### Jerry Reinsdorf Sets the Stage for Future White Sox Ownership Transition

In a notable shift for the Chicago White Sox organization, Chairman Jerry Reinsdorf and minority investor Justin Ishbia have outlined a framework for a future transfer of controlling interest in the MLB team. The arrangement was detailed in a news release issued Thursday and marks a significant potential transition in the team's ownership structure.

Back in February, The Athletic revealed that Ishbia had ceased efforts to acquire the Minnesota Twins and opted instead to increase his minority stake in the White Sox. This move was intended to position him to eventually buy out Reinsdorf's controlling stake in the franchise. Discussions about increasing Ishbia's share took place while he was pursuing the Twins, as per a source familiar with the negotiations who was not authorized to speak publicly.

Despite initial denials from the White Sox concerning any path to control, the club's recent statement clarifies that Ishbia will contribute capital to the White Sox as a limited partner in 2025 and 2026. These funds will be used to pay down existing debts and support ongoing operations.

The logistics of a possible sale were also detailed; Reinsdorf will have the option to sell the controlling interest to Ishbia between 2029 and 2033. Conversely, Ishbia will have the option to acquire the controlling interest after the 2034 season. In such a future transaction, all limited partners would have the opportunity to sell their shares to Ishbia.

Justin Ishbia isn't pursuing this journey alone; his brother Mat and father Jeff Ishbia will also be significant investors. This trio brings a wealth of business and sports acumen to the partnership. Mat Ishbia is already known in the sports world as the controlling owner of the NBA's Phoenix Suns and the WNBA's Phoenix Mercury, while Justin also has investments in the MLS' Nashville SC.

The structure of this deal is reminiscent of a 2022 agreement between David Blitzer and Cleveland Guardians owner Paul Dolan, which granted Blitzer a six-year window to acquire a controlling interest in the team. Ishbia's deal, which concluded shortly after The Athletic’s initial report, involved buying out several minority shareholders who had been affiliated with Reinsdorf since he led a group to purchase the team in 1981 for $19 million. Sources report that the valuation for their shares was approximately $1.8 billion.

According to radio host Matt Spiegel, Ishbia’s deal resulted in him obtaining 35 percent of the White Sox. However, due to the organization’s structure, Reinsdorf remains the controlling partner despite not holding a majority stake.

In a statement, Reinsdorf emphasized his enduring commitment to the White Sox, pledging to continue operating the team and aiming to return it to success on the field. Despite the team struggling with a modern record for losses last season and currently holding the worst record in the American League, Reinsdorf remains dedicated to its future.

The White Sox's efforts for a new stadium in Chicago also persist, with Reinsdorf exploring options despite the state-funded Rate Field still awaiting payoff. The 78 development in the South Loop remains a prospect, although the MLS Chicago Fire recently announced plans for a new stadium at that same site.

This framework signals a potential new era for the White Sox, blending the legacy of Reinsdorf's decades-long stewardship with fresh investment and energy from the Ishbia family.