Billionaire Phoenix Suns co-owner Justin Ishbia has reached an agreement with Chicago White Sox chairman Jerry Reinsdorf that could see Ishbia taking over control of the team as soon as 2029.
The White Sox confirmed Thursday that they have reached a deal that will call for Ishbia, who's already owner of a small stake in the White Sox, to make new investments in the team in 2025 and 2026 to be used to pay down existing debt and support team operations.
Under the deal, from 2029-2033, Reinsdorf would have the option to sell his controlling interest in the White Sox to Ishbia. Starting in 2034, Ishbia would have the option to acquire the controlling interest in the team from Reinsdorf. If Ishbia does end up with a controlling interest of the team at any point, other minority owners will also have a chance to sell their shares to him.
Justin Ishbia is a founding partner in Chicago-based private equity firm Shore Capital. He and his brother, Mat, co-own the Phoenix Suns of the NBA and the Phoenix Mercury of the WNBA. Justin also owns a minority stake in the Major League Soccer club Nashville SC.
The White Sox stressed that, under the agreement, Reinsdorf will continue to control the team at least through 2029, and that there is no guarantee Ishbia will eventually take over.
Reinsdorf purchased a controlling interest in the team in 1981, and has run the organization ever since.
"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."
Earlier this year, Justin Ishbia appeared to be on track to purchase the Minnesota Twins from the Pohlad family, before shifting his focus to striking a deal to eventually buy control of the White Sox.
The Ishbia brothers emerged as suitors to buy the Twins in December, a few months after chairman Joe Pohlad -- whose father, Carl, purchased the Twins for $44 million in 1984 -- announced that the family would explore options to sell the ballclub.
In February, according to The Athletic, Ishbia "abandoned his bid for the team to instead acquire the" White Sox.
The Ishbia brothers have owned the Suns since late 2023. Reinsdorf bought the White Sox in 1981 for just $19 million. They are the 15th-most valuable franchise in baseball at an estimated $2.05 billion, per Forbes. In that same estimation, the Twins are 21st at $1.46 billion.
This is a developing story.
CBS Sports writer Matt Snyder contributed to this report.
Todd Feurer
Todd Feurer is a web producer for CBS Chicago. He has previously written for WBBM Newsradio, WUIS-FM and the New City News Service.