Justin Ishbia, a minority owner of NBA basketball’s Phoenix Suns, and the brother of the team’s majority owner Mat Ishbia, has struck a long-term agreement to acquire a controlling stake in Major League Baseball’s (MLB) Chicago White Sox.
The deal gives current White Sox owner Jerry Reinsdorf the “option” to sell his controlling stake to Ishbia, who is currently a minority investor in the team, at any time between 2029 and 2033.
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However, if a deal has not been reached by the end of 2033, Ishbia gains the right to buy Reinsdorf’s majority stake at the end of the 2034 season. Other minority owners will also be able to sell to Ishbia once he holds the majority stake.
Until a deal is finalized, Ishbia will invest additional money in the White Sox in 2025 and 2026, in part to help pay down the team’s debt and boost ongoing team operations.
Reinsdorf, who is also controlling owner of the NBA’s Chicago Bulls, acquired the White Sox in 1981 for around $20 million. The team is now valued by Forbes at $2 billion.
The last several years have been tough for the franchise, however. Since winning the World Series in 2005, the team has made the playoffs three times and last season, set an MLB record with 121 losses.
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By GlobalDataIn a statement, Reinsdorf has said: “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.
“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.”
Ishbia is the founder and managing partner of the Chicago-based private equity firm Shore Capital Partners, and Forbes estimates his network to be nearly $5 billion. He also owns a 22% stake in US lender United Wholesale Mortgage.
He has been a minority investor in the White Sox since 2021 and also owns a stake in Major League Soccer franchise Nashville SC and serves as their alternate governor.
He has recently been looking to take a controlling stake in an MLB franchise, with reports late last year linking him with a possible takeover of the Minnesota Twins.
Should a deal be completed, Ishbia’s brother Mat and father Jeff will also come on board as “significant investors” in the franchise.
Mat Ishbia, meanwhile, is the majority owner of the NBA’s Phoenix Suns and the Women’s National Basketball League’s Phoenix Mercury, while Justin acts as an alternate governor for the two teams.
