White Sox ownership deal could make the team ‘a completely different franchise'

The sale agreement forged last week between Chicago White Sox owner Jerry Reinsdorf and billionaire Justin Ishbia raises the odds that the team will stay in Chicago long-term, according to the reporter who foreshadowed the deal back in February.

Jon Greenberg of The Athletic said on "The Takeaway with Alex" podcast that Ishbia moving the team to another city "wouldn't make a lot of sense."

On Thursday, the team announced that Reinsdorf and Ishiba agreed on a framework that allows Reinsdorf to sell control of the team to Ishbia as early as 2029. Starting in 2034, Ishbia would have the right to buy the controlling stake of the White Sox, something Reinsdorf has held since 1981.

"This [deal] could make the White Sox a completely different franchise," said Greenberg.

Greenberg pointed to four factors making it more likely the White Sox will stay in Chicago: Ishbia building an expensive and expansive mansion in Chicago's north suburbs, Ishbia having small children, a tacit understanding that Jerry Reinsdorf's legacy is tied to having and keeping a team in Chicago, and a statement from Ishbia to The Athletic professing his love for Chicago.

"I think the stadium thing is [priority] No. 1," said Greenberg.

It's a major decision for the franchise, which has had middling success in four stadiums since its founding in 1901.

"I am excited for the opportunity to deepen my commitment to the city and the team," said part of Ishbia's statement to The Athletic. "I love Chicago, have always loved baseball, and am thrilled to marry two of my passions. I am also very pleased to have my brother Mat and father Jeff joining me in this investment, bringing their collective business and sports acumen to the partnership."

Unlike their crosstown rivals, the White Sox do not own their stadium. The lease at Rate Field runs out in 2029, opening up several possibilities on where the team can play next. The sale agreement also comes days after the Chicago Fire announced that the team is building a privately-financed, soccer-only stadium in a South Loop parcel known as The 78.

"There's a lot of options available to [the White Sox], but not a ton since The 78 is now claimed," said Greenberg. "Can they wedge two stadiums in there?"

In 2024, the White Sox explored developing a baseball stadium on The 78, but plans did not go very far beyond renderings and fan debate. The team reportedly asked for taxpayer money to make the project a reality, but state lawmakers have lately been reticent to publicly finance stadiums.

Nashville has also been floated as a potential destination for the White Sox. Reinsdorf met with the city's mayor in 2023. Ishbia owns part of Nashville FC, the men's pro soccer team. Greenberg said an MLB team coming to Nashville is more likely to happen via expansion versus a current team moving there.

"As much as sometimes people think that Jerry has contempt for his fans, I do think Jerry does want to keep the team in Chicago for his legacy," said Greenberg. "I do think that's important [to him]."

Greenberg also pointed to Ishbia's wealth as another factor that will help the team.

"Now you have someone who is wealthy enough to actually put his own money in, so you don't have to rely on public money [to build a stadium]," said Greenberg.

As of Monday, Forbes estimated his net worth at $4.3 billion. Ishbia is the founder of private equity firm Shore Capital Partners. According to Forbes, he also owns 22% of United Wholesale Mortgage, which was founded by his father in 1986.

"There's a lot better investments than owning a team," said Greenberg. "You don't get a lot of cash out of it. …What you get is more standing. It's prestige."

The agreement between Reinsdorf, 89, and Ishbia, 46, stipulates that Ishbia will start making cash infusions to grow his stake in the team between now and 2029. In that time, Reinsdorf will continue to control day-to-day operations of the club.