Justin Ishbia on his way to becoming the next owner of the White Sox
Billionaire investor Justin Ishbia is set to become the next owner of the Chicago White Sox, according to a press release issued by the team on Thursday.
Ishbia, 47, and current owner Jerry Reinsdorf, 89, have reached a “long-term agreement” that could see Ishbia take over the team as early as 2029 or no later than 2034. In the meantime, he will make capital injections into the White Sox in 2025 and 2026 as a limited partner, reducing debt and helping to “support the team’s ongoing operations,” according to the statement. The agreement stipulates that, from 2029 to 2033, Reinsdorf will have the option to sell the majority stake to Ishbia. If an agreement is not reached by then, Ishbia will have the option to take over after the 2034 season. Until that time, Reinsdorf will remain the owner and run the team. The statement also notes that “there is no guarantee that any future transaction will occur, and in no case will such a transaction take place before 2029.” In addition to Justin Ishbia, his brother Mat, owner of the NBA’s Phoenix Suns, and his father Jeff will also be major investors.Ishbia made his fortune, in part, as the founder of Chicago-based Shore Capital Partners. He is already a minority investor in the organization, but the deal now sets him up to own the majority stake as the team heads into the next decade.
Reinsdorf, who is also the principal owner of the NBA’s Chicago Bulls, bought the team in 1981 for approximately $20 million. It is now valued at over $2 billion.
“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 statement. “I have always expressed my intention to operate the White Sox as long as I can and remain committed to returning this franchise to the level of on-field success that we all expect and desire.”
Jerry Reinsdorf
The White Sox won the World Series in 2005, but haven’t won a playoff series since that year, and set the modern MLB record for losses last season, with a 41-121 record. The team has had another difficult start, winning only 19 of their first 62 games and ranking 29th in payroll.
The White Sox are also exploring avenues to build a new stadium. It is unclear whether the agreement between Reinsdorf and Ishbia will affect that search, or how it will.
