The Chicago White Sox on Thursday announced that Jerry Reinsdorf, the team's chairman and sole day-to-day decisionmaker for the club, has established the framework for a potential future sale of the team to Chicago-area entrepreneur and billionaire Justin Ishbia.
The announcement comes months after reports that Ishbia abandoned an effort to buy the Minnesota Twins and instead purchase additional shares in the White Sox. It also comes after reports that Reisndorf was open to selling the franchise.
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WATCH HEREAccording to the announcement, the "long-term investment agreement" says Ishbia will make capital infusions to the White Sox as a "limited partner" in 2025 and 2026, which will be used to pay down existing debt and support ongoing team operations.
From 2029 to 2033, Reinsdorf will have the option to sell the controlling interest to Ishbia, the announcement said. After the 2034 season, Ishbia would have the option to acquire it.
"In the event of any such future transaction, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time," the announcement said.
Ishbia's brother, Mat, and father, Jeff, will also be significant investors in the team, the announcement said.
The announcement stressed that there is "no such assurance" that a future sale could take place, and that any transactions would not occur before 2029.
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The White Sox's lease at Rate Field on the South Side expires after the 2029 season, with rumors continuing to swirl around a potential new stadium elsewhere in the city.
Reinsdorf, 89, purchased a controlling stake in the White Sox in 1981, but has never publicly revealed what percentage of the team he owns. Over the years, Reinsdorf has repeatedly indicated that he would encourage his heirs to sell the controlling stake in the White Sox upon his death.
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SIGN UP Last fall, The Athletic had reported that Reinsdorf was in “active discussions” with a group led by former MLB player Dave Stewart about potentially selling the White Sox. The Sox declined comment when approached by NBC Chicago at the time.
That deal never materialized, and Stewart has since rejoined the front office of the Athletics, who will be playing in Sacramento while a new ballpark is constructed in Las Vegas.
“Having the incredible opportunity to own the Chicago White Sox and be part of Major League Baseball for nearly 50 years has been a life-changing experience,” Reinsdorf said in the announcement. “I have always expressed my intent to operate the White Sox as long as I am able and remain committed to returning this franchise to the level of on-field success we all expect and desire.”
Ishbia founded and manages Shore Capital Partners, a Chicago-based private equity firm. His current net worth is $5.1 billion, according to Forbes Magazine. In 2023, Justin and Mat purchased a majority stake in the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury in 2023, giving them experience in operating major sports franchises.
According to Forbes’ MLB franchise valuations, published in 2023, last the White Sox are worth just over $2 billion, placing them just inside the top-half of MLB franchises.
