Latest news with #Reinsdorf
Newsweek
4 days ago
- Business
- Newsweek
Nashville White Sox? Jerry Reinsdorf to Sell Team, Raising Fears of Move
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Chicago White Sox fans have long heard rumors that owner Jerry Reinsdorf would move the team out of the Second City if he was not able to build a new stadium — with Nashville, Tennessee, as a supposedly likely destination. Reinsdorf in 2023 even met with Nashville's mayor, but would not reveal exactly why, only stoking the rumors further. Reisdorf denied that the meeting was about a move of the White Sox, and the mayor, Freddie O'Connell, said through a spokesperson only that the meeting was "introductory in nature." CHICAGO, ILLINOIS - MAY 01: Chairman Jerry Reinsdorf of the Chicago White Sox watches his team play against the Cleveland Indians at Guaranteed Rate Field on May 01, 2021 in Chicago, Illinois. CHICAGO, ILLINOIS - MAY 01: Chairman Jerry Reinsdorf of the Chicago White Sox watches his team play against the Cleveland Indians at Guaranteed Rate Field on May 01, 2021 in Chicago, Thursday, Reinsdorf — who purchased the White Sox in 1981 for $20 million and has been the team's effective CEO ever since — agreed to sell the team to a private equity billionaire who is already minority owner of a Nashville pro sports franchise. Under reported terms of the agreement, the 89-year-old Reinsdorf would not relinquish control of the White Sox until 2029 at the earliest. In the meantime, minority owner Justin Ishbia — co-owner with his brother Mat Ishbia of the NBA's Phoenix Suns and WNBA's Phoenix Mercury — will increase his investments in the storied South Side franchise, with the funds used to "pay down existing debt and support team operations," according to a CBS News report. Statement from the Chicago White Sox: — Chicago White Sox (@whitesox) June 5, 2025 Ishbia, 47, has an estimated net worth of $4.3 billion, according to Forbes. He is the founder and managing partner of Shore Capital Partners, an investment firm that manages $11.5 billion in assets, Forbes reported. The billionaire is also a minority owner of Nashville SC, a Major League Soccer club that started play as a United Soccer League team in 2018, joining the higher-level MLS in 2020. Reinsdorf, whose Forbes-estimated net worth is $2.3 billion, has the option to sell his shares in the team to Ishbia, giving Ishbia full control of the club, anytime between 2029 and 2033, when Reinsdorf will be 97 years old. After the 2034 MLB season, Ishbia may unilaterally decide whether to take control of the White Sox. The White Sox' lease on its current stadium, Rate Field, expires in 2029, the same year that Reinsdorf, under the reported agreement, could transfer control to Ishbia. More MLB: Paul Skenes to Red Sox? Insane Trade Thought Pushed by MLB Network Host
Chicago Tribune
4 days ago
- Business
- Chicago Tribune
David Greising: The conversation about new sports stadiums in Chicago just got simpler
What an unusual and pleasant surprise it was to wake up Tuesday and learn that Joe Mansueto, owner of the Chicago Fire soccer team, has committed to build a new stadium at The 78. There was no begging or badgering for billions in public funds. No threats to move the franchise to Nashville, Tennessee, or Tampa, Florida, or some other city desperate to lure a migratory sports team. No hand-wringing over downtown versus suburban stadium sites. No demand that the public pay up, for the benefit of the wealthy sports team owner. None of that came from Mansueto. Instead, the Calumet City native and billionaire founder of the Morningstar research and financial services firm simply published a notice in local newspapers. Mansueto's full-page advertisement gracefully broke the news, stirring the spirits of a city that's bone tired of sports team owners asking taxpayers to lay out billions so the owners can get even richer. Mansueto's low-key move is simple: He'll plunk down $650 million to build a 22,000-seat soccer venue in time to open the 2028 MLS season. And the knock-on effect is that the civic conversation about what government owes to sports owners who want to move their teams just got a lot simpler. When asked by those owners, a firm 'no' from city and state is definitely an option. The burden of proof for any kind of need should firmly lie with the owners; the public figures who give anything away should make a detailed and persuasive financial case to the public, and we hold elected officials accountable for any concessions they do make. The Halas-McCaskey family, owners of the Chicago Bears, and Jerry Reinsdorf, lead owner of the White Sox, both have banked on public funding to help them build new stadiums. Reinsdorf on Thursday revealed he has agreed to sell the White Sox to investor Justin Ishbia beginning in 2029 — with capital infusions to come from Ishbia during the intervening years. Chances weren't good for either team even before the Fire announcement. Gov. JB Pritzker, in particular, has been steadfast in his refusal to help the Bears or the White Sox build new playgrounds for their teams. He allowed staff to meet with the Bears toward the spring legislative session, but nothing so far has come of what appeared to be a courteous gesture on the governor's part. Reinsdorf reportedly was prepared to seek $1 billion in taxpayer backing early this year to help move the White Sox from Rate Field to The 78. He may yet try to make The 78 site work for his ballclub. Never mind that taxpayers, through the good offices of the Illinois Sports Facilities Authority (ISFA), have paid off only about one-third of the $150 million in bonds sold in 1989 to build The Rate so Reinsdorf's team could play there. Ishbia's commitment to make investments is welcome news for taxpayers, in that Reinsdorf's case for government support just got