Latest news with #MatIshbia
Forbes
5 days ago
- Business
- Forbes
Reinsdorf Will Have Long Goodbye While Selling White Sox To Ishbia
CHICAGO, ILLINOIS - NOVEMBER 08: Owners Mat Ishbia and Justin Ishbia of the Phoenix Suns look on ... More during the first half between the Chicago Bulls and the Phoenix Suns at the United Center on November 08, 2023 in Chicago, Illinois. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by) Jerry Reinsdorf is on his way out with the White Sox but set to say a long goodbye to the American League team he has owned for 45 years. Reinsdorf, 89, has agreed to pass control of the White Sox to current minority owner Justin Ishbia, with the transfer possible in 2029 or as late as 2034. The team announced the agreement on Thursday. Ishbia, who is a co-owner of the NBA's Phoenix Suns with his brother Mat, will make 'capital infusions' to the Sox in 2025 and '26 to pay down existing debt and 'support ongoing team operations,' according to the team's statement. Ishbia, 47, is a private equity investor and the founder of Shore Capital Partners. He has a reported net worth in excess of $5 billion and had been rumored as a possible majority owner of the White Sox since he pulled out of a public pursuit of the Minnesota Twins. Mat and their father, Jeff Ishbia, will become significant investors in the franchise. While the White Sox laid out specifics of the agreement, the deal raises as many questions as it answers. For instance: — What does Ishbia's presence mean for the team's current pursuit of a new stadium in Chicago's South Loop? That effort has seemed stalled, with Reinsdorf attempting to obtain public funding at the same time the Chicago Bears are seeking to move from Soldier Field. — What does it mean for the team's long-term future in Chicago? Reinsdorf has said relocation could become a consideration without a new stadium? Ishbia doesn't have the same deep Chicago sports roots as Reinsdorf, who also owns the NBA's Bulls. That could make it easier to consider a move to Nashville or elsewhere if the stadium situation isn't resolved. — What does the fresh capital mean for the White Sox's rebuilding process. Reinsdorf is not a major player with top free agents — Andrew Benintendi's five-year, $75-million deal is his biggest investment in a player — but Ishbia could green-light pursuit of top free agents, possibly as soon as December. While there is much to be revealed, the terms of the agreement are relatively clear. Reinsdorf has the option to remain as the team's controlling partner 'as long as I am able.' Reinsdorf has the option of selling his controlling interest to Ishbia at any point from 2029 through '33, with Ishbia gaining his option to acquire controlling interest after the '34 season. Financial terms of the deal are not known. Forbes valued the White Sox at $2 billion in March, which ranked 16th among 30 franchise. Reinsdorf and his late partner Eddie Einhorn led a group that purchased the team from Bill Veeck for $19 million in 1981. Under his stewardship, the White Sox won the World Series in 2005 but have gone to the postseason only three times since then, without winning a series. They set a major-league record with 121 losses last season and entered with a rookie manager (Will Venable) and a payroll of only $74.1 million, which ranks 29th. Reinsdorf previously has said he has advised his family to sell the White Sox but hold onto the Bulls upon his death. Michael Reinsdorf, his son, is president and chief executive officer of the Bulls. Reinsdorf's son David, who worked in real estate, died at age 51 in 2014.
New York Times
5 days ago
- Business
- New York Times
White Sox's Jerry Reinsdorf reaches deal for potential sale to Justin Ishbia
White Sox chairman Jerry Reinsdorf and minority investor Justin Ishbia have established a framework to transfer a future controlling interest in the team, according to a news release issued Thursday. In February, The Athletic reported that Ishbia dropped his pursuit of the Minnesota Twins and was increasing his minority stake in the White Sox, intending to eventually buy out Reinsdorf's controlling stake in the franchise. It was during Ishbia's pursuit of the Twins that the Reinsdorfs came to him and discussed increasing his share of the White Sox, according to a person briefed on the discussions who was not authorized to speak publicly. Advertisement At the time of The Athletic's report, the White Sox denied there was a path to control. Now, the plan has been agreed to. Ishbia 'will make capital infusions into the White Sox as a limited partner in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations,' according to the club. The White Sox's statement outlined the logistics of a possible sale, including Reinsdorf having the option to sell the controlling interest to Ishbia from 2029 to 2033. Ishbia will have the option to acquire the controlling interest after the 2034 season. 'In the event of any such future transaction, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time,' the release said. 'In addition to Justin Ishbia, his brother Mat Ishbia, and father Jeff Ishbia will also be significant investors. There is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029.' Mat Ishbia is the controlling owner of the NBA Phoenix Suns and WNBA Phoenix Mercury, and Justin is an alternate governor for the team. Justin is an investor with the MLS' Nashville SC. This structure is comparable to the 2022 deal David Blitzer struck with Cleveland Guardians owner Paul Dolan, which gave him a six-year window to buy a controlling interest in the team, which The Athletic also reported in February. Ishbia's deal, which closed soon after The Athletic's story ran, bought out minority shareholders of the White Sox, some of whom had been with Reinsdorf since he led a group to buy the team for $19 million in 1981. The valuation for their shares was around $1.8 billion, according to sources briefed on the deal. Some shareholders stuck around for a potentially bigger payday. Statement from the Chicago White Sox: — Chicago White Sox (@whitesox) June 5, 2025 Earlier this spring, Matt Spiegel, a radio host at Chicago's 670 The Score, reported that Ishbia's deal gave him 35 percent of the team, but the way the organization is structured, Reinsdorf was the controlling partner, even without holding a majority stake. The team's statement noted Reinsdorf will remain the 'sole day-to-day decision maker for the club,' which set a modern record for losses last season with 121 and had the worst record in the American League at 19-43 before Thursday's day game with the Detroit Tigers. Advertisement '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.' In recent years, Reinsdorf has been angling for public money to build a new stadium in Chicago, though the state-funded Rate Field still hasn't been paid off. A possible deal for a plot of land at The 78 development in the South Loop could still be in play, though the MLS Chicago Fire announced plans to build their new stadium there earlier in the week. (Photo of Jerry Reinsdorf: Kamil Krzaczynski / Imagn Images)
Washington Post
5 days ago
- Business
- Washington Post
White Sox reach agreement for potential future sale of controlling interest to Justin Ishbia
CHICAGO — The Chicago White Sox have reached an agreement that will give Justin Ishbia, the brother of Phoenix Suns owner Mat Ishbia, the chance to buy a future controlling interest in the club. The team made the announcement Thursday, adding that Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026, which will be used to pay down existing debt and support ongoing team operations. Ishbia was already a limited partner. His brother Mat and father Jeff Ishbia will also be 'significant investors,' the team said. Justin is the second largest shareholder with the Suns.
