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* The Athletic…
White Sox chairman Jerry Reinsdorf and minority investor Justin Ishbia have established a framework to transfer a future controlling interest in the team, according to a news release issued Thursday. […]
Ishbia “will make capital infusions into the White Sox as a limited partner in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations,” according to the club.
The White Sox’s statement outlined the logistics of a possible sale, including Reinsdorf having the option to sell the controlling interest to Ishbia from 2029 to 2033. Ishbia will have the option to acquire the controlling interest after the 2034 season.
“In the event of any such future transaction, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time,” the release said. “In addition to Justin Ishbia, his brother Mat Ishbia, and father Jeff Ishbia will also be significant investors. There is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029.”
* Sun-Times…
“This is an investment in the future of the Chicago White Sox, and I am excited for the opportunity to deepen my commitment to the city and the team,” Ishbia said through a spokesperson. “I love Chicago, have always loved baseball, and am thrilled to marry two of my passions. I am also very pleased to have my brother Mat and father Jeff joining me in this investment, bringing their collective business and sports acumen to the partnership.”
Ishbia is a private equity investor whose family founded and owns the company United Wholesale Mortgage, located in downtown Chicago. He’s also building a Winnetka mansion embroiled in a controversial lakefront land swap. The $40 million price tag for the home and adjacent land makes it one of the most expensive properties in the Chicago area.
The bottom line is that Ishbia, with a net worth valued at $4.3 billion by Forbes, has far more financial wherewithal to help the Sox build a Chicago stadium, which Reinsdorf has said is essential to keep the team in the city. […]
Ishbia, 47, got his law degree from Vanderbilt University in Nashville, and is on the board of his law school alma mater. But because his business interests are in Chicago and his home is in the north suburbs, he is far more likely to try first to keep the Sox in Chicago.
* But Ishbia might not be all he’s cracked up to be, Steve Greenberg writes in the Sun-Times …
Mat Ishbia, Justin’s younger brother, has been the majority owner of the Suns since early 2023, with Justin on board as a part-owner. Those roles will flip-flop with the Sox, assuming things fall into place as planned.
In two-plus years since the Ishbias took hold of pro basketball in the desert — they own the WNBA’s Mercury, too — the Suns have fired coach Monty Williams, then fired his replacement, Frank Vogel, after one season and then fired Vogel’s replacement, Mike Budenholzer, after one season.
Even more whiplash-inducing than that, president of basketball operations James Jones was fired last month — after the Suns’ first losing season since 2019-20 — and Brian Gregory, who has no front-office experience, was handed the reins as general manager. You might recognize Gregory’s name from his 19 seasons as coach at Dayton, Georgia Tech and South Florida, which he led to a grand total of two NCAA Tournaments. Before that, he was an assistant coach at Michigan State, where one of his players was a walk-on named Mat Ishbia.
And the reported successor to the Suns’ coaching crazy train? That would be Jordan Ott, who never has been a head coach but, of seeming importance to his cause, also worked in the basketball program at — and has a degree from — Michigan State. […]
These are the Sox, people. There’s just no telling.
Thoughts?
* Related…
* Crain’s | Key takeaways from the Sox-Ishbia deal: Much of the conjecture about the Sox being relocated stems from a 2023 meeting Jerry Reinsdorf had with the mayor of Nashville, Tenn. — long speculated as a landing spot for a relocated MLB franchise. Looking for leverage to win public funding, Reinsdorf told Crain’s last year that his family would likely look to sell the Sox after he dies, and that “the team will be worth more out of town.”
* Fox Chicago | White Sox, Blackhawks and Bulls games to air on Xfinity in Chicago area under new deal: The Chicago Sports Network (CHSN), the exclusive television home of the Bulls, Blackhawks and White Sox, will become available to Comcast Xfinity customers across the Chicago area beginning Friday. As part of a new carriage agreement, CHSN will be included in Xfinity’s Ultimate TV package and will launch on channel 200 in time for the White Sox’s Friday night home game against the Kansas City Royals.
* Tribune | Chicago Sports Network finally coming to Comcast, but on higher-priced plan: The Ultimate tier costs an additional $20 per month, on top of the $20.25 regional sports network fee Comcast charges Chicago-area subscribers each month. Comcast has been issuing a monthly $8.85 credit to partially offset that fee during the ongoing negotiations with CHSN. For basic subscribers that don’t choose to upgrade, the $8.85 credit will become a permanent adjustment, bringing the regional sports fee down to $11.40 per month.
