White Sox announce deal paving way for ownership change

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CHICAGO - The Chicago White Sox announced Thursday that team chairman Jerry Reinsdorf and billionaire investor Justin Ishbia have reached a long-term investment agreement that could lead to a future ownership change.

What we know:

Under the agreement, Ishbia will become a limited partner beginning in 2025, making capital contributions over the next two years to help reduce team debt and support operations. While the Reinsdorf family will continue to maintain controlling interest in the team, the deal outlines a path for Ishbia to eventually take over.

Reinsdorf will have the option to sell a controlling stake to Ishbia between 2029 and 2033. If that does not happen, Ishbia will have the option to acquire control after the 2034 season. There is no guarantee that a full ownership transfer will happen.

Justin Ishbia, along with his brother Mat Ishbia and father Jeff Ishbia, will be major investors in the club. Until any potential transfer, Reinsdorf, 88, will remain the team’s sole decisionmaker. He has led the franchise since 1981 and was part of the group that brought a World Series title to Chicago in 2005.

Reinsdorf originally bought the White Sox in 1981 for about $20 million. Now, according to Forbes, the Sox are valued at about $2 billion.

What they're saying:

"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 remain committed to returning this franchise to the level of on-field success we all expect and desire."