doors and offers a massive 326-acre plot of land to build a state-of-the-art stadium and a whole entertainment complex with easy access to public transportation. Not only would the Bears play there if it's built, but the stadium could host the Super Bowl, something that would never happen as Soldier Field is now.

The Bears have played at Soldier Field since 1971 after playing at Wrigley Field. The stadium underwent a controversial renovation in 2003 and is now currently the smallest stadium in the NFL in terms of capacity (61,500). The franchise doesn't even own the stadium, and there have been negotiating issues with the Chicago Park District about improvements that need to be made.

The Bears' lease at Soldier Field runs through 2033, but they could break the lease for just $84 million in 2026. The financial penalty for breaking the lease then declines after that.

Chicago Mayor Lori Lightfoot is vowing to fight to keep the Bears in the city:

“We are not surprised by this move. We remain committed to continuing the work to keep the team in Chicago and have advised the Bears that we remain open to discussions,” a spokesperson for the mayor's office said in a statement to The Athletic. “However, just as the Bears view this as a business decision so does the City. This season, Soldier Field signed a major contract with the Chicago Fire and just last weekend Soldier Field hosted the Shamrock Series — both of which are lucrative for the Chicago Park District and local economy.

“These examples and others demonstrate that Soldier Field remains a very sought-after venue, and, as the Mayor has said many times, overall, the City and Park District must explore all options to both enhance the visitor and fan experience at Soldier Field year-round and maximize revenues. Therefore, we must do what's in the best economic interests of our taxpayers and maximize the financial benefits at the important asset that is Soldier Field. As for the Bears, the Mayor has said numerous times, our door in City Hall remains open to engage the Bears.”

While some may have initially viewed the Bears possibly moving to Arlington Heights as a bluff, this appears to be very real. We'll see how this battle moves forward.