Could mean something, might mean nothing
Well, as the White Sox are mired in the second-worst start to a season in their history, fans got a bit of a bon mot:
Please note that in the end, this might not mean anything. “Option to sell” means just that. For years we have heard/known that Jerry Reinsdorf has instructed his family to sell the White Sox upon his death, while keeping control of his other club, the Chicago Bulls. And Justin Ishbia has been a consistent person of intrigue, dating back to earlier this year when he sold his stake in the Minnesota Twins in order to buy into the White Sox.
Ishbia, a minority owner of the NBA’s Phoenix Suns, has proven willing to spend there — but not necessarily able to win. But at this point, Anyone But Reinsdorf wins any vote for new White Sox owner.
Here’s the full, copyedited White Sox release of the news:
FOR IMMEDIATE RELEASE: Thursday, June 5, 2025
WHITE SOX ANNOUNCE LONG-TERM OWNERSHIP INVESTMENT AGREEMENT
CHICAGO — The Chicago White Sox today announced that Jerry Reinsdorf and Justin Ishbia have reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the White Sox. As part of the agreement, 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.
The agreement provides that, from 2029–33, Reinsdorf will have the option to sell the controlling interest to Ishbia. After the 2034 season, Ishbia will have the option to acquire the controlling interest. 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. 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.
Until such time, the Reinsdorf family will continue to own the controlling interest in the White Sox. Reinsdorf, chairman of the White Sox since purchasing the franchise in 1981, remains the sole day-to-day decision-maker for the club.
“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 says. “I have always expressed my intent to operate the White Sox as long as I am able and remain committed to returning this franchise to the level of on-field success we all expect and desire.”
BDT & MSD Partners served as the exclusive financial advisor to the Chicago White Sox and the Reinsdorf family. Katten Muchin Rosenman LLP served as the legal advisor to the Chicago White Sox. Covington & Burling LLP acted as legal advisor to Ishbia.
Again, caution here that ultimately this could mean nothing. But the inclusion of “financial advisors” to the end of this announcement sure makes it sound like a sale has been agreed to.
True to form, of course, Reinsdorf is drawing this good news out excruciatingly slowly. The White Sox Way!