White Sox chairman Jerry Reinsdorf sets path to hand team to Justin Ishbia
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Chicago White Sox chairman Jerry Reinsdorf in 2019. Photo: Nuccio DiNuzzo/Getty Images
Chicago White Sox chairman Jerry Reinsdorf has agreed to a deal to potentially hand over ownership to Justin Ishbia, the team announced Thursday.
Why it matters: Reinsdorf has owned the White Sox since 1981.
- The agreement comes at a time when fans are clamoring for new ownership to inject life into a struggling franchise that set the Major League Baseball record for losses last year.
The latest: The deal is being called a "framework for a long-term investment agreement" that will give Ishbia, a minority investor in the team, a future controlling interest.
- That means 89-year-old Reinsdorf will have the option to sell to Ishbia between 2029 and 2033.
- After the 2034 season, Ishbia will have the option to take over as majority owner.
What they're saying: "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 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."
The other side: As part of the agreement, Ishbia will help support team operations and pay down debt over the next two seasons.
State of play: Reinsdorf, who also owns the Chicago Bulls, hasn't had much success on the field with the Sox.
- The team has had only seven playoff appearances during his tenure, though it did win the World Series in 2005.
Between the lines: This deal doesn't preclude Reinsdorf from seeking a new stadium deal. He has been lobbying the state to pony up for new digs in the South Loop, which has become complicated after the Chicago Fire FC announced plans this week to build in the same area.
- It also doesn't guarantee the team will stay in Chicago.
Zoom in: Justin Ishbia and his brother, Mat, are new, young investors in sports franchises.
- They own the Phoenix Suns, while Justin is also a minority investor in several other clubs, including the Sox and the Major League Soccer franchise in Nashville.
Reality check: While this is definitely a blueprint for the future, Reinsdorf isn't going anywhere anytime soon. The controversial owner will continue to run the Sox as the chairman and the sole day-to-day decision-maker.
- The Sox also say that there is no assurance any such future deal will happen or that an ownership change will happen before 2029.