White Sox Agree to Deal With Billionaire That Could Allow Future Sale

The Chicago White Sox appear to be heading towards new ownership, but not for a while.

On Tuesday, the team announced a “long-term investment agreement” had been made between owner Jerry Reinsdorf and billionaire Justin Ishbia that “establishes a framework" for Ishbia to take a controlling share of the franchise down the road.

Per the team’s statement:

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.

Ishbia, brother to and co-investor with Phoenix Suns owner Mat Ishbia, is already a minority investor in the White Sox, but now looks to potentially see his share of the franchise increase into a controlling interest.

Ishbia had previously been connected to potentially purchasing the Minnesota Twins, but has since refocused, and apparently come to terms, on a deal of sorts with the White Sox.

“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,” said Reinsdorf in the team’s announcement. “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.”