The Chicago White Sox are looking at an ownership change in the near future. The team announced in a press release on Thursday that owner Jerry Reinsdorf has reached an agreement with billionaire investor Justin Ishbia to potentially sell his majority stake as soon as 2029.
According to the release, the “long-term investment agreement” gives Reinsdorf the “option” to sell his controlling stake to Ishbia between 2029 and 2033. Ishbia currently holds a minority stake in the team.
Advertisement
After 2034, Ishbia “will have the option to acquire the controlling interest,” per the release, which hedges the potential sale as “any such future transaction.” The other minority owners would be able to sell to Ishbia once he holds the majority stake.
“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 release. “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.”
Under the agreement, Reinsdorf and his family will still hold full control of the team for at least five more years, until a sale takes place. Reinsdorf has been the White Sox’s chairman since purchasing the team in 1981.
However, as part of the agreement, Ishbia will invest additional money in the White Sox in 2025 and 2026, in part to help pay down the team’s debt, per the release.
Advertisement
In addition to his White Sox stake, Ishbia, the brother of Phoenix Suns and Phoenix Mercury controlling owner Mat Ishbia, also holds minority stakes in the two Phoenix teams, and in MLS team Nashville SC. Per Thursday’s announcement, Mat and Jeff Ishbia, their father, will also be “significant investors.”
Up until February of this year, Justin Ishbia was pursuing a bid to own the Twins, but he shifted gears toward Chicago, where he’s a partner in a private equity firm.
It’s been a tough several years for the White Sox under Reinsdorf’s leadership: Since winning the World Series in 2005, Chicago has made the playoffs three times and has had only five winning seasons. Last year, the White Sox set a new MLB record with 121 losses in a particularly brutal losing season — though one that the Colorado Rockies are on pace to pass.
Read the full article here
