White Sox owner Jerry Reinsdorf reaches ‘long-term’ agreement that could see Justin Ishbia own team by 2029

The Chicago White Sox are headed toward new ownership, but the transition will take several years before the controlling partner moves from Jerry Reinsdorf to Justin Ishbia. The White Sox announced Thursday that Reinsdorf and Ishbia “have reached a long-term investment agreement that establishes a framework” for Ishbia to move toward a future controlling interest in the ballclub. 

From the press release: 

The agreement provides that, from 2029–2033, Reinsdorf will have the option to sell the controlling interest to Ishbia. After the 2034 season, Ishbia will have the option to acquire the controlling interest. In the event of any such future transaction, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time. In addition to Justin Ishbia, his brother Mat Ishbia, and father Jeff Ishbia will also be significant investors. There is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029.

Until such time, the Reinsdorf family will continue to own the controlling interest in the White Sox.

Reinsdorf bought the White Sox for $20 million in 1981 and has been the chairman and top decision-maker for the ballclub since.

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“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 Thursday. “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.”

Ishbia, a part-majority owner of the Phoenix Suns in the NBA, was believed to be a favorite to buy the Twins in 2024. He instead, however shifted his focus to the White Sox, where he and his brother were already minority owners. 

Interestingly, this transition will be taking place while the White Sox continue to explore options for building a new ballpark. It might take up to a decade, but the White Sox will eventually be a very different franchise with the change in ownership and hopefully a new ballpark.