Field Level Media - Professional sports content solutions | FLM

Billionaire Justin Ishbia no longer will pursue buying the Minnesota Twins, shifting his focus to increasing his minority share of the Chicago White Sox, The Athletic reported.

Ishbia, who founded a private equity firm in Chicago, has offered to buy shares from other limited partners with the intention of one day taking majority ownership of the team from longtime owner Jerry Reinsdorf, per the Friday report.

A representative for Ishbia declined to comment to The Athletic, while a White Sox official denied any potential change of ownership is in the works.

The Athletic reported that limited partners in the White Sox were approached by an investor seeking to purchase shares at a franchise valuation of about $1.8 billion.

“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. “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.”

Per The Athletic, as news of Ishbia’s quest to buy the Twins spread, the Reinsdorf family approached him about boosting his ownership of the White Sox.

Any deal would need league approval.

Justin Ishbia is an investor in the Phoenix Suns of the NBA and the Mercury of the WNBA, owned by his brother, Mat. Per The Athletic, if Justin Ishbia were to control the White Sox, his brother would be an investor.

In its 2024 valuation of all 30 MLB clubs, Forbes ranked the White Sox at No. 15 with a value of $2.05 billion. Reinsdorf, who also owns the Chicago Bulls, bought the White Sox in 1981 for $20 million.

Forbes pegs the net worth of Justin Ishbia at $5.1 billion on its real-time list of the world’s billionaires. Ishbia is the founder and managing partner of Shore Capital Partners, which has $11.5 billion in assets under management, per Forbes. He also owns a 22 percent stake in United Wholesale Mortgage, founded by his father in 1986 and managed by Mat Ishbia.

Reinsdorf, who turns 89 on Tuesday, reportedly was in discussions last fall with a group led by former major league pitcher Dave Stewart about the potential to sell the team. The Stewart group is looking to bring a franchise to Nashville, Tenn.

Justin Ishbia’s ties to Chicago are deep, however, and his ownership would increase the chance of the franchise remaining in the city.

–Field Level Media