The White Sox announced Thursday that the president and majority owner Jerry Reinsdorf and the owner of the Justin Ishbia minority “concluded a long -term investment agreement which establishes a framework for Ishbia to obtain a future controlling interest in the White Sox.” Under the terms of the agreement, Ishbia will make “capital infusions” in the White Sox in 2025-2010 which will reimburse the existing debt and “will support the operations during the team”.
There will be no immediate transfer of control – and not until 2029 at least. The agreement gives Reinsdorf the possibility of selling its interest controlling in Ishbia at any time of 2029-33. After the 2034 season, Ishbia will have the possibility of acquiring the majority interest of Reinsdorf. If and when Ishbia acquires control participation, other minority owners will also have the possibility of selling it. His brother, Mat Ishbia, the main owner of Phoenix Suns of the NBA and Phoenix Mercury of the NBA, and his father, Jeff Ishbia, will also be “important” investors under the new agreement.
Réinsdorf, who bought the White Sox in 1981, made the following statement in the press release today:
“Having the incredible opportunity to own the White Sox in Chicago and to be part of Major League Baseball for almost 50 years has changed their life. I have always expressed my intention to exploit the White Sox as long as I am able and to remain determined to bring this franchise back to the level of success in the field that we all expect and desire all. ”
Ishbia, 47, has a net value of more than $ 5 billion. Earlier this year, he was considered the main candidate to buy the twins-rivals of the Pohlad family, but Ishbia abandoned this prosecution When the opportunity to increase your participation in the White Sox appeared. The 180 -degree tour would have shocked the twins, who had previously believed that there was a way to finish a sale in Ishbia before the opening day. At the time, the managers of the White Sox denied In Jon Greenberg and Dan Hayes of Athletic that there was a path to control the White Sox at the disposal of Ishbia, but less than four months later, the team has now publicly revealed the details of this path.
More to come.
