Chicago White Sox owner Jerry Reinsdorf has reached a long-term agreement with Justin Ishbia that will lead to Ishbia potentially gaining majority or full ownership of the franchise within the next 10 years.
The agreement states that Reinsdorf has the option to sell controlling interest of the team to Ishbia from 2029-2033. But after the 2034 season, Ishbia will have the option to acquire controlling interest, and all partial team owners will have the option to sell their portion to Ishbia at the time. Reinsdorf will retain majority control of the franchise at least until the start of the 2029 season.
"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 statement. "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 has owned the White Sox since he purchased the franchise for $20 million in 1981. He is also the owner of the Chicago Bulls, which he gained control of in 1985 for $16 million. Since purchasing the baseball team, Reinsdorf has served as chairman for the organization.
