CHICAGO -- The Chicago White Sox have announced Jerry Reinsdorf and Justin Ishbia have reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the White Sox. The news was announced prior to the start of Thursday afternoon’s series finale with the Tigers at Rate Field.
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. The White Sox have a current adjusted payroll of $67,851,036, according to Spotrac, with Andrew Benintendi ($17.1 million) and Luis Robert Jr. ($15 million) the only players earning above $10 million this season.
Robert almost certainly will be moved by the July 31 Trade Deadline, with the team holding club options at $20 million in each of the next two seasons with a $2 million buyout.
This agreement provides that, from 2029–2033, Reinsdorf will have the option to sell the controlling interest to Ishbia. After the 2034 season, Ishbia will have the option to acquire the controlling interest. In the event of any such future transaction, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time. In addition to Justin Ishbia, his brother, Mat, and father, Jeff, will also be significant investors. There is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029.
Until such time, the Reinsdorf family will continue to own the controlling interest in the White Sox. Reinsdorf, 89, has been chairman of the White Sox since purchasing the franchise in 1981, and remains the sole day-to-day decisionmaker 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,” said Reinsdorf in a statement from the team 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 is in his 45th season as chairman of the White Sox, making him only the seventh individual in Major League Baseball history to surpass the 40-year milestone as a club owner. The White Sox have been a strong and significant presence in the Chicago community, establishing their impactful Amateur City Elite youth baseball program in 2007, as one example. They have reached the playoffs seven times during Reinsdorf’s tenure -- 1983, 1993, 2000, 2005, 2008, 2020 and 2021. They won the ‘05 World Series, sweeping the Astros in four games to finish off an 11-1 playoff run, and will be celebrating the 20th anniversary of the title the weekend of July 11.
But the team has struggled mightily since ‘23, entering Thursday with a combined 121-265 record during that time as they move forward with this latest rebuild.
BDT & MSD Partners served as the exclusive financial advisor to the Chicago White Sox and the Reinsdorf family. Katten Muchin Rosenman LLP served as the legal advisor to the Chicago White Sox. Covington & Burling LLP acted as legal advisor to Ishbia.