weaker as a result. The Bears had hoped to persuade Pritzker to kick in as much as $2.4 billion in taxpayer money to build a new stadium south of Soldier Field. When that went nowhere, they switched to Arlington Heights, claiming they could build there without direct taxpayer support. But watch that space: An ask is coming; we just know it in our bones. Already, the Bears have wrangled tax breaks from Arlington Heights and local school districts. Editorial: Soccer-loving Joe Mansueto comes through for Chicago and its FireAnd if the Bears do leave Soldier Field any time soon, taxpayers will be on the hook for their vacated but recently remodeled home. ISFA still owes more than $400 million from the remodeling of Soldier Field — a project so tasteless that Soldier Field lost its national landmark status as a result. Mansueto is not the only area billionaire funding a new stadium from his own bank account. Up in Evanston, Northwestern University is building a new $850 million football stadium, courtesy of a contribution by billionaire alumni Patrick G. and Shirley W. Ryan. What's the difference between Mansueto and the Ryans on the one hand and Reinsdorf and the Halas-McCaskey families on the other? Unlike Mansueto and Ryan, it's altogether possible that the Halas-McCaskeys and Reinsdorf simply cannot cover the cost of the new stadiums they covet. And both owners understandably believe their teams need new arenas in order to compete in their leagues, given the stadium-building boom that has beset professional sports. There are options available that would enable both ownership groups to build new stadiums, maintain control of their teams and proceed without drawing from public funds. The Bears franchise last year was valued at $6.4 billion by Forbes magazine — nearly double the estimated value in 2020. The White Sox are worth more than $2 billion, according to Forbes. Private equity firms are eager to buy minority stakes in sports teams. Nearly half of all MLB teams already have sold ownership shares to private-equity investors, and Reinsdorf just joined the group with the planned capital infusions and eventual sale to Ishbia, a private equity investor. The NFL last year began allowing private-equity investments for the first time. This opened up a new source of capital for owners and helped turbocharge an unprecedented boom in franchise valuations. Reinsdorf's deal with Ishbia shows one way this can be done: But Halas-McCaskeys please note: An outright sale isn't necessary; a significant capital infusion can happen without requiring a change of control. Selling chunks of the franchises could raise the capital the Bears and Sox owners want in order to help them afford new ballparks. Ryan already owns nearly 20% of the Bears and is considered likely to want a bigger stake. The owners also could borrow against the value of their franchises. This would affect their cash flow, true, but also could enable the owners to avoid diluting their ownership stake. Holding onto equity is particularly important in the NFL, where franchise valuations have increased at double-digit rates over the last five years. Finally, the Bears just might qualify for public support if they would open their minds to the possibility of building a stadium at the former Michael Reese Hospital site. Public incentives would be defensible, given the economic impact that would result from a major investment on the outskirts of Bronzeville. But the Bears just don't want to go there — which is their right, so long as they keep their paws out of the public till. David Greising is president and CEO of the Better Government Association.
Yahoo
4 days ago
- Business
- Yahoo
White Sox owner Jerry Reinsdorf reaches agreement with Justin Ishbia for future controlling stake
The Chicago White Sox are looking at an ownership change in the near future. The team announced in a press release on Thursday that owner Jerry Reinsdorf has reached an agreement with billionaire investor Justin Ishbia to potentially sell his majority stake as soon as 2029. According to the release, the "long-term investment agreement" gives Reinsdorf the "option" to sell his controlling stake to Ishbia between 2029 and 2033. Ishbia currently holds a minority stake in the team. After 2034, Ishbia "will have the option to acquire the controlling interest," per the release, which hedges the potential sale as "any such future transaction." The other minority owners would be able to sell to Ishbia once he holds the majority stake. "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 release. "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." Under the agreement, Reinsdorf and his family will still hold full control of the team for at least five more years, until a sale takes place. Reinsdorf has been the White Sox's chairman since purchasing the team in 1981. However, as part of the agreement, Ishbia will invest additional money in the White Sox in 2025 and 2026, in part to help pay down the team's debt, per the release. In addition to his White Sox stake, Ishbia, the brother of Phoenix Suns and Phoenix Mercury controlling owner Mat Ishbia, also holds minority stakes in the two Phoenix teams, and in MLS team Nashville SC. Per Thursday's announcement, Mat and Jeff Ishbia, their father, will also be "significant investors." Up until February of this year, Justin Ishbia was pursuing a bid to own the Twins, but he shifted gears toward Chicago, where he's a partner in a private equity firm. It's been a tough several years for the White Sox under Reinsdorf's leadership: Since winning the World Series in 2005, Chicago has made the playoffs three times and has had only five winning seasons. Last year, the White Sox set a new MLB record with 121 losses in a particularly brutal losing season — though one that the Colorado Rockies are on pace to pass.
