CHICAGO -- Billionaire private equity investor Justin Ishbia is in line to be the next owner of the Chicago White Sox, according to a news release issued by the team Thursday.
Ishbia, 47, and current owner Jerry Reinsdorf, 89, have entered into a "long term agreement" that could lead to Ishbia taking over the team as soon as 2029 or as late as 2034. In the interim, he'll make capital infusions into the White Sox in 2025 and 2026 as a limited partner, paying down debt while helping "support on-going team operations," according to the release.
From 2029 to 2033, Reinsdorf will have the option to sell controlling interest to Ishbia, the agreement states. If a deal isn't completed by then, Ishbia then will have the option to take over after the 2034 season. Until that point, Reinsdorf will continue to own and run the team.
The statement said "there is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029."
In addition to Justin Ishbia, his brother Mat, who owns the NBA's Phoenix Suns, and father Jeff will also be significant investors.
Ishbia made his fortune, in part, as a founder of Chicago-based Shore Capital Partners. He's already a minority investor of the organization but the agreement now sets him up to own controlling interest as the team heads into the next decade.
Reinsdorf, who is also principal owner of the NBA's Chicago Bulls, bought the team in 1981 for approximately $20 million. It's now worth more than $2 billion.
"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 the 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."
The White Sox won the World Series in 2005 but haven't won a playoff series since that year while setting the MLB modern-day record for losses just last season when they went 41-121. The team is off to another rough start, winning just 19 of its first 62 games while ranking 29th in payroll.
The White Sox are also exploring avenues to build a new ballpark. It is unclear if or how the agreement between Reinsdorf and Ishbia will impact that search.