The White Sox announced Thursday that chairman Jerry Reinsdorf and minority investor Justin Ishbia reached a long-term investment agreement that will allow Ishbia to obtain future controlling interest in the franchise.
According to a news release from the team, as part of the agreement, ‘‘Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations.’’
Ishbia’s brother, Mat, is the controlling owner of the NBA’s Suns and WNBA’s Mercury. Mat and Justin’s father, Jeff, also will be a significant investor in the Sox.
Reinsdorf, 89, will have the option to sell controlling interest to Ishbia from 2029 to 2033. After the 2034 season, Ishbia will have the option to acquire controlling interest in the Sox.
‘‘This is an investment in the future of the Chicago White Sox, and I am excited for the opportunity to deepen my commitment to the city and the team,’’ Justin Ishbia said in a statement. ‘‘I love Chicago, have always loved baseball, and am thrilled to marry two of my passions.
‘‘I am also very pleased to have my brother Mat and father Jeff joining me in this investment, bringing their collective business and sports acumen to the partnership.’’
Reinsdorf, who purchased the Sox in 1981, is still the day-to-day decision-maker for the club.
‘‘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 the release. ‘‘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.’’
Reinsdorf wasn’t made available for comment beyond the statement. The Sox are worth $2.05 billion, according to a Forbes valuation in 2024.
Justin Ishbia has an estimated net worth of $4.3 billion, according to Forbes. He’s the founder and managing partner of the Chicago-based private-equity firm Shore Capital Partners.
The surprising news of the potential sale provided a jolt to a beleaguered Sox fan base that has had to endure three consecutive dreadful seasons. The team is on track for a third season in a row with more than 100 losses after dropping 101 games in 2023 and an modern-day record 121 last season.
Though the Ishbias have spent ample money on the Suns, the franchise has been in constant flux. Three coaches have been fired under Mat’s time as controlling owner. Frank Vogel and Mike Budenholzer each lasted only one season, and the Suns missed the playoffs this season after falling in the first round last season.
Stability and success aren’t guaranteed if Ishbia decides to pursue controlling interest in the Sox, but it’s reasonable to think the billionaire might be more willing to spend than Reinsdorf has been.
That possibility might be enough for Sox fans. Having a chairman with a thirst for winning who could own the team as soon as 2029 has Sox fans feeling more optimistic about the team’s future.
The fans have made their displeasure known. The Sox finished 27th in MLB in home attendance (17,931 average) in 2024 and remain 27th this season (15,914).
In the midst of their second rebuild in seven years, the Sox haven’t done enough to generate goodwill with their fans. But with a possible leadership change, perhaps fans can start to hope again for competitive baseball on the South Side.