The Chicago White Sox were looking for their first Cactus League win Thursday, picking up right where they left off last year.
But Sox fans weren’t worried, thanks to a recent report that Chairman Jerry Reinsdorf might sell the team to a billionaire who would then rescue the franchise from his rancorous reign.
The light at the end of the long, dark tunnel suddenly seemed real. A savior would arise from these streets and start handing out nine-figure contracts like candy, changing the culture of the Sox organization and ending their seasonal pain.
This sudden burst of optimism stemmed from a report in The Athletic that an anonymous investor and limited partner of the Sox was attempting to buy shares from other limited partners. That mystery investor, author Jon Greenberg wrote, was none other than Justin Ishbia, who co-owns the Phoenix Suns and Phoenix Mercury with his brother, Mat, and recently had pulled out of a plan to buy the Minnesota Twins.
Putting two and two together, it seemed to suggest Justin Ishbia was attempting to take control of the Sox from Reinsdorf, who turned 89 on Tuesday and has been thinking about a succession plan for a while.
But Sox fans weren’t even into the “Hey Hey” part of “Na Na Hey Hey Kiss Him Goodbye” before that optimism was doused. The team released a statement stating the investor looking to buy shares from limited partners would not control the Sox. The man behind the curtain would remain the man in front of the curtain, at least until further notice.
“Similar to an opportunity in 2021, White Sox limited partners have received an offer from a third party to purchase their shares in the team, providing liquidity for the limited partners on their long-term investment in the club.” White Sox vice president of communications Scott Reifert said in the statement. “This offer to limited partners has no impact on the leadership or operations of the Chicago White Sox and does not provide a path to control.”
In other words, don’t start singing yet. We could be here a while.
Sox fans were dazed and confused. If Ishbia could purchase the most shares of any partner and not have the right to start firing people or buying free agents, why would he even bother?
Ishbia did not return a message Thursday, so we’ll just have to speculate, which is free and easy to do since there are no consequences for being wrong.
The logical reason would be that Ishbia is playing the long game, buying up as many shares as he can now and waiting for Reinsdorf’s sons to sell their shares after he’s gone. He should have no problem finding sellers. Certainly there are many limited partners who are children or grandchildren of Reinsdorf’s original partners and would rather have a nice chunk of life-changing money than a small share of the worst team in modern baseball history.
The valuation is $1.8 billion, and the deadline to sell is Friday.
If your dad were savvy enough to buy 1% of the Sox in 1981 for around $200,000 and left it to you when he died, you could now sell it for $18 million. Not bad for being born to the right parent. Of course, they also could hang on and potentially sell their shares for more down the road. Tax implications and personal needs will come into play, but it’s safe to say a professional sports team will only increase in value.
The funny thing is that Reinsdorf didn’t advertise it as a money-making venture when he sought out his partners. In 1980, when he was first revealed as the leader of a group bidding for the Sox, Reinsdorf told the Chicago Tribune’s David Condon: “I’d advise those partners there’s just not a lot of money to be made with investments like this. It’s sort of a civic duty project. I’ve always looked at ownership of a baseball team as a public trust, maybe even a charitable thing.”
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Whether Reinsdorf lived up to that would-be mission statement is questionable. But it turned out to be a very good investment for the original partners, even with only one championship in those 44 years. Sox fans might not think Reinsdorf was a good owner, but his longtime partners can’t complain.
Reinsdorf’s percentage of ownership has never been revealed, but it’s well known inside the Sox organization he didn’t even have the highest percentage of shares when his group purchased the team from Bill Veeck. Forbes estimated it in 2024 at 19% of the team. Either way, he always has maintained control.
The late Cubs executive Andy McKenna, who helped negotiate the sale for Veeck in 1981, told the Tribune in ’85: “When Jerry bought the White Sox, I sensed some concern on his part about working with a large group of investors. I remember Jerry saying, ‘I have the answer — it’ won’t be a democracy.’ ”
It was not. And for that reason, it’s hard to imagine Reinsdorf selling the Sox while he’s alive and well. He loves the Bulls, but the Sox are his identity. He long ago came to terms with the knowledge a majority of Sox fans don’t like him. Rehiring old friend Tony La Russa to manage in 2020 was evidence he no longer cares what the public thinks. It’s his show.
Reinsdorf is also in good health and enjoys being in the mix, whether it’s at the MLB winter meetings or in his suite at Camelback Ranch or Sox Park. He has said he has no hobbies and thus has no real reason to get out of the game.
“I like what I’m doing, as bad as it is, and what else would I do?” he said in 2023. “I’m a boring guy. I don’t play golf. I don’t play bridge. And I want to make it better before I go.”
Last year Reinsdorf told Crain’s Chicago Business that his son Michael, who runs the Bulls, would take over when he’s gone and “do what’s best” for the other investors.
“That likely means putting the team up for sale. … The team will be worth more out of town,” Reinsdorf told Crain’s.
There’s no reason to believe Ishbia would move the Sox if he bought it, but who knows? Maybe he thinks it’s his own “civic duty project” to keep them in Chicago. He’s currently building a $43 million compound in Winnetka, the most expensive mansion in Illinois history, so it would make sense if he wanted to be relatively close to the team he owns.
Or maybe he believes what Reinsdorf said — that the Sox would be worth more located in Nashville, Tenn., or another city looking for a major-league team. Billionaires tend to like making even more billions, according to my billionaire friends.
There’s still much to learn about Ishbia and his grand plans, but we should have plenty of time to get to know him in the coming weeks, months or years.
Meanwhile, the Sox beat the Cleveland Guardians 4-2 on Thursday at Camelback Ranch to win their first Cactus League game of the spring.
Hope is in the air.
