The Chicago White Sox made a major announcement on Thursday afternoon regarding Jerry Reinsdorf and the future ownership of the team.
It has long been suspected that American billionaire businessman and private equity investor Justin Ishbia, who is also part majority owner of the Phoenix Suns and Phoenix Mercury, was lining himself up to be the next owner of the Chicago White Sox alongside his brother, Mat.
White Sox reach investment agreement with Justin Ishbia
The White Sox made that official with a press release announcing a long-term investment agreement between Reinsdorf and Ishbia. As it says in the press release, the agreement "establishes a framework for Ishbia to obtain future controlling interest in the White Sox."
"The 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 the meantime, Ishbia will make "capital infusions" into the White Sox to support the team in the short-term as a limited partner.
Breaking: The White Sox announce they have entered into a long term investment agreement with billionaire Justin Ishbia: "The agreement provides that, from 2029–2033, Reinsdorf will have the option to sell the controlling interest to Ishbia. After the 2034 season, Ishbia will…
— Jesse Rogers (@JesseRogersESPN) June 5, 2025
What does it mean for White Sox fans?
For starters, it's important to note that no transition of power will occur before the 2029 season. This is not some immediate cure to the White Sox woes. But it does mean that change is coming.
Reinsdorf stated on Thursday that he still wants to run that team "as long as he is able" and is committed to getting a winning product back on the field for Sox fans. But once 2029 rolls around, Reinsdorf will be able to sell controlling interest of the White Sox to Ishbia.
If Reinsdorf does not sell by 2034, Ishbia will be given the option to acquire the controlling interest if he wants it.
That sounds like a long time...and that's because it is. But this is a breath of fresh air for White Sox fans. This is confirmation that there is an end in sight to the Reinsdorf era and that a new, wealthy owner who is willing to spend on players is coming.
The Ishbia's would some of the richest owners in baseball
If you combine the net worth of both Justin and Mat Ishbia, you get $11.6 billion. That would make them the second wealthiest majority ownership group in all of baseball behind New York Mets owner Steve Cohen ($16 billion). The Ishbia's father, Jeff, is also expected to be an investor in the team.
Cash infusions from Ishbia coming in the short-term could also mean that the White Sox are more willing spenders in upcoming offseasons. It's not Reinsdorf's money anymore. Those infusions could also help fund a new stadium in Chicago.
The Ishbia's are known as big spenders in the NBA world for how they have run the Pheonix Suns in recent years. They made a big splash by acquiring Kevin Durant and Bradley Beal, and giving Devin Booker a $220 million contract extension. Hopefully that translates to White Sox ownership.
Having a high-end owner lined up bodes well for the White Sox staying in Chicago and getting a new stadium in the near future. The Ishbia's are the founders of investment firm Shore Capital Partners, which is based in Chicago. Justin Ishbia is a Chicago resident.