White Sox Owner Reaches Deal To Sell Team To Billionaire Behind Most Expensive House In IL

CHICAGO, IL — Chicago White Sox owner Jerry Reinsdorf and Justin Ishbia have reached an agreement that establishes a framework for Ishbia to obtain a future controlling interest in the team.

Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026. The money will be used to pay down debt and support ongoing team operations.

Starting in 2029, Reinsdorf will have the option to sell the controlling interest to Ishbia until after the 2034 season, when Ishbia will have the option to acquire the controlling interest.

According to the White Sox, in the event of any such transaction, all limited partners of the team will have the opportunity to sell to Ishbia at that time. In addition to Ishbia, his father and brother will also be significant investors.

There is no guarantee that this transaction will happen or could happen before 2029, the team said. Until then, the Reinsdorf family will continue to own the controlling interest in the White Sox.

“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,” said Reinsdorf. “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.”

Along with his brother, Ishbia is the co-owner of an NBA team and the nation's largest wholesale mortgage lender, which was founded by their father nearly four decades ago. He has a net worth of $5 billion and is currently building the most expensive house in the history of Illinois immediately south of Centennial Park in Winnetka.

With a price tag of $77 million, the 3.7 acre estate is currently in construction along the Lake Michigan shoreline in the Chicago suburb. Constructions of the billionaire's home has sparked concern in the local community over public use of the beach there.

The Winnetka Park District reached a settlement with a resident that resolved a lawsuit filed in 2022 that aimed to block a land exchange agreement between the park district and Ishbia. Under its terms, the district "agrees not to transfer title to the beach property ... to any non-governmental entity."