The Chicago White Sox, and owner Jerry Reinsdorf announced Thursday that they had entered into a “long-term investment agreement” with Justin Ishbia. In addition to Justin, his brother Mat (current owner of the NBA’s Phoenix Suns) and his father Jeff will also be significant investors.
“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.”
Although the Ishbia clan have roots in Michigan, Justin made a large portion of his fortune as a founder of the Chicago-based private equity firm Shore Capital Partners. While the full details of the partnership are still a bit murky, Reinsdorf, who bought the team for $20M back in 1981, is in line for a major windfall as the organization is now valued at over two-billion dollars.
That being said, the Ishbia’s, who are already minority investors in the team, won’t officially take over controlling interest anytime soon. Per the agreement, the earliest they would assume control of the franchise would be 2029.
Until then, they will support on-going team operations, help to pay down debt, and make capital infusions into the franchise. If Reinsdorf opts to retain his shares in the team through 2033, then Justin would have the option to acquire controlling interest, leaving essentially a 5-year window in which he and his family will become majority owners.
Despite owning the team for 45 seasons, the White Sox have made the playoffs only 7 times during the 89 year old’s tenure. The team managed to win the 2005 World Series after a miraculous 11-1 run through the postseason, but are fresh off an embarrassing 41-121 campaign in 2024.
Chicago has been angling for ways to build a new ballpark for the past several years, but have encountered a number of roadblocks along the way. It’s currently unclear how the news of the new partnership will affect the ongoing discussions between the team and the city moving forward.
Photo: Hennez. This file is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license.