The Big Lead

White Sox make huge ownership announcement

Are the days of fans covering their faces with grocery bags at Rate Field nearing an end?

By J.P. Hoornstra

Chicago White Sox owner Jerry Reinsdorf signs autographs prior to ceremonies to commemorate the 10th anniversary of the 2005 World Series championship before a game against the Kansas City Royals at U.S Cellular Field in 2015.
Chicago White Sox owner Jerry Reinsdorf signs autographs prior to ceremonies to commemorate the 10th anniversary of the 2005 World Series championship before a game against the Kansas City Royals at U.S Cellular Field in 2015. / Dennis Wierzbicki-Imagn Images
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The Chicago White Sox announced Thursday that Jerry Reinsdorf and Justin Ishbia have reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the White Sox.

The future transfer of ownership marks a landmark change for the franchise that Reinsdorf purchased, along with Eddie Einhorn, from Bill Veeck in 1981.

Reinsdorf, 89, will have the option to sell the controlling interest to Ishbia from 2029-33 under the new agreement.

As part of the agreement, Ishibia will make capital infusions into the White Sox as a limited partner in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations, the team announced.

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For White Sox fans, it's a welcome — if not immediate — change to the ownership structure of a team that will miss the playoffs this season for the 17th time in 20 years since its last World Series championship.

The South Siders have enjoyed two winning seasons in the last decade. Last year, the team lost 121 games, a modern MLB record. This year they're on pace to lose 112.

Ishbia, his brother Mat Ishbia, and father Jeff Ishbia "will also be significant investors" if and when they assume a controlling interest of the team. Mat Ishbia, 45, is a part-owner of the NBA's Phoenix Suns and WNBA's Phoenix Mercury along with Justin Ishbia.

“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.”

Ironically, the White Sox will celebrate the 20th anniversary of their 2005 World Series title this season, amid a fan climate that has been hostile toward ownership for years. Now, perhaps, the days of fans covering their faces with grocery bags at Rate Field are over.

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