(WBBM Newsradio) – The Chicago White Sox have announced a long-term ownership investment agreement that could eventually shift control of the franchise from long-time chairman Jerry Reinsdorf to billionaire investor Justin Ishbia.
Under the agreement, Ishbia will begin making capital infusions into the team as a limited partner in 2025 and 2026. The funds will help pay down debt and support team operations.
The deal lays out a timeline for a potential future transition in control. Between 2029 and 2033, Reinsdorf will have the option to sell his controlling interest to Ishbia. If he doesn’t, Ishbia will have the option to acquire that interest after the 2034 season. Any full ownership transaction would give other limited partners the option to sell their stakes as well.
Ishbia’s brother, Mat Ishbia, and their father, Jeff, will also be major investors in the deal. However, there is no guarantee that a full transfer of ownership will happen and no such transaction can occur before 2029.
Until then, the Reinsdorf family will retain controlling interest vin the White Sox, with Jerry Reinsdorf continuing to run the team’s day to day operations. Reinsdorf, 88, has owned the White Sox since 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 a statement. “I remain committed to returning the this franchise to the level of on-field success we all expect and desire.”