(670 The Score) A framework for the timeline for White Sox chairman Jerry Reinsdorf to sell a controlling interest of the franchise to billionaire minority owner Justin Ishbia has been set.
In announcing a long-term ownership investment agreement Thursday, the White Sox revealed the Reinsdorf family will keep control until at least 2029. From 2029-’33, Reinsdorf will have the option to sell the controlling interest to Ishbia, according to the press release. After the 2034 season, Ishbia will have the option to acquire the controlling interest, the team said.
As part of the agreement, the 47-year-old 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 press release.
The 89-year-old Reinsdorf remains “the sole day-to-day decision-maker for the club," the White Sox said Thursday.
It wasn’t immediately clear what the purchase price and franchise valuation was that would allow Ishbia to take control. Ishbia’s brother, Mat, and father, Jeff, will also be “significant investors” in the franchise, the press release said. Mat Ishbia is the owner of the Phoenix Suns.
The Ishbias already own 35% of the White Sox, 670 The Score host Matt Spiegel reported in April.
The White Sox cautioned there’s “no assurance that any such future transaction will occur,” though the full expectation is that it will eventually get done.
“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 been the White Sox's chairman since buying the team in 1981.