Associated Press
5 days ago
- Business
- Associated Press
White Sox reach agreement for potential future sale of controlling interest to Justin Ishbia
CHICAGO (AP) — The Chicago White Sox have reached an agreement that will give Justin Ishbia, the brother of Phoenix Suns owner Mat Ishbia, the chance to buy a future controlling interest in the club. The team made the announcement Thursday, adding that Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026, which will be used to pay down existing debt and support ongoing team operations. Ishbia was already a limited partner. His brother Mat and father Jeff Ishbia will also be 'significant investors,' the team said. Under the agreement, White Sox owner Jerry Reinsdorf will have the option to sell controlling interest in the team to Ishbia from 2029-33. After the 2034 season, Ishbia can acquire the controlling interest. No transaction can take place before 2029, and there's no guarantee that one will happen. The 89-year-old Reinsdorf, who has been the chairman of the White Sox since purchasing the franchise in 1981, will continue in his role as Chicago's primary decisionmaker. '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 release by the club. '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.' ___ AP MLB:
Forbes
6 days ago
- Business
- Forbes
Phoenix Suns Make Right Call Hiring Jordan Ott As New Head Coach
LAS VEGAS, NEVADA - JULY 18: Summer League head coach Jordan Ott of the Cleveland Cavaliers looks on ... More against the Los Angeles Lakers in the first half of a 2024 NBA Summer League game at the Thomas & Mack Center on July 18, 2024 in Las Vegas, Nevada. The Lakers defeated the Cavaliers 93-89. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by) After a long and diligent search, the Phoenix Suns have chosen their successor to Mike Budenholzer. On Wednesday, it was announced that the team would be naming Cleveland Cavaliers assistant coach Jordan Ott as their new head coach. This decision is ironic for two reasons. First, both Ott and Mat Ishbia (the majority owner of the team, who has become known for questionable decision-making) are Michigan State Spartan Alum (as am I, for the record). And second, so long as he doesn't get traded this offseason, this will be Devin Booker's seventh non-interim head coach since being drafted by the Suns in 2015. That is tied for the most coaches in a tenure with one team in NBA history. Despite the comedic value sprinkled into this situation, the Suns did a good job with this hiring. No matter what anyone tells you, we never know how these things will play out with absolute certainty. So, all we can do is focus on having a good process for our decisions and hope that fate smiles in our direction. In this case, the Suns exercised some good process. As mentioned in the reporting around this signing, the Suns interviewed 15 different candidates for this job. Juxtapose this with the Sacramento Kings, who didn't interview a single other coach before removing Doug Christie's interim tag. Even if Christie ends up being the better hire than Ott, the Suns' strategy was far more commendable and will lead to better results over a larger sample. The Suns also made sure to avoid star-hunting this time around. With their last two coaches (Frank Vogel and Mike Budenholzer), it seemed like they were more amused with their championship pedigree than confident that they were the right guys to lead their specific roster. Ott is on the opposite end of this spectrum. He's a rising star whose best days are still in front of him. Ott was a part of the staff that took the mismatched Cavaliers roster and made them one of the best offenses in the history of the sport. Ott didn't do it all on his lonesome, but it seems like he did play an integral role in their success. Here is a quote from Shams Charania in his newsbreaking story: The key here is that Ott was able to take a team with an imbalanced roster and figure out how to best maximize their strengths while also minimizing their weaknesses. With most of their money tied up in three players who share more or less the same set of skills (albeit to varying degrees) and a bunch of flawed complimentary pieces, the Suns have arguably the least cohesive roster in the league. Ott is the perfect person to tackle this unique challenge. With this said, it does look very likely that Kevin Durant has played his last game with the Suns. So, he won't be dealing with exactly the same core that Vogel and Budenholzer worked with him before him. Still, given their limited draft resources and lack of young talent, this is still quite the mess for Ott to clean up. Regardless of whether or not Ott ends up being the savior this franchise desperately needs, the Suns did a good job with their hiring process this time around, and we need to remember this moment when we are reviewing this situation in the future.
