Jerry Reinsdorf and Justin Ishbia reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the Chicago White Sox, the team announced Thursday.
Ishbia will make capital infusions into the Sox as a limited partner in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations, the Sox said.
Reinsdorf will have the option to sell his controlling interest to Ishbia from 2029 to 2033. After the 2034 season, Ishbia would have the option to acquire the controlling interest.
The Sox said that in the event of any such transaction, all limited partners would have the opportunity to sell to Ishbia at that time. Ishbia’s brother, Mat, and father, Jeff, also will be significant investors.
The Sox said there’s no assurance any such transaction will occur, and in no event would a transaction take place before 2029. The Reinsdorf family will continue to own the controlling interest in the team until then.
Reinsdorf has been the Sox chairman since he and Eddie Einhorn led a group that purchased the franchise from Bill Veeck in 1981. He remains the team’s sole day-to-day decision maker.
“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 statement. “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.”