Chicago Tribune
4 days ago
- Business
- Chicago Tribune
Column: Jerry Reinsdorf's clumsy handoff of the Chicago White Sox only adds to his checkered baseball legacy
If only Jerry Reinsdorf took the lead of former President Richard Nixon, who said goodbye to the media in 1962 after losing the California gubernatorial race. 'I leave you gentlemen now, and you will write it,' Nixon said. 'You will interpret. That's your right. But as I leave you I want you to know — just think how much you're going to be missing. You won't have Nixon to kick around anymore, because gentlemen, this is my last press conference.' It wasn't true, of course, for Nixon. For Reinsdorf? Who knows? Reinsdorf issued a statement Thursday revealing a 'long-term' plan to sell the White Sox to limited partner Justin Ishbia. The statement confirmed a February report by The Athletic's Jon Greenberg that said Ishbia, who had pulled out of a bid for the Minnesota Twins, did so in order to eventually take control of the Sox from Reinsdorf. The report was greeted with the usual denials from the Sox, who said Reinsdorf would remain in charge until he decided otherwise, and Ishbia's purchase of shares did 'not provide a path to control' of the team.' USA Today reported in April that Reinsdorf 'has made it perfectly clear to friends that he has zero interest in selling as long as he remains in good health.' For reasons unknown, Reinsdorf reversed course two months into another disastrous season and disclosed that path Thursday in clear language that could not have been more confusing. And as it turns out, Sox fans will still be able to kick Reinsdorf around for four more years … or perhaps another nine years. Or maybe not at all. It might be. It could be. But is it? It all depends on whether he exercises his option to sell to Ishbia between 2029 and 2033 and whether Ishbia opts to buy in '34 if Reinsdorf remains in control, assuming the billionaire still thinks it's worthwhile to own a Major League Baseball team. The Sox statement said there is 'no assurance that any such future transaction will occur,' and certainly not until 2029 at least. That didn't stop the countdown to the post-Reinsdorf era, which began Thursday with the Sox's 3-2, 10-inning win over the Detroit Tigers at Sox Park. Sure, we don't know when we're counting down to, but at least there is a 'long-term investment agreement,' which should at least change the 'Sell the team' chants to 'Hurry up and exercise the sell option.' The Sox rebuild theoretically should be done by the time the deal is done, although the possibility exists they will be on their third rebuild since 2016. Without any real information, we only can speculate that the new dream stadium at The 78 will be Ishbia's Great White Whale now. The Sox said he would be making 'capital infusions' in 2025 and '26 that will 'pay down existing debt and support ongoing team operations.' That probably doesn't include the ongoing operation to solve the mystery of the gunshots in the bleachers in 2023. Ishbia isn't a miracle worker, OK? Efforts to contact general manager Chris Getz to find out whether these 'capital infusions' will increase the team's 29th-ranked payroll and give him a fighting chance to compete were fruitless. No response, though he could've changed his number. Getz told me before Monday's game he would be talking with the media Friday, which gave him four days to rehearse. Will Ishbia be the anti-Reinsdorf? It's wishful thinking to believe Ishbia would pony up for free agent Kyle Tucker this winter if he can't take real control until 2029. But it's still legal to dream, or at least it was when this story went to print Thursday night. I have plenty of unsolicited ideas for Ishbia that he can ignore, but I'll keep it to myself for now and focus on Reinsdorf's checkered baseball legacy, which is still in progress two months in his 45th season. Barring a huge infusion of money to sign big-name free agents between this winter and 2029 or thereabouts, Reinsdorf will wind up with one title in nearly five decades, as well as a new stadium he didn't pay for, no longer wants and only got after threatening to move the team to Florida. He was a leading hawk among owners — along with Tribune Co. — when they tried to implement a salary cap in 1994, which led to a players strike and his old pal, Bud Selig, canceling the end of the season with the Sox in first place. He signed off on the 'White Flag Trade' with the Sox 3½ games back in July 1997, approved the signing of misanthropic slugger Albert Belle and allowed former GM Rick Hahn to trade Fernando Tatis Jr. for James Shields. Reinsdorf and co-owner Eddie Einhorn took the Sox off free TV before most of the city was wired for cable, and he also started his own TV network last year without a deal with the biggest cable provider, Comcast. Amazingly, that reportedly