The Chicago White Sox have announced a forthcoming change in ownership, with billionaire private equity investor Justin Ishbia positioned to take control of the team sometime between 2029 and 2034.
In a press release issued Tuesday, the White Sox revealed that current owner Jerry Reinsdorf and Ishbia have reached a long-term investment agreement, laying the groundwork for Ishbia to assume majority ownership of the franchise eventually.
Under the agreement, Ishbia will be a limited partner in 2025 and 2026, helping the team pay down existing debt and “support ongoing team operations”. From 2029 to 2033, Reinsdorf will have the option to sell the team to Ishbia. After 2034, Ishbia will have an option to obtain a controlling interest.
If Ishbia takes control of the team, all limited partners will have the option to sell their controlling interest to Ishbia. Justin’s brother Matt Ishbia and father Jeff Ishbia will also be “significant investors,” according to the release. However, the release states that no transaction will take place before 2029, and there is no guarantee that any future transaction will occur.
In the meantime, Reinsdorf will remain the sole day-to-day decision maker.
In April, the Ishbia brothers were first listed as co-owners alongside the 89-year-old, with a new purchase date recorded in 2025.
New details released by 670 The Score host Matt Spiegel showed the White Sox ownership shares are currently split up. Justin and Mat Ishbia own 35% of the team, the highest of any ownership partner. Fund controlled by Michael and Jonathan Reinsdorf accounts for 30%, while Jerry Reinsdorf has a 20% stake, and roughly eight other limited partners own the remaining 15%.
The Ishbia brothers, who currently own the Phoenix Suns and Mercury, made headlines when Justin increased his minority stake in the White Sox.
Initial reports from Jon Greenberg of The Athletic indicated that billionaire brothers Justin and Mat Ishbia ended their pursuit of purchasing the Minnesota Twins from the Pohlad family after Reinsdorf approached them, presumably about a potential path to taking control of the White Sox.
In February, Sportico’s Kurt Badenhausen and Eben Novy-Williams revealed that the Ishbias had initially acquired a small share of the White Sox in 2021. Despite Reinsdorf remaining in control in the short term, there is now light at the end of the tunnel.
Since Riensodorf purchased the team in 1981, the White Sox have reached the postseason just 11 times, which includes a World Series title in 2005. However, Resinsdorf has been vocal about his love of baseball and doesn’t want to leave the game anytime soon.
“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,” Reisndorf said in the release. “I have always expressed my intent to operate the White Sox as long as I am able to remain committed to returning this franchise to the level of on-field success we all expect and desire.”
Five years for transition??!!! A lot can happen in five years. As long as Reinsdorf remains… Sox will continue to be bottom feeders.
Ownership change needs to happen now, not five years from now. What a Joke!!!!!