Billionaire Justin Ishbia Eyes Control of Chicago White Sox by 2029

Chicago White Sox chairman Jerry Reinsdorf has entered into an agreement with billionaire Justin Ishbia, co-owner of the Phoenix Suns, which may pave the way for Ishbia to assume control of the team by 2029.

The White Sox confirmed the arrangement on Thursday, detailing that Ishbia, who currently holds a minority stake in the franchise, will invest further in 2025 and 2026. These funds are earmarked for reducing existing debt and bolstering team operations.

From 2029 to 2033, Reinsdorf retains the option to sell his controlling interest to Ishbia. Following this period, starting in 2034, Ishbia can acquire that controlling interest. Should Ishbia gain control, other minority stakeholders will also have the opportunity to sell their shares.

As a founding partner of Shore Capital, a private equity firm based in Chicago, Ishbia has significant business acumen. Alongside his brother Mat, he co-owns both the Phoenix Suns and the Phoenix Mercury, and he also holds a minority stake in Nashville SC, a Major League Soccer team.

Despite the agreement, the White Sox emphasized that Reinsdorf will maintain control of the team at least until 2029, with no guarantees regarding Ishbia's eventual takeover.

Reinsdorf has been at the helm since acquiring a controlling interest in the team in 1981. "Owning the Chicago White Sox and being part of Major League Baseball for nearly 50 years has been a life-changing experience," he stated. "I remain committed to returning this franchise to the level of on-field success we all expect and desire."

Earlier this year, Ishbia was reportedly in discussions to purchase the Minnesota Twins from the Pohlad family but shifted his focus to the White Sox instead. The Ishbia brothers had emerged as potential buyers for the Twins in December after the Pohlad family announced they were exploring sale options.

In February, reports indicated that Ishbia had abandoned his bid for the Twins to pursue acquiring the White Sox. The Ishbias have owned the Suns since late 2023. Reinsdorf purchased the White Sox for $19 million in 1981; today, Forbes estimates their value at $2.05 billion, making them the 15th most valuable franchise in baseball.

The implications of this potential ownership change on Reinsdorf's plans for a new ballpark in Chicago's South Loop remain uncertain. He is seeking $1 billion in public funding for this project, but Governor JB Pritzker has stated that funding a new stadium for the White Sox is "not a priority."

In the 1980s, Reinsdorf threatened to relocate the team to St. Petersburg, Florida, before securing $200 million in public funding for what is now Guaranteed Rate Field. This deal was finalized just before a midnight deadline, with then-Illinois House Speaker Mike Madigan intervening to ensure it was approved.

Under Reinsdorf's ownership, the White Sox won the World Series in 2005, ending a championship drought dating back to the Black Sox scandal. However, they have only reached the playoffs seven times since then and have not advanced past the first round in any postseason appearances.

Speculation persists regarding Reinsdorf's potential interest in relocating the team to Nashville after he met with Nashville's mayor during MLB's winter meetings in 2023. Notably, Justin Ishbia is an alumnus of Vanderbilt University and holds a minority stake in Nashville SC.

This story is still developing.