changed Thursday, and Sox fans soon can pay Comcast $20 more per month to watch them lose 100-plus games on the 'Ultimate Tier,' which no doubt will be the 'Ultimate Platinum Tier' in a few years. Reinsdorf also has done some good things, such as hiring Ozzie Guillen as manager and later letting him roast Grifol as a Sox studio analyst. He gave us Steve Stone 2.0, signed Carlton Fisk and introduced the Campfire Milkshake. He kept head groundskeeper Roger 'the Sodfather' Bossard around to make the field look great all these years and was a loyal boss to hundreds of team employees over the decades. And during a 7½-hour rain delay of a postponed game against the Texas Rangers at old Comiskey Park in 1990, he offered free food and pop to the fans who stuck it out. He was a sports writer's dream with his penchant for saying whatever popped into his head — until his advisers told him to clam up years ago. But rest assured there will be no farewell party for the Chairman from Sox fans, either in '29 or whenever it actually happens. The Sox remain one of only two teams, along with the A's, that has never signed a player to a $100 million deal. Ishbia's first task will be to fix the team's hard-earned reputation as cheapskates and then to compete with the Cubs for Millennial and Gen Z fans who might want an alternative to the Ricketts machine. Reinsdorf will be 98 by 2034, which is so far in the future we're not sure there will be a future for him or for any of us. It's hard to fathom where we'll be in nine years, just as it's difficult to remember what we were doing nine years ago in 2016. That was the season that went south so badly it led to the trade of ace Chris Sale to the Boston Red Sox to start a rebuild that was supposed to make the Sox the team of the 2020s. It didn't happen as planned, though the 2030s are suddenly looking a bit brighter. Reinsdorf's legacy also will be linked to his many GMs and managers, including Terry Bevington — the worst in Sox history — and current prospect whisperer Will Venable. Was it really five years ago that Reinsdorf hired his old pal, Tony La Russa, to take the Sox from Point B to Point C, then after one division title watched them go backward to Point A? It was definitely only last year that he let Grifol remain in the dugout despite evidence piling up right in front of his nose. Grifol declared 'you either have to score more than them or have them score less,' yet Reinsdorf still waited until August to let Getz pull the trigger. We'll save our farewells until later, but for now we wish Ishbia all the luck in the world when he takes over the Sox in 20-something. The clock is ticking.
New York Post
5 days ago
- Business
- New York Post
Suns co-owner Justin Ishbia reaches agreement to buy White Sox in MLB bombshell
Changes are coming for the White Sox. Owner Jerry Reinsdorf reached an agreement with billionaire Justin Ishbia that will give Reinsdorf the option in the coming years to sell the team to Ishbia before the latter then gets the ball in his court as the decider of the transaction come 2034. 'The agreement provides that, from 2029-2033, Reinsdorf will have the option to sell the controlling interest to Ishbia,' the White Sox announced in a press release Thursday. 'After the 2034 season, Ishbia will have the option to acquire the controlling interest. 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.' 3 Jerry Reinsdorf has owned the White Sox for nearly 50 years. AP Ishbia is the older brother of Phoenix Suns and Mercury owner Mat Ishbia. Justin Ishbia has worked alongside his brother as a part majority owner since Mat Ishbia purchased the Phoenix squads in 2023. Justin Ishbia also owns a minority stake in Nashville SC of MLS. Prior to his formal White Sox agreement with Reinsdorf, Ishbia has held a minority stake in the team since 2021. 3 Justin Ishbia with his wife Kristen at a Suns game versus the Bulls this season. AP Chicago is fresh off the worst season in modern MLB history with a 41-121 record — and things haven't looked too much better this season either. The White Sox (20-43) hold the second-worst record in baseball and are last in the American League this season. The shift of the controlling stake is the first in decades as Reinsdorf purchased the White Sox all the way back in 1981. '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 from the White Sox. '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.' 3 Aside from one World Series win in 2005, the White Sox did not find much success under Jerry Reinsdorf's ownership. Kamil Krzaczynski-Imagn Images Under Reinsdorf's tutelage as the chairman and top decision maker for 44 seasons, Chicago has made the playoffs seven times and won one World Series. The 89-year-old Reinsdorf will remain the sole day-to-day decision maker moving forward until the agreement with Ishbia kicks in.
