Justin Ishbia has reached an agreement that may give him control of the Chicago White Sox by 2029, team owner Jerry Reinsdorf confirmed to Sportico.
The agreement allows Reinsdorf, 89, to control the team for at least four more years. After 2034, Ishbia would have the right to buy the control stake. Ishbia and his brother Mat initially bought a mid-single-digit percentage of the team in 2021, and they have added to the total since then.
“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,” Justin said in a statement to Sportico. Reinsdorf, in a phone call, declined to provide any other details.
The White Sox issued a statement after Sportico broke the news, which said that all limited partners would have the opportunity to sell to Ishbia in any further transaction. It also said that Justin’s brother, Mat, and father, Jeff, will also be “significant” investors. “In no event will such a transaction take place before 2029,” according to the statement.
The bulk of the Ishbias’ money comes from Michigan-based United Wholesale Mortgage, now UWM Holdings, which was founded by Jeff. Mat, who now runs the company and is worth about $7.3 billion, owns a 71% stake in UWM; Justin, worth about $4.3 billion, owns 22%, according to Forbes. Justin is also the founder and managing partner of Shore Capital Partners, a private equity firm based in downtown Chicago with $12.5 billion under management.
The brothers have built a sizable pro sports portfolio in the last few years. They bought the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury in 2023 at a $4 billion valuation; Mat is the primary governor of the NBA and WNBA franchise, with Justin serving as alternate governor. Additionally, they bought a stake in MLS club Nashville SC; Justin is also the alternate governor of the MLS team.
Last year, the White Sox set a new mark for the most losses in a season in MLB’s modern era with a record of 41-121. The current season is not much better, with the team at 19-43 through almost 40% of the season.
Reinsdorf is the second-longest tenured owner in baseball after the Steinbrenner family who owns the New York Yankees. In 1981, he led a group that paid $20 million for the White Sox. In March, Sportico valued the team at $2.03 billion.
BDT & MSD Partners served as the exclusive financial advisor to the White Sox and Reinsdorf family. Katten Munchin Rosenman LLP was the team’s legal advisor. Covington & Burling was Ishbia’s legal advisor.
(This story has been updated throughout with additional details.)
