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
Justin Ishbia, right, brother of Phoenix Suns owner Mat Ishbia, and his wife Kristen Ishbia, left, sit courtside during the first half of an NBA basketball game against the Chicago Bulls, Saturday, Feb. 22, 2025, in Chicago. (AP Photo/Erin Hooley, File)
A double rainbow forms over Rate Field during a rain delay before a baseball game between the Detroit Tigers and Chicago White Sox, Wednesday, June 4, 2025, in Chicago. (AP Photo/Erin Hooley)
Chicago White Sox’s Tim Elko (30), center, is swarmed by his teammates after he hit a walk-off single to defeat the Detroit Tigers in a baseball game Thursday, June 5, 2025, in Chicago. (AP Photo/Erin Hooley)
Justin Ishbia, right, brother of Phoenix Suns owner Mat Ishbia, and his wife Kristen Ishbia, left, sit courtside during the first half of an NBA basketball game against the Chicago Bulls, Saturday, Feb. 22, 2025, in Chicago. (AP Photo/Erin Hooley, File)
Justin Ishbia, right, brother of Phoenix Suns owner Mat Ishbia, and his wife Kristen Ishbia, left, sit courtside during the first half of an NBA basketball game against the Chicago Bulls, Saturday, Feb. 22, 2025, in Chicago. (AP Photo/Erin Hooley, File)
A double rainbow forms over Rate Field during a rain delay before a baseball game between the Detroit Tigers and Chicago White Sox, Wednesday, June 4, 2025, in Chicago. (AP Photo/Erin Hooley)
A double rainbow forms over Rate Field during a rain delay before a baseball game between the Detroit Tigers and Chicago White Sox, Wednesday, June 4, 2025, in Chicago. (AP Photo/Erin Hooley)
Chicago White Sox’s Tim Elko (30), center, is swarmed by his teammates after he hit a walk-off single to defeat the Detroit Tigers in a baseball game Thursday, June 5, 2025, in Chicago. (AP Photo/Erin Hooley)
Chicago White Sox’s Tim Elko (30), center, is swarmed by his teammates after he hit a walk-off single to defeat the Detroit Tigers in a baseball game Thursday, June 5, 2025, in Chicago. (AP Photo/Erin Hooley)
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, also will 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 decision-maker.
“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 news release issued 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.”
The White Sox have won one World Series under Reinsdorf. The 2005 team beat the Houston Astros, ending a title drought that dated to 1917.
Chicago was an American League-worst 20-43 following Thursday’s extra-inning walk-off win over the Detroit Tigers after setting a modern major league record for losses with 121 last season. Fans have voiced their displeasure with Reinsdorf, chanting “Sell the team!”
The White Sox, meanwhile, are looking to build a new stadium.
In February 2024, the team unveiled plans for a modern home in a ballpark village type of setting in the city’s South Loop. Pictures released at the time show an open-air ballpark surrounded by large green spaces and restaurants, businesses and residences on a 62-acre parcel called “The 78” that is owned by development firm Related Midwest.
On Tuesday, Major League Soccer’s Chicago Fire announced plans to build a privately funded stadium on a portion of the site. The team, which plays at Soldier Field, expects to break ground on the 22,000-seat facility this year and move there in 2028.
That wouldn’t necessarily prevent the White Sox from building a stadium in that area, too.
The team has called Rate Field home since the ballpark opened in 1991. It played across the street at the now-demolished Comiskey Park from 1910 to 1990.
The White Sox’s lease at Rate Field, which is owned by the Illinois Sports Facilities Authority, expires after the 2029 season.
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