IVCA Provides Updates for State Legislative Issues – 08/28/2024
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, August 28, 2024
DNC LEAVES CLUES ON ILLINOIS POLITICS
At the recently completed Democratic National Convention it seemed clear to participants and observers that Illinois Governor JB Pritzker would run for a third term in 2026. The governor was ubiquitous at events throughout the week, speaking to visiting state delegations, throwing celebrations featuring musician John Legend, etc. There is pent up demand in Illinois politics right now to see if there is an opportunity for office holders to move into other positions, so all eyes are on what the governor will do in 2026, and whether Illinois U.S. Senator Dick Durbin will run again in 2026. Due to his support for the Harris/Walz ticket and so many other factors the governor could certainly be chosen for a cabinet spot should Harris/Walz prevail. The prevailing wisdom after the convention is being Governor of Illinois is a good job with the opportunity for local and national publicity and a legislature from the same political party which helps achieve your goals. Looks like those seeking to move up will have to cross Governor off their list.
LEGAL BATTLE CONTINUES LEADING UP TO TRIAL OF FORMER SPEAKER
“With relentless pretrial publicity already undermining Madigan’s right to receive a fair trial, the government now seeks to compound the problem by asking the Court’s permission to admit a laundry list of inadmissible, irrelevant, and unduly prejudicial evidence,” Madigan’s defense team wrote in a motion filed Monday.
PRIVATE EQUITY IN THE NFL
The NFL season opener approaches and fantasy football leagues are holding drafts in preparation. The Chicago Bears simultaneously continue to gauge the appetite for public support to build a new stadium. The NFL and private equity are also in the news:
Could the Bears sell a stake?
The 101-year-old Virginia McCaskey currently owns the Chicago Bears. Before his death in 1983, her dad, George Halas, came up with a plan to pass the team to McCaskey, his only living child, without saddling her with a heavy tax burden. Halas divided the 49.35% of the Bears he owned into equal shares for his 13 grandchildren using a set of trusts. Voting power over those shares went to McCaskey, who already owned close to 20% of the team. McCaskey has since raised 11 children, with 21 grandchildren, 35 great-grandchildren and four great-great-grandchildren. Selling a stake would help ease the tax burden on McCaskey’s heirs.