White Sox announce deal between Justin Ishbia, Jerry Reinsdorf
June 5 - Billionaire Justin Ishbia and Chicago White Sox owner Jerry Reinsdorf have reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the franchise, the team announced Thursday.
Ishbia, who founded a private equity firm in Chicago, is an investor in the Phoenix Suns of the NBA and the Mercury of the WNBA, owned by his brother, Mat.
Per the agreement, Justin Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026. That will serve to trim existing debt and support ongoing team operations.
Reinsdorf, 89, will have the option to sell the controlling interest to Justin Ishbia, 47, between 2029-33. Ishbia already holds a minority stake in the White Sox as well as MLS club Nashville SC.
"This is an investment in the future of the Chicago White Sox, and I am excited for the opportunity to deepen my commitment to the city and the team," Justin Ishbia said in a statement, per Sportico. "I love Chicago, have always loved baseball, and am thrilled to marry two of my passions."
In its 2024 valuation of all 30 MLB clubs, Forbes ranked the White Sox 15th at $2.05 billion. Reinsdorf, who also owns the NBA's Chicago Bulls, bought the White Sox in 1981 for $20 million.
"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 Thursday. "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."
Forbes pegs the net worth of Justin Ishbia at $5.1 billion on its real-time list of the world's billionaires. Ishbia is the founder and managing partner of Shore Capital Partners, which has $11.5 billion in assets under management, per Forbes. He also owns a 22 percent stake in United Wholesale Mortgage, founded by his father in 1986 and managed by Mat Ishbia.
The White Sox (19-43) are mired in last place in the American League Central. They set an MLB record in losses with 121 last season.
--Field Level Media
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
2 hours ago
- Daily Mail
Pope Leo sends White Sox fans into meltdown as Chicago native dons team cap to greet Vatican visitors
He's the bishop of Rome, supreme pontiff of the Roman Catholic Church and an apostolic successor to Saint Peter now leading the faith's 1.4 billion followers. But the man now known to the world as Pope Leo XIV was once a kid on Chicago's South Side, where he grew up rooting for the White Sox. And for everything that has changed since the death of Pope Francis in April, the newly anointed Pope Leo is still very much Bob from Bronzeville — a diehard fan of a struggling team that's managed only three World Series titles in 121 years. On Tuesday, Pope Leo gave the world a peak at Bob from Bronzeville by donning a White Sox hat as he greeted Vatican visitors, including a pair of newlyweds. It's unclear if the man and woman were from Chicago or how the hat materialized, but the struggling White Sox were all too happy to post some of the images online anyway. '.@Pontifex representing his favorite squad,' read the White Sox post. Fans from the Midwestern metropolis remain stunned to see a White Sox fan in the Vatican. 'Even 3 months ago, you could've given me 1,000,000 to 1 odds and I never would've taken a bet that THE POPE WEARING A WHITE SOX HAT would happen,' one wrote on X. 'As a Chicago area native I could never have imagined a Chicago Pope,' another added. One fan remained so skeptical of the Pope's White Sox allegiance they asked X's AI tool: '@grok is this real?' Grok then confirmed the authenticity of the photos. Despite their favored status at the Vatican, the White Sox are in the midst of another disappointing season. Not only are they 20.5 games out of first in the American League Central at 23-44 entering Wednesday, but the team's leading hitting is Miguel Vargas at just .233. Luis Robert Jr., the team's star centerfielder and most recognizable player, is batting just .184. Pope Leo's fandom has been a rare bright spot for the South Siders, who recently unveiled a tribute to the man born Robert Francis Prevost in 1955 as the White Sox were on their way to a third-place finish. Now, in section 140, Row 19, and Seat 2 at Rate Field on Chicago's South Side, fans can find a graphic installation recognizing where Pope Leo sat for Game 1 of the 2005 World Series. Chicago would go on to win its first MLB crown since 1917 that year. Footage from that game — Chicago's 5-3 win over the visiting NL-champion Houston Astros — shows a younger Pope Leo in the crowd during his time as a was a prior for the Order of Saint Augustine. There had been some erroneous reporting after he was named Pope that he was actually a Cubs fan, but his brother John Prevost has since put that myth to rest. 'He was never ever a Cubs fan, so I don't know where that came from,' Prevost told Chicago's WGN TV. 'He was always a Sox fan. Our mother was a Cubs fan. I don't know, maybe that clued in there and our dad was a Cardinals fan, so I don't know where all that came from. 'And all the aunts, our mom's family was from the north side, so that's why they were Cubs fans.' The club is in the process of being sold to Justin Ishbia, the brother of Phoenix Suns owner Mat Ishbia. The team announced the deal last week. Ishbia will make capital infusions to the team as a limited partner in 2025 and 2026 in order to pay down existing club debt and support ongoing team operations. Under the agreement, White Sox owner Jerry Reinsdorf has the option to sell controlling interest to Ishbia from 2029 to 2033, after which he can obtain a majority stake.
