ARLINGTON HEIGHTS, Ill. — The Chicago Bears announced Thursday the organization has submitted a bid to buy Arlington Park.

Bears president and CEO Ted Phillips released a statement to WGN News that said:

We recently submitted a bid to purchase the Arlington International Racecourse property. It’s our obligation to explore every possible option to ensure we’re doing what’s best for our organization and its future. If selected, this step allows us to further evaluate the property and its potential.

Developers and investors needed to submit offers to the owners of Arlington International Racecourse by this week.

Currently, there are fewer than 10 prospective buyers who have serious proposals on the table when it comes to sealing the deal.

However, this, according to the village mayor is a soft deadline.

The racetrack has been around for almost 100 years, with horseracing being a huge part of its history.