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, 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.

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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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AP MLB: https://apnews.com/hub/MLB