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Billionaire Justin Ishbia and Chicago White Sox owner Jerry Reinsdorf have reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the franchise, the team announced Thursday.

Ishbia, who founded a private equity firm in Chicago, is an investor in the Phoenix Suns of the NBA and the Mercury of the WNBA, owned by his brother, Mat.

Per the agreement, Justin Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026. That will serve to trim existing debt and support ongoing team operations.

Reinsdorf, 89, will have the option to sell the controlling interest to Justin Ishbia, 47, between 2029-33. Ishbia already holds a minority stake in the White Sox as well as MLS club Nashville SC.

In its 2024 valuation of all 30 MLB clubs, Forbes ranked the White Sox 15th at $2.05 billion. Reinsdorf, who also owns the NBA’s Chicago Bulls, bought the White Sox in 1981 for $20 million.

“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 said in a statement Thursday. “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.”

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.

The White Sox (19-43) are mired in last place in the American League Central. They set an MLB record in losses with 121 last season.

–Field Level Media