Justin Ishbia, the Phoenix Suns’ alternate governor, has agreed to a plan that could lead him to take a controlling interest in the Chicago White Sox from current owner Jerry Reinsdorf.
The MLB club said Ishbia, the brother of Suns owner Mat Ishbia, would make “capital infusions” into the team as a “limited partner” this year and next to “pay down existing debt and support ongoing team operations.”
Mat Ishbia and the brothers’ father, Jeff Ishbia, will “also be significant investors.”
Justin Ishbia already owns a minority share of the White Sox.
As for the agreement, the White Sox said in a release that Reinsdorf, who is 89 years old and also the owner of the Chicago Bulls, will have an option to sell the controlling interest to Justin Ishbia from 2029-33.
Following the 2034 season, Ishbia would then have the option to take a controlling interest in the club.
If any of those options are triggered, “all limited partners of the Sox would have the opportunity to sell to Ishbia at that time,” the team’s press release said.
Any transaction will not take place before 2029, the White Sox’s release said.
Reinsdorf has been chairman of the Chicago team since buying it in 1981.
Before White Sox deal, Justin and Mat Ishbia had prior interest in owning MLB’s Twins
The Minnesota Twins’ current owners, the Pohlad family, began searching for buyers in October.
By December 2024, Justin and Mat Ishbia had expressed interest in buying the Twins.
It was then that the Reinsdorf family approached Justin Ishbia and discussed increasing his share in the White Sox, reported The Athletic. That led him to pivot.
Forbes currently lists Justin Ishbia as worth an estimated $4.3 billion, while Mat Ishbia is worth $7.3 billion.
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