Justin Ishbia Reaches Deal to Acquire Controlling Stake in Chicago White Sox

The Chicago White Sox could have new ownership in the coming years.

ESPN's Jesse Rogers reported Thursday the White Sox, who are currently owned by 89-year-old Jerry Reinsdorf, came to terms on a long-term investment agreement with Justin Ishbia. 

According to Rogers, the announcement said: "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."

The idea of Reinsdorf, who is also the governor of the NBA's Chicago Bulls, eventually selling controlling interest of the White Sox is not a new one.

Brittany Ghiroli of The Athletic reported in October that he was "open to selling" the team. Reinsdorf led the group that purchased the team in 1981 for approximately $20 million, which makes him the second-longest active owner in MLB behind the Steinbrenner family's ownership of the New York Yankees (1973).

Given the purchase price in 1981, Reinsdorf could be in line for quite a profit.

In March, Forbes ranked the White Sox as the 16th-most valuable franchise in MLB with an approximate value of $2 billion. While they are overshadowed by the Chicago Cubs (fourth at $4.6 billion) within their own city, playing in a massive media market has surely improved the value of the franchise.

Still, it doesn't seem like the current owner plans on stepping away 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," Reinsdorf said in Thursday'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."

As for Ishbia, he and his brother Mat are also the owners of the NBA's Phoenix Suns and WNBA's Phoenix Mercury. 

In February, Jon Greenberg of The Athletic reported Justin Ishbia ended his attempts to purchase the Minnesota Twins to focus on buying additional shares of the White Sox and increasing the minority stake he already owned.

"People with knowledge of the discussions believe that the deal will allow Ishbia to take control of the team at some point by buying the shares of longtime owner Jerry Reinsdorf and other partners," Greenberg reported at the time.

While there has been some speculation that the White Sox could eventually move to Nashville in the past, Thursday's announcement did not indicate that such a move would become a reality.

Instead, the team will attempt to turn things around on the field after a 41-121 season in 2024 and 19-43 start to the 2025 campaign.