* Fox Chicago | South Side soundtrack: Beloved White Sox organist Nancy Faust making a comeback: Some credit Faust for creating the soundtrack for a South Side summer. She’s been able to do that without the ability to read music or truly know the game of baseball. “Well, there was not much to learn at the time because when I was hired, it was like play the National Anthem and Take Me Out to the Ballgame,” said Faust. “It was kind of an evolution and because I was placed outside with fans, I started getting feedback from fans and suggestions. You would liken it today to having social media. In those days, I had the help of knowledgeable fans who suggested songs.”
* ABC Chicago | Southpaw turns 21: One of Chicago’s most recognizable sports mascots is finally legal at least in mascot years. Southpaw, the fuzzy green mascot of the Chicago White Sox is celebrating his 21st birthday Sunday, June 8 with a party that promises to be as big and bold as the beloved character himself.
* Paul Sullivan | Jerry Reinsdorf’s clumsy handoff of the Chicago White Sox only adds to his checkered baseball legacy: Efforts to contact general manager Chris Getz to find out whether these “capital infusions” will increase the team’s 29th-ranked payroll and give him a fighting chance to compete were fruitless. No response, though he could’ve changed his number. Getz told me before Monday’s game he would be talking with the media Friday, which gave him four days to rehearse.
posted by Isabel Miller
Friday, Jun 6, 25 @ 10:19 am
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Not soon enough
Comment by James the Intolerant Friday, Jun 6, 25 @ 10:29 am
Whoops, misread who the quote was from. (Feel free to delete)
Comment by Henry Francis Friday, Jun 6, 25 @ 10:34 am
From David Greising in the Chicago Tribune today: “Ishbia’s commitment to make investments is welcome news for taxpayers, in that Reinsdorf’s case for government support just got weaker as a result.”
Good. No excuses for public money for the White Sox. Ownership can build their own entertainment district around Rate Field and solve their self-proclaimed revenue problems themselves.
Comment by Joseph M Friday, Jun 6, 25 @ 10:55 am
He’ll be a great owner of the Nashville White Sox (banned punctuation)
Comment by So_Ill Friday, Jun 6, 25 @ 11:00 am
All the different takes are funny. Seem to offer hope Chicago and Illinois will two team MLB territory. Deep pockets good too. The Comcast development seems timely. All handwringing fun to watch. Nice distraction from the Fight of the Pigs the
Comment by Annon'in Friday, Jun 6, 25 @ 11:06 am
Reinhorn and Einsdorf (sic) bought the Sox for $20M, and it is worth $2B. Isn’t that a 10,000% return on investment?
Comment by Old IL Dude Friday, Jun 6, 25 @ 11:07 am
sports ownership is often a gamble for fans. but I heard money being put in during 2005 and that’s just fine by me. back on (awful) Comcast, a good catcher brought up, an Elko walkoff. yesterday a good day.
Comment by Amalia Friday, Jun 6, 25 @ 11:29 am
I am excited for a completely different kind of bad, if that is the way things are going to go. I’m just glad that there is light at the end of the Reinsdorf tunnel.
Comment by Ducky LaMoore Friday, Jun 6, 25 @ 11:30 am
Dig into the details of the deal, as Paul Sullivan did in his Trib piece, and you see this doesn’t change things much. Reinsdorf stays in control until 2034, when Ishbia can exercise his option to take over. In other words, it’s Reinsdorf’s team until he dies or turns 99 years old.
The one intriguing thing is the vague reference to Ishbia paying to retire debt and make “capital investments” upfront. Would like to know exactly what that entails.
Comment by BC Friday, Jun 6, 25 @ 11:32 am
Can’t believe the hand-wringing over the Phoenix Suns - impatient for winning and willing to spend, yeah, who wants any of THAT? And the Mercury have been exemplary.
Comment by lake county democrat Friday, Jun 6, 25 @ 12:08 pm
Listening to some analysis about the cable tv deal and how offended people are to have to watch sports with a TV antenna. How happy they are to shell out $$$ to pay for it now. Ok, boomer.
Baseball on the radio is a pleasure to listen and easy to understand. Other sports not as much.
Comment by Jerry Friday, Jun 6, 25 @ 12:15 pm
Interesting how all things always seem to return to stadium talk.
