The White Sox announced on Thursday that chairman Jerry Reinsdorf and minority shareholder Justin Ishbia have reached a “long-term investment agreement that establishes a framework” for Ishbia to obtain a controlling interest in the franchise within the next ten years. As part of the agreement, Ishbia will make “capital infusions” into the White Sox in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations. Following that, Reinsdorf will have the option to sell controlling interest to Ishbia between 2029 and 2033 and, following the 2034 season, Ishbia will have the option to acquire the controlling interest.
Reinsdorf, who has had controlling interest in the White Sox since purchasing the team for $19 million from Bill Veeck in 1981, will be 93 at the start of the initial transition period in 2029. He has long claimed that he has no interest in selling while he remains in good health but would be 97 by the time Ishiba controls the option to buy. Ishiba, a billionaire private equity investor, increased his stake in the Whtie Sox this spring to a reported 35%. In a statement, Ishbia said, “I love Chicago, have always loved baseball, and am thrilled to marry two of my passions.”
Overall, this should be a good thing for the White Sox and their fans. While Reinsdorf has had one of, if not the winningest ownership tenure in franchise history, he has also managed to successfully alienate most of the fan base, starting with his threats to move the team to Florida in the 1980s, followed by his appearance as one of the largest contributors to the work stoppages that wiped out the end of the 1994 season and the start of the 1995 season and, most recently, overseeing the team’s fall to setting the MLB record for most losses last year. It is time to turn the page, and waiting for 2029, 2034, and/or Reinsdorf’s death is the price we have to pay for being White Sox fans.