The landscape of the White Sox organization is shifting.
Owner Jerry Reinsdorf has come to a deal with billionaire Justin Ishbia, granting Ishbia the option to buy the team over the next few years.
According to the announcement made on Thursday, “The contract states that between 2029 and 2033, Reinsdorf has the right to transfer control to Ishbia.” Additionally, “After the 2034 season, Ishbia can also choose to gain control. If this transfer happens, every limited partner of the Sox will have the chance to sell their shares to Ishbia at that time.”
Ishbia is the brother of Matt Ishbia, who owns the Phoenix Suns and Mercury.
Justin has been involved in ownership with his brothers ever since Matt purchased the Phoenix team in 2023.
Moreover, Justin holds a minority ownership in Nashville SC, a Major League Soccer team.
Prior to this recent agreement, Ishbia had been a minority stakeholder in the White Sox since 2021.
Meanwhile, Chicago is recovering from a particularly rough season, recording just 41 wins and 121 losses in what many consider a low point in Major League Baseball history. This year’s performance isn’t looking much brighter either, with the White Sox currently holding a record of 20-43, which puts them at the bottom of the American League.
Reinsdorf has been at the helm since 1981, making it decades since he first acquired the team.
In a statement, he remarked, “Owning the Chicago White Sox has been a transformative experience, allowing me to be a part of Major League Baseball for almost 50 years. I’ve always aimed to manage the team to the best of my ability and have committed to restoring this franchise to a successful standard on the field.”
During his lengthy tenure, the team reached the playoffs seven times and celebrated one World Series victory. However, the journey hasn’t been smooth overall.
As of now, the 89-year-old Reinsdorf will continue to make daily decisions until the transition to Ishbia commences.
