Justin Ishbia Expands White Sox Stake as Reinsdorf’s Future Becomes Uncertain

The groundwork for Jerry Reinsdorf ceding control of the White Sox is being laid. On Wednesday, reports surfaced that most limited partners—given a February 28 deadline to either sell their stake or face dilution—chose to sell to Justin Ishbia, according to CHGO’s Sean Anderson.

Initial reports from Jon Greenberg of The Athletic indicated that billionaire brothers Justin and Mat Ishbia ended their pursuit of purchasing the Minnesota Twins from the Pohlad family after  Reinsdorf approached them, presumably about a potential path to taking control of the White Sox.

Last month, Sportico’s Kurt Badenhausen and Eben Novy-Williams revealed that the Ishbias had initially acquired a small share of the White Sox in 2021. Now, with their withdrawal from the Twins' sale process, Justin Ishbia appears to be shifting his focus toward a greater role within the White Sox organization.

This is a massive victory for the White Sox. Not only could they have a new owner in the coming years, but they also prevented the billionaire brothers from taking control of a division rival. The Twins, who spent less than the White Sox last season, ranked 19th in MLB payroll. Despite their mid-tier spending, they still won 82 games and contended for a Wild Card spot.

The White Sox had the highest payroll in the AL Central but ranked just 18th league-wide. With all four teams in the division ranking in the bottom half of MLB spending, the AL Central remains up for grabs. The Ishbia brothers, known for their aggressive investment in talent with the Phoenix Suns, could have posed a long-term threat had they acquired the Twins.

The Pohlad family, which has owned the Twins for four decades, announced in October that they were exploring a sale. In early January, The Athletic’s Dan Hayes reported that the Pohlads had received significant interest and aimed to finalize a deal by Opening Day. While multiple groups were involved, the Ishbias had emerged as early frontrunners and had even begun meeting with community leaders in Minneapolis in preparation for a potential sale.

Mat and Justin Ishbia currently co-own the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury, with Mat serving as the majority owner. Had they acquired the Twins, the roles would have been reversed—Justin would have taken control of the team while Mat served as an investor. A similar structure is expected if they pursue ownership of the White Sox. However, White Sox Vice President of Communications Scott Reifert downplayed that speculation.

“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,” Reifert told The Athletic. “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.”

Reinsdorf, who recently turned 89, has owned the White Sox since 1981 and the NBA’s Chicago Bulls since the mid-1980s. For more than a decade, he has stated that his family should sell the White Sox after his passing. In October, he reportedly engaged in discussions with a Dave Stewart-led group regarding a potential sale, though it’s unclear how far those talks progressed. Last month, Stewart accepted a special assistant role with the Athletics.

Adding further uncertainty to the White Sox’s future is the team’s stadium situation. The club’s lease at Guaranteed Rate Field runs through 2029, and last year, Reinsdorf lobbied for $1 billion in public funding to build a new stadium in Chicago’s South Loop. As of October, the organization was still actively pursuing the project.