BRIDGEPORT — Chicago White Sox Chairman Jerry Reinsdorf has reached a long-term agreement to eventually sell the team — but fans may be waiting nearly another decade before a new owner officially takes over.
The agreement, announced Thursday, outlines a path for billionaire investor Justin Ishbia, 47, to become the future owner of the team. But under the terms, Reinsdorf, 89, retains control and may choose to sell his controlling stake anytime between 2029 and 2033. After the 2034 season, Ishbia gains the exclusive option to purchase the team, according to a press release issued by the White Sox.
“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 intent to operate the White Sox as long as I am able.”
Deal Includes Early Investment and Operational Support
While the full sale may be years away, Ishbia is expected to play a key role immediately. He will make capital infusions in 2025 and 2026 as a limited partner, which the team said will be used to pay down existing debt and support ongoing operations.
Ishbia, who co-founded Shore Capital Partners, a Chicago-based private equity firm, is also a majority owner of the NBA’s Phoenix Suns, which he purchased alongside his brother Mat Ishbia in 2023. According to Forbes, Justin Ishbia’s net worth is $4.3 billion.
He previously considered buying the Minnesota Twins but dropped that pursuit in favor of expanding his stake in the White Sox.
No Deal Until 2029 — And Still No Price Disclosed
The statement from the White Sox emphasized that there’s no guarantee the final transaction will take place, and that no sale will occur before 2029. In the meantime, the Reinsdorf family remains the controlling owner, and Jerry Reinsdorf will continue making day-to-day decisions for the franchise.
The exact purchase price or valuation for the White Sox has not been disclosed, nor have Ishbia’s specific long-term plans for the team been made public.
The deal comes as the team continues to grapple with fan discontent, stadium uncertainty, and rumors of relocation.
From Franchise Struggles to Hope for a Turnaround
The White Sox have been underperforming since their last postseason appearance in 2021, and tensions have been rising. The team lost a record-setting 121 games last season, drawing crowds of frustrated fans carrying signs that read “Sell the Team.”
Ishbia’s arrival may signal a shift in direction. Marc Ganis, a prominent sports business consultant, told Block Club Chicago the agreement had likely been in development for months, as other minority stakeholders were bought out.
“This is a family buying and acquiring sports teams to hold for many years,” Ganis said, referring to the Ishbia brothers. “Their focus with the Suns was spending way over the salary cap. It wasn’t successful, but that was the effort.”
The Ishbia family’s long-term investment approach may bring hope to fans yearning for a better future. Ganis also noted Ishbia’s strong ties to Chicago as an encouraging sign.
A Mansion, a Billionaire, and the South Side
While Ishbia’s financial stake in the White Sox is gaining headlines, he also made waves recently for another reason: a $77.7 million lakefront mansion he’s building in Winnetka, per a Chicago Tribune report.
Though his financial commitment to the Sox will remain passive in the short term, the deal hints at a more prominent leadership role down the line.
For now, however, Reinsdorf — who bought the team in 1981 for $20 million — is still in charge.
Do you think this long-term ownership shift will help revitalize the White Sox? Have thoughts about the team’s future under Justin Ishbia? Share your take in the comments at ChicagoSuburbanFamily.com.
