Originally posted as an X article on my account.

Chicago Bears fans want change, but selling the team isn’t just complicated — it’s practically impossible. Dive into the family legacy, the intricate ownership structure, and how new NFL rules could shape the team's future.

In our first article, we explored the frustrations of Chicago Bears fans, exemplified by the "sell the team" chants that echoed through Soldier Field. We delved into the Halas-McCaskey family’s complex ownership structure and how George Halas meticulously crafted a legacy to ensure the Bears remained a family-run franchise. From voting trusts to strict NFL ownership rules requiring at least 30% family control, we uncovered why selling the Bears is far more complicated than it seems. While fans might yearn for change, the reality is that this storied franchise’s fate is deeply intertwined with its founding family.

This sets the stage for our second article, where we dive deeper into the ownership labyrinth, uncovering the intricate class structure of Bears shares, the role of minority stakeholders, and how modern NFL rules could provide paths forward for the franchise without relinquishing control.

Maintaining Control While Avoiding the Taxman

In 1981, George Halas had two goals for his legacy: ensure the Chicago Bears would remain under family control and avoid a crippling tax burden that could jeopardize that vision. George Harrison would have been proud of Halas’ effort to “avoid the taxman.” To top it all off, Halas kept his plans close to the vest, revealing them only to a select group of advisors. This secrecy, while strategic, would have far-reaching implications, sparking legal battles and family disputes that would drag on for years.

Halas likely had little idea that his actions would touch off a dispute that would nearly tear the two wings of his family apart. What ensued was a lengthy legal battle, complete with accusations of estrangement and denial of representation, tearful Christmas cards, and, remarkably, the exhumation of George “Mugs” Halas Jr., which revealed several missing organs. We’ll explore these darker chapters of Bears history and where they might lead in our next article.

A Quiet Reorganization with Lasting Impact

Originally domiciled in Illinois, the Bears were reorganized as a Delaware corporation to take advantage of the state's more flexible and business-friendly corporate governance laws. While this relocation was common for many companies, what truly set Halas’ plan apart was the creation of a complex stock structure. The new structure divided the Bears’ ownership into four distinct classes of stock, each with unique voting rights, dividend entitlements, and liquidation rules. These classes were meticulously designed to maintain centralized control within the Halas family while addressing the realities of succession and financial sustainability.

Thanks to the revealing 1990 Tax Court decision regarding the estate of George Halas Sr., we have an unprecedented look behind the curtain at the detailed mechanics of Halas’ corporate reorganization. This ruling provides invaluable insight into the machinations of Halas Hall—machinations the organization works diligently to keep concealed. Below is a breakdown of the four classes of Bears stock as structured by Halas in 1981:

The Four Classes of Stock: A Legacy in Layers

According to the decision, when George Halas Sr. reorganized the Chicago Bears in 1981, he created four classes of stock, each serving a specific purpose to maintain family control and ensure the team's legacy.

Class A: The Unrelated Shareholders

Class A shares, originally comprising 11.29% of the team, were allocated to the descendants of Ralph Brizzolara, an early general manager and Halas’ business partner. This minority stake reflected the team’s historical roots outside the Halas family.

Class B: The Control Shares

Class B shares, representing 49.35% of the team, were held entirely by George Halas Sr. to consolidate decision-making power. These shares were later transferred to the Halas Family Holding Company, maintaining operational authority within the Halas family.

Class C: The Legacy of Mugs Halas

Class C shares, totaling 19.68%, were held by the estate of George “Mugs” Halas Jr. for his children, Christine and Stephen Halas. These shares later became the subject of legal battles and were eventually sold, with the McCaskeys exercising their right of first refusal.

Class D: Virginia McCaskey and Her Children

Class D shares, also comprising 19.68%, were held by Virginia McCaskey and transferred to the McCaskey Family Holding Company, ensuring her children’s ongoing stake in the team and cementing her family’s leadership role.

This intricate stock structure, designed by Halas, ensured that control of the Chicago Bears remained firmly within the family while limiting external influence. Yet, the complexity of these arrangements also created challenges, particularly as NFL rules evolved to govern ownership structures. These rules, shaped in part by cases like the Bears', highlight the league's emphasis on maintaining family control while balancing operational stability.

The NFL’s Unique Ownership Structure: A Family Affair

Following the example set by its two remaining charter franchises, the Chicago Bears and the Arizona Cardinals, the NFL has long embraced family ownership as a cornerstone of its identity. Over time, the league established unique rules to preserve this tradition, mandating that a single family must retain at least 30% ownership of each team. These rules also impose strict limitations on minority ownership stakes, ensuring that the primary family remains in control of the franchise.

In recent years, the NFL has revised its ownership rules to allow private equity investments. However, these changes come with stringent restrictions—private equity stakeholders are explicitly prohibited from acquiring controlling interests in any team, preserving the league's family-first philosophy.

Once again, George Halas appears to have been ahead of his time when he devised the Chicago Bears’ intricate ownership structure. His forward-thinking framework not only protected family control but also proved resilient, withstanding two major court challenges. In our next article, we’ll delve deeper into the details of these legal battles and the fissures they revealed within the McCaskey and Halas families.

Supreme Control: Halas’ Lasting Influence on Bears Ownership

Papa Bear George Halas had a singular vision for the Chicago Bears: to keep the team in the family. His foresight in creating a complex ownership structure ensured that legacy would endure, making it incredibly difficult — if not outright impossible — for the Bears to leave family control. It’s clear this is not on the McCaskey family’s radar either, as they remain steadfast in their role as stewards of the team.

But perhaps the most striking revelation is that no matter who holds the title of Chairman, the ultimate authority rests with Virginia McCaskey. She runs the team as her father taught her — where men are tasked with the public-facing, day-to-day work of the Bears. Yet, behind the scenes, it’s Virginia who has the final say. Her control over the voting trust gives her unparalleled authority, and her decisions are the ones that shape the franchise's future. Even if a majority of family members wanted to sell, her control of the trust would make that outcome virtually impossible.

Supreme control and determination? That’s George Halas’ blueprint in action — a lasting legacy that continues to shape the future of the Bears. It’s a story of vision, grit, and the enduring bonds (and challenges) of family ownership.

What’s Next: Turmoil, Transactions, and the Future of Bears Ownership

In our next article, we’ll dive into the history of how some ownership shares have changed hands — often under duress and rarely without pain within the family. From the battle over Mugs Halas’ shares to the uneasy peace between different factions of the family, we’ll explore how these dynamics influence the present and future of the team.

Stay tuned as we uncover the best available information on the current ownership breakdown, the family’s internal struggles, and what the future might hold for the Bears. It’s a legacy story that continues to unfold. Don’t miss it!