Rhyl Journal
7 hours ago
- Rhyl Journal
400 jobs at risk as Alexander Dennis seeks to ‘consolidate' bus manufacturing
The Scottish-headquartered company said it is looking at 'consolidating its UK bus body manufacturing operations' in Scarborough, North Yorkshire. This would mean its manufacturing facility in Falkirk – which Alexander Dennis said had 'already been reduced in recent years' – would close. In addition the firm said the production lines in Larbert, where it also has its global HQ, would be suspended when current contracts are completed. The GMB Scotland union said the move was a 'hammer blow' for communities 'already reeling' from the closure of the nearby oil refinery at Grangemouth. Senior organiser Robert Deavy said: 'If the company is reviewing its future operations, it must do so with an open mind and a determination to save jobs, not shed them. 'We will do everything in our power to secure the future of Alexander Dennis in Falkirk, but so must the company and so must ministers.' Alexander Dennis said the changes would lower costs and increase efficiencies. But it added up to 400 jobs – about 22% of its workforce – would now be at potential risk of redundancy. Sharon Graham, general secretary of the Unite trade union said the end of manufacturing at Falkirk and Larbert was 'devastating'. She added: 'It is the latest huge economic blow to hit local communities on the back of the Grangemouth oil refinery closing.' Scottish Deputy First Minister Kate Forbes said: 'This will be a hugely worrying time for the workforce at Alexander Dennis, their families and the wider community.' She said the Scottish Government has in recent weeks 'engaged extensively' with the company and its parent firm NFI to 'understand the issues and ensure that every possible avenue is explored to mitigate the need for redundancies'. Ms Forbes and Scottish First Minister John Swinney have been involved in these talks, along with representatives from Scottish Enterprise, Transport Scotland and the UK Government. Ms Forbes pledged: 'The Scottish Government will continue to explore any and all options throughout the consultation period to allow the firm to retain their hard-working employees and manufacturing and production facilities at Falkirk and Larbert.' She added that in the event of job losses, the Scottish Government would provide support through its Partnership Action for Continuing Employment (Pace) initiative. Paul Davies, Alexander Dennis president and managing director, said the firm is proposing a UK manufacturing strategy 'to underpin financial sustainability and lower operating costs in the face of changing and challenging market dynamics'. With Alexander Dennis dating back to 1895, Mr Davies stressed bosses 'firmly believe in our people, products and business'. But he added: 'We must take significant action to drive efficiency to allow our operating model to be competitive. 'It is extremely regrettable that as part of this, we must place jobs at potential risk of redundancy and propose to cease manufacturing operations at some of our facilities.' Mr Davies said this is necessary because 'the stark reality is that current UK policy does not allow for the incentivisation or reward of local content, job retention and creation, nor does it encourage any domestic economic benefit'. He added: 'We have warned of the competitive imbalance for some time and would like to see policy and legislative changes that incentivise the delivery of local benefit where taxpayer money is invested. 'We strongly believe funding that supports public transport should lead to investment in local jobs, domestic supply chains, technology creation and a recurrent tax base. 'It is our hope that the forthcoming industrial strategy will provide reassurance that there is value in manufacturing within the borders of the UK and we remain hopeful of policy and legislative changes that increase the UK's focus on support for domestic manufacturing. 'Our new strategy would allow us to respond appropriately to increase local production if structural changes are made.' Scottish Secretary Ian Murray said part of the problem at Alexander Dennis was because SNP ministers had 'not ordered enough buses' from them. He said the Scottish Government had ordered 44 buses from the firm, contrasting this with the 200 buses ordered by Greater Manchester Mayor Andy Burnham. Mr Murray added the restructuring plans were a 'huge shock for the local area' but said the 45-day period that would now follow gave 'time to see if there is ways in which we can help'. Speaking for the UK Government, he added: 'We've been encouraging the Scottish Government to look at a furlough scheme for Alexander Dennis employees in order for us to be able to buy a little bit of time to work through some of the problems that the company have got.'
The Guardian
9 hours ago
- The Guardian
US-based soccer fans: are you going to a Club World Cup game this summer?
Fifa's Club World Cup kicks off on 14 June in Miami, Florida. Games will be staged in US host cities including Atlanta, Cincinnati, Charlotte, Los Angeles, Miami, Nashville, New York/New Jersey, Orlando, Philadelphia, Seattle and Washington DC. The Seattle Sounders, Inter Miami and Los Angeles FC are the three MLS clubs participating in the 32-team tournament. But many Americans will have their first opportunity to see their favorite European team – clubs such as Real Madrid, Manchester City and Bayern Munich will be in action – play a competitive match in person. If you're interested or planning to attend, we'd like to hear what you're looking forward to and anything you're concerned about for the newly expanded tournament. You can tell us about your plans for the Fifa Club World Cup using this form. Please share your story if you are 18 or over, anonymously if you wish. For more information, please see our terms of service and privacy policy. Your responses, which can be anonymous, are secure as the form is encrypted and only the Guardian has access to your contributions. We will only use the data you provide us for the purpose of the feature and we will delete any personal data when we no longer require it for this purpose. For true anonymity please use our SecureDrop service instead. If you're having trouble using the form, click here. Read terms of service here and privacy policy here.
