A Long-Term Ownership Investment Agreement Announced By Chicago White Sox
After being under the same ownership since 1981 it looks like change is blowing in the wind for the franchise. Today a long-term ownership investment agreement was announced by the Chicago White Sox. The agreement was reached between owner Jerry Reinsdorf and billionaire investor Justin Ishbia. It’s intention is to establish a framework for Ishbia to obtain a future controlling interest in the White Sox.
But hold on White Sox fans before you start jumping for joy. You’re going to need a little more patience because from 2029-2023, Reinsdorf will have the option to sell the controlling interest to Ishbia. After the 2034, season Ishbia will have the option to acquire the controlling interest. In the meantime, Ishbia under the agreement deal with Reinsdorf “will make capital infusions” for the White Sox in 2025 and 2026 “to pay down existing debt and support ongoing team operations.”
Ishbia is no stranger to sports ownership. He is part of the ownership of the Phoenix Suns and his sibling Mat Ishbia is the majority owner of the team. They also own the Phoenix Mercury of the WNBA. In addition, he is a minority owner of the Major League Soccer club Nashville SC, and already has partial ownership of the White Sox. During the 2029-33 timeframe, Ishbia’s brother and his father Jeff Ishbia will also be significant investors into the team.
Reinsdorf spoke about his opportunity to have ownership of the White Sox and what it means to him:
“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.”
A Long-Term Ownership Investment Agreement Announced By Chicago White Sox
Although the ownership change isn’t imminent, it will most likely be welcomed by the White Sox fanbase. Last season was a dismal one for the team as they came close to claiming the modern record for the worst season ever. However, they won the final home series against the Los Angeles Angels which helped them end the season with a record of 41-121. Just good enough to avoid the record set by the New York Mets (40-120) in 1962.
The White Sox won the ‘05 World Series, sweeping the Astros in four games to finish off an 11-1 playoff run. And will be celebrating the 20th anniversary of the title the weekend of July 11. That’s great but I’m sure they also want to win a championship again sooner rather than later. Will this new ownership agreement make that happen? Only time will tell.
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