White Sox owner Jerry Reinsdorf strikes deal to possibly sell control of team to billionaire Justin Ishbia as early as 2029
Billionaire Phoenix Suns co-owner Justin Ishbia has reached an agreement with Chicago White Sox chairman Jerry Reinsdorf that could see Ishbia taking over control of the team as soon as 2029.
The White Sox confirmed Thursday that they have reached a deal that will call for Ishbia, who's already owner of a small stake in the White Sox, to make new investments in the team in 2025 and 2026 to be used to pay down existing debt and support team operations.
Under the deal, from 2029-2033, Reinsdorf would have the option to sell his controlling interest in the White Sox to Ishbia. The decision becomes Ishbia's after the 2034 season.. If Ishbia does end up with a controlling interest of the team at any point, other minority owners will also have a chance to sell their shares to him.
Justin Ishbia is a founding partner in Chicago-based private equity firm Shore Capital. He and his brother, Mat, co-own the Phoenix Suns of the NBA and the Phoenix Mercury of the WNBA. Justin also owns a minority stake in the Major League Soccer club Nashville SC.
The White Sox stressed that, under the agreement, Reinsdorf will continue to control the team at least through 2029, and that there is no guarantee Ishbia will eventually take over.
Reinsdorf, 89, alongside the late Eddie Einhorn, purchased the White Sox from Bill Veeck in 1981, and has run the organization ever since.
"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 a statement. "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."
Earlier this year, Justin Ishbia appeared to be on track to purchase the Minnesota Twins from the Pohlad family, to striking a deal to eventually buy control of the White Sox.
The Ishbia brothers , a few months after chairman Joe Pohlad -- whose father, Carl, purchased the Twins for $44 million in 1984 -- announced that the family would explore options to sell the ballclub.
In February, , Ishbia "abandoned his bid for the team to instead acquire the" White Sox.
The Ishbia brothers have owned the Suns since late 2023. Reinsdorf bought the White Sox in 1981 for just $19 million. They are the 15th-most valuable franchise in baseball at an estimated $2.05 billion, . In that same estimation, the Twins are 21st at $1.46 billion.
It's unclear what the potential ownership change for the White Sox might mean for Reinsdorf's pursuit for a new ballpark in the South Loop on a 62-acre parcel of land known as The 78, along the south branch of the Chicago River.
Reinsdorf is reportedly seeking $1 billion in public funds for construction of the proposed ballpark, but Gov. JB Pritzker has said using public funds for a new White Sox stadium is "not a priority."
Reinsdorf threatened to move the team to St. Petersburg, Florida, in the 1980s before state lawmakers approved $200 million in public funding to build what is now Rate Field before a midnight deadline. Then-Illinois House Speaker Mike Madigan actually stopped the clock in the Illinois State Capitol to avoid missing the deadline.
Under the , the White Sox won the 2005 World Series, snapping a drought that traced back to the Black Sox scandal, but they have only made the playoffs seven times. Since that World Series, they've only played in three postseasons and haven't advanced a single round – winning only three playoff games in that time.
There also has been speculation that Reinsdorf could seek to move the team to Nashville, after he met with the mayor of Nashville during Major League Baseball's 2023 winter meetings. In addition to owning a minority stake in Nashville SC, Justin Ishbia is an alumnus of Vanderbilt University in Nashville.
Reinsdorf's deal with Ishbia does not affect his ownership of the Chicago Bulls. It's long been speculated that the Bulls will remain in his family's hands. While Reinsdorf remains chairman of the Bulls, his son, Michael, has overseen the team's operations since 2010 as team president.
CBS Sports writer Matt Snyder contributed to this report.