On one hand, if Reinsdorf (easily one of the most unpopular figures in the state) is not the frontman looking for some kind of public support for a new Sox stadium, the odds of it succeeding increase. On the other hand, the Ishbias’ joint net worth is about seven times higher than Reinsdorf’s. So, not exactly the kind of folks who need a hand out.
Comment by TNR Friday, Jun 6, 25 @ 12:33 pm
== But Ishbia might not be all he’s cracked up to be==
One reason the Ishbia’s own the Suns is because of the former owner’s repeat misconduct, which got the team sued a bunch by employees. That same trend has continued under Ishbia with employees saying the culture hadn’t changed. Dan Snyder 2.0?
Comment by Google Is Your Friend Friday, Jun 6, 25 @ 12:40 pm
The ultimate transfer to the Ishbia family is rooted in the estate and tax planning of the Reinsdorf family. It’s all about maximizing the financial benefits to Reinsdorf’s heirs. The fact that the Ishbia’s are in a better long term position to invest in the team is a plus. Say what you will about the Suns franchise but they did have the highest payroll while maintaining some of the lowest NBA ticket prices.
Comment by Pundent Friday, Jun 6, 25 @ 12:40 pm
My guess is the announcement is a face-saving deal for Reinsdorf and that Ishbia will assume control of the team much sooner. Reinsdorf may have a ceremonial role but I’m thinking Ishbia will have control by the start of the 2027 season.
Comment by Friendly Bob Adams Friday, Jun 6, 25 @ 12:42 pm
== My guess is the announcement is a face-saving deal for Reinsdorf and that Ishbia will assume control of the team much sooner. ==
I pray that’s the case — and it might be. In the original story in “The Athletic” about Ishbia buying up shares, the White Sox denied it was part of a succession plan that would put Ishbia in charge. Lo and behold, a few months later they put out a statement detailing a succession plan. So maybe things transition quicker than the timeframe laid out yesterday.
== the estate and tax planning of the Reinsdorf family. ==
That’s what this is all about. Reinsdorf’s first job out of law school was at the IRS and he got rich figuring out how to shelter real estate clients from taxes. It’s a safe bet there is some sort of estate tax advantage to this transition process.
Comment by Frances Friday, Jun 6, 25 @ 1:02 pm
For two years we have been saying Jerry needs to sell the team, and now folks are complaining he is not selling it fast enough or maybe not to the right people.
Wirtz, Wrigley, McCaskey, Reinsdorf — Chicago sure does have its issues with sports owners. Is this true everywhere, or just Chicago?
Comment by Thomas Paine Friday, Jun 6, 25 @ 2:04 pm
@Thomas Paine, you forgot the name Ricketts. People may not complain about their club management but as a citizen especially as a woman if I were a fan I would be ashamed of their support of far right politics.
Comment by Amalia Friday, Jun 6, 25 @ 2:15 pm
=Is this true everywhere, or just Chicago?=
The correlation is losing and disdain for ownership. And no, it is not exclusive to Chicago.
Comment by Pundent Friday, Jun 6, 25 @ 2:23 pm
The Nashville White Sox run solely by Michigan State alum. Nice
Comment by Frida’s boss Friday, Jun 6, 25 @ 2:31 pm
To the Nashville talk: Ishbia’s statement was infused with some Chicago love, so I don’t see any hints he’s inclined to move. And, as has been said here before, the other 29 MLB franchises have to approve the movement of any team. Why would they allow the Sox or anyone else move to Nashville for free when they can charge an expansion ownership group two or three billion dollars for the rights to the market? That’s anywhere from $66 to $100 million in the pocket of every owner for doing nothing — and they don’t have to share it with the players.
Comment by Frances Friday, Jun 6, 25 @ 3:25 pm
=the other 29 MLB franchises have to approve the movement of any team=
Incorrect, only 75% is needed which is 23 owners.
=Why would they allow the Sox or anyone else move to Nashville for free=
Wrong again. MLB charges a relocation fee, so nobody is moving “for free”.
Lastly, re expansion: If any current team were to move to Nashville, then other cities would just get an expansion team - such as Charlotte, Portland, Orlando, etc. Besides all the mistakes posted here, expansion is not relevant here really at all.
Comment by Just a Random Guy Friday, Jun 6, 25 @ 4:16 pm