Virginia McCaskey looks up at Bears Chairman George McCaskey before Brian Urlacher was awarded with … [+] a ring of excellence during halftime between the Bears and the Seattle Seahawks at Soldier Field in Chicago on Sept. 17, 2018. (Armando L. Sanchez/Chicago Tribune/Tribune News Service via Getty Images)
TNS
The death of Virginia McCaskey raises questions about the family’s succession plan.
McCaskey, the daughter of Chicago Bears founder George Halas, died Thursday at age 102. The family has owned and run the NFL franchise since its inception in 1920.
Her death represents the first significant event for the team’s ownership group since 1990, when the McCaskey family sold 20 percent of the team to Aon founder Pat Ryan and Andy McKenna, who was named chairman emeritus of McDonalds before his death in 2023. The family retained the other 80 percent.
At the time of that transaction, the Bears were estimated to be worth $150 million. Forbes estimated that worth at $6.4 billion in 2024, deeming it the ninth most valuable NFL franchise and the 15th most valuable in all of professional sports despite ongoing uncertainty over its stadium.
McCaskey remained the official control person for the Bears and still attended every game, home and road. She was at Lambeau Field for the upset victory over Green Bay a month before her death, on a 20-degree day. She remained the NFL control person for the team and was consulted on major decisions, including the recent hiring of 38-year-old head coach Ben Johnson.
McCaskey is survived by nine of 11 children (six sons and three daughters), 21 grandchildren, 40 great-grandchildren and four great-great-grandchildren. She was widowed from her husband Ed in 2003.
Halas had two children, and McCaskey grew up assuming her older brother, George Jr., known as “Mugs,” would inherit her father’s legacy. But he died of a heart attack in 1979, at age 54, leaving her as the sole heir.
“All the time I was growing up and for a large part of my married life, my brother Mugs was there,” McCaskey once told Don Pierson of the Chicago Tribune. “I used to think, ‘Thank God for Mugs.’ I depended on him. He was the one in charge. I just assumed he would be the one to take over for my dad, and that put me in a great position. I would be able to enjoy all the perks and not have any of the problems. But God had other plans for all of us.”
George McCaskey, one of Virginia’s six surviving sons, replaced his brother Michael McCaskey as the team’s chairman in 2011. He is likely to be the team’s immediate replacement as NFL control person, pending approval of NFL owners.
According to the Chicago Tribune, Virginia McCaskey said in one of her last public appearances she hopes the team will remain in the extended Halas family after he death.
“I certainly hope so,” she said. “We’ve been working on that for a long time. We’re the recipients of a tremendous legacy. I use the word ‘custodian’ and we want to pass it on in the best way we can.”
Ryan and McKenna bought into the team after the Halas family exercised right of first refusal to cancel a $17 million offer for 20 percent of the team from Chicago developers Judd Malkin and Neil Bluhm. That ownership share had been held by Halas; grandchildren Christine and Stephen Halas, according to the Tribune.
The sale to Ryan and McKenna helped relieve financial stress that was created by issues with estate tax after George Halas’ death. The IRS was reportedly seeking about $50 million in back taxes before settling for $1.4 million, the Tribune wrote in 1990.
Ryan, 87, and Pat Ryan Jr. could emerge as buyers if the McCaskey family sells its 80 percent ownership. Ryan Sr. is worth $13 billion, per Forbes, and may hold a similar right of first refusal to the one that allowed he and McKenna to purchase the shares that Malkin and Bluhm attempted to buy 35 years ago.
There has been speculation the McCaskeys may sell after the team has begun construction on a new home to replace Soldier Field.
It purchased 326 acres in suburban Arlington Heights in 2023, with an eye on a combination stadium/retail project at the former site of the Arlington International Racecourse. However, since adding Kevin Warren as team president revealed plans for a domed stadium in the city’s cramped museum campus, near Soldier Field.
Warren is working to pursue a public-private partnership for stadium funding but seemingly has been unable to expand support beyond Chicago Mayor Brandon Johnson.
Josh Harris, a co-founder of the private equity firm Apollo Global Management, purchased the Washington Commanders for $6 billion in 2023. Amazon founder Jeff Bezos, Danaher Corporation co-founder Mitch Rales, former Google CEO Eric Schmidt and Landry’s Inc. owner Tilman Fertitta are among the billionaires who have been linked to the pursuit of NFL ownership.
