White Sox reach agreement for potential future sale of controlling interest to Justin Ishbia
White Sox reach agreement for potential future sale of controlling interest to Justin Ishbia
CHICAGO (AP) — The Chicago White Sox have reached an agreement that will give Justin Ishbia, the brother of Phoenix Suns owner Mat Ishbia, the chance to buy a future controlling interest in the club.
The team made the announcement Thursday, adding that Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026, which will be used to pay down existing debt and support ongoing team operations. Ishbia was already a limited partner. His brother Mat and father Jeff Ishbia will also be “significant investors,” the team said. Justin is the second largest shareholder with the Suns.
Under the agreement, White Sox owner Jerry Reinsdorf will have the option to sell controlling interest in the team to Ishbia from 2029-33. After the 2034 season, Ishbia can acquire the controlling interest.
No transaction can take place before 2029, and there’s no guarantee that one will happen.
The 89-year-old Reinsdorf, who has been the chairman of the White Sox since purchasing the franchise in 1981, will continue in his role as Chicago’s primary decisionmaker.
“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 by the club. “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.”
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