White Sox, Jerry Reinsdorf announce deal for eventual ownership change

USA Today

2 days ago

White Sox, Jerry Reinsdorf announce deal for eventual ownership change
Show Caption
Hide Caption
Pete Rose now eligible for Hall of Fame after years of ineligibility
USA TODAY Sports' Bob Nightengale discusses Pete Rose now being eligible for the Hall of Fame and what it means for the steroid era players.
Sports Pulse
Chicago White Sox owner Jerry Reinsdorf has reached a long-term agreement with Justin Ishbia that will lead to Ishbia potentially gaining majority or full ownership of the franchise within the next 10 years.
The agreement states that Reinsdorf has the option to sell controlling interest of the team to Ishbia from 2029-2033. But after the 2034 season, Ishbia will have the option to acquire controlling interest, and all partial team owners will have the option to sell their portion to Ishbia at the time. Reinsdorf will retain majority control of the franchise at least until the start of the 2029 season.
"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."
Reinsdorf has owned the White Sox since he purchased the franchise for $20 million in 1981. He is also the owner of the Chicago Bulls, which he gained control of in 1985 for $16 million. Since purchasing the baseball team, Reinsdorf has served as chairman for the organization.
Chicago had not been to the postseason in 23 seasons prior to Reinsdorf's purchase of the team, and it returned the the playoffs in 1983. Under Reinsdorf's leadership, the White Sox won the 2005 World Series and six division titles, but the team has been in a freefall since winning 93 games in 2021.
The team's season win total has declined every year since then, including a historically bad 2024 season in which it set the record for most losses in a season with 121. The team is currently 19-43 in 2025, last in the AL Central and the second-worst record in baseball ahead of the Colorado Rockies.
Who is Justin Ishbia?
Ishbia is a billionaire investor that has partial ownership stakes in several sports teams. He is mostly known for being part of the ownership of the Phoenix Suns, as his brother Mat Ishbia is the majority owner of the team. The siblings also own the Phoenix Mercury of the WNBA.
Also a minority owner of the Major League Soccer club Nashville SC, Ishbia already has partial ownership of the White Sox. Under the agreement deal with Reinsdorf "will make capital infusions" for the White Sox in 2025 and 2026 "to pay down existing debt and support ongoing team operations." During the 2029-33 timeframe, Ishbia's brother and his father Jeff Ishbia will also be significant investors into the team.
The agreement comes as the franchise explores options for a new ballpark. It had been eyeing "The 78" area in Chicago's South Loop, but those plans seem to be non-existent after MLS club Chicago Fire announced plans to build a new stadium on the grounds. The White Sox play at Rate Field, which has been their home since 1991.
Reinsdorf previously threatened to move the White Sox to St. Petersburg, Florida in the 1980s unless the team received assistance on a new ballpark, ultimately getting what he demanded with the 1991 stadium.