Latest news with #Reinsdorf
Yahoo
2 days ago
- Business
- Yahoo
NBA insider lashes out at Bulls ownership after another quiet offseason
The backlash is finally starting for the Chicago Bulls. In an environment where even Jusuf Nurkic was traded, Chicago is supposedly struggling to flip the reasonably priced expiring contract of former two-time All-Star center Nikola Vucevic. The Bulls have been the suckers for several of the league's recent deals, including trades of former two-time All-Defensive Team guard Alex Caruso and two-time All-Star shooting guard Zach LaVine. Chicago under recently-extended team president Arturas Karnisovas also has been prone to selecting raw, developmental projects in the draft of late. For every Matas Buzelis that shows quick promise, it feels as if young players like Dalen Terry or Patrick Williams wind up becoming borderline busts. MORE NEWS:Bulls envision major role change for Matas Buzelis in Year 2 Fans are finally on to the Reinsdorf family's scheme when it comes to Bulls ownership: avoiding the luxury tax and avoiding building a quality roster while reaping the benefits of possessing a major market franchise. Now, an NBA expert has called out Chicago ownership following yet another lackluster summer of transactions. ESPN's Dave McMenamin (via @CHGO_Bulls) alluded to a similar situation, the Buss family's sale of L.A. to Mark Walter. For Jeanie Buss and Jerry Reinsdorf, owning a sports team became their primary revenue source. For Walter, it's part of a much broader portfolio. "Obviously I spend a lot of my day job covering the Lakers, and seeing them have their major franchise sale over the summer, for a valuation of $10 million, makes you think about the Reinsdorfs," McMenamin said. "They're one of the remaining family-run [NBA] businesses, where their main stream of revenue is from their teams. It's not like they have some outside private investment, or real estate, etc. etc." "And you just have to wonder, how long a business like that — like the Reinsdorfs' — family, mom-and-pop, can compete in today's NBA?" McMenamin said. "Now certainly, you could say they could make some better decisions... but just bigger-picture, I don't know if they will be the most competitive team if they have that ownership structure in place." MORE NEWS:NBA insider has theory on Josh Giddey, Bulls contract-talks
Yahoo
11-06-2025
- Business
- Yahoo
Bulls rumors: Will Jerry Reinsdorf sell franchise after White Sox decision?
The post Bulls rumors: Will Jerry Reinsdorf sell franchise after White Sox decision? appeared first on ClutchPoints. Two of the Second City's major sports teams, the Chicago White Sox and Chicago Bulls, are owned by the same man, Jerry Reinsdorf, and long-frustrated fans of both franchises are probably wondering when that will no longer be the case. Advertisement Reinsdorf, the owner of the Bulls when they won six NBA championships in the 1990s with Michael Jordan and the owner of the White Sox when they ended an 88-year drought by winning the World Series in 2005, is not well-liked by those fan bases. In fact, Reinsdorf might be among the most widely disliked owners in all of major North American sports after decades of mediocrity in his teams. But there might be light at the end of the tunnel for the White Sox after Reinsdorf agreed to at least put some kind of timetable out there for a transition of power of his MLB team. 'White Sox owner Jerry Reinsdorf, 89, erased all of the speculation that the White Sox would be up for sale any time soon, but does have a succession plan in place beginning in 2029, or perhaps even 2034 when he will turn 98 years old,' USA Today's Bob Nightengale wrote. 'Reinsdorf, who has been hounded by minority owner Justin Ishbia for years to sell controlling interest of the club, finally agreed to potentially sell it to him beginning in 2029, but not a single day earlier. If Reinsdorf or his family still own[s] the team in 2034, Ishbia has the right to purchase the club without Reinsdorf's approval. In exchange, Ishbia is contributing capital this year and in 2026. The plan was put in place months ago, as The Athletic's Jon Greenberg reported, but was not announced until the final day of the owners' meetings on Thursday.' Advertisement But what about the Bulls? Well, according to Nightengale, the NBA franchise will 'remain in the family where his son, Michael, is president and COO.' The Reinsdorf family may ultimately sell the Bulls at some point, especially with NBA franchise values continuing to increase — the Bulls are valued at $5.8 million, according to CNBC — but there is not a publicly known plan for the team if a post-Reinsdorf era were to happen. Related: Chicago Bulls' perfect outcome for No. 12 pick in 2025 NBA Draft
Newsweek
06-06-2025
- 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
06-06-2025
- 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
06-06-2025
- 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.
