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Justin Ishbia is buying a significant chunk of the White Sox, the team said Thursday, in a multiple-step deal that gives owner Jerry Reinsdorf the “option to sell the controlling interest” in the team after 2029.
After 2034, the option becomes Ishbia’s, the team said. His brother, Suns and Mercury owner Mat Ishbia, will also be involved in the deal. Reinsdorf “remains the sole day-to-day decisionmaker” until the team is sold, according to the announcement. Reinsdorf would be 98 years old in 2034.
Reinsdorf—also the owner of the Chicago Bulls—is well known for guarding his power over his teams, and Thursday’s announcement was not a departure. The announcement says, “There is no assurance that any such future transaction will occur,” and quotes Reinsdorf saying, “I have always expressed my intent to operate the White Sox as long as I am able.”
In 2025 and 2026, Ishbia will make payments going toward “existing debt and support ongoing team operations.” Reinsdorf will then have the option to sell the team to the Ishbias from 2029 to 2033. Following the 2034 season, Ishbia will then have the option to get the controlling stake.
If Ishbia does take over the team, all other minority owners will have a chance to sell their stakes back to him. A White Sox spokesperson told Front Office Sports in April that the team has close to 100 “limited partners” who get no say in club operations. Brother Mat Ishbia and father Jeff Ishbia are going to be “significant investors,” but if or when the sale goes through, Justin Ishbia would be the controlling owner.
“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 bought the Sox in 1981. Under his tenure, the team won the World Series in 2005, and last season established the worst record in MLB history at 41–121. The team last made the postseason in 2021.
Ishbia is a part-owner of the Suns and Mercury alongside his brother, as well as MLS’s Nashville SC. He founded the Chicago-based private equity firm Shore Capital Partners, and according to an estimate by Forbes, is worth around $4.3 billion.
“This is an investment in the future of the Chicago White Sox, and I am excited for the opportunity to deepen my commitment to the city and the team,” Justin Ishbia said in a statement. “I love Chicago, have always loved baseball, and am thrilled to marry two of my passions. I am also very pleased to have my brother Mat and father Jeff joining me in this investment, bringing their collective business and sports acumen to the partnership.”
The Sox have also been mired in ballpark and television negotiations, one of which was resolved Thursday. The team has floated building a stadium in the city’s South Loop, where the MLS’s Chicago Fire announced Tuesday they would build their new privately funded stadium. The Southsiders said they “remain confident” the land could fit both stadiums. But the team did score a big win Thursday when the long-running stalemate between cable carrier Comcast and Reinsdorf’s Chicago Sports Network was resolved. The Chicago Sun-Times reported the new deal will begin Friday, ending the local blackout for Bulls, Blackhawks, and White Sox games for 1 million Chicagoans.
This developing news story has been updated.
