Jerry Reinsdorf announces framework for potential sale of White Sox to investor Justin Ishbia

CHICAGO (WLS) -- The Chicago White Sox now have a succession plan.

Team owner Jerry Reinsdorf announced a deal that provides a framework that would allow Justin Ishbia, a local billionaire private equity investor who already owns a minority stake of the White Sox, to purchase a controlling interest in the team.

Many fans were intrigued Thursday by the idea of the plans as it was something many of them have been calling for over the last few years. Fans have said they want a sense of direction for the team, and now Reinsdorf has set things up for him to possibly sell in a few years.

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The agreement gives Reinsdorf the option to sell the controlling interest to Ishbia as soon as 2029. After the 2034 season, Ishbia will have the option to purchase the controlling interest in the team.

"Shore Capital Partners, which is his private equity fund, is based in Chicago," ROAR founder Adam Grossman said. "His offices are in Chicago. They invest in businesses across the country, but they're based in Chicago."

Justin Ishbia's brother Mat and his father Jeff would also be investors in the team. As part of the agreement, Ishbia would make capital investments into the White Sox as a limited partner in 2025 and 2026.

"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. "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."

The team said there is no assurance that any sale of the team will happen. Reinsdorf has been the chairman of the White Sox since 1981, and he and his family will continue to control the team until a transaction, which will not occur before 2029.

"There could be increasing value in the future, and the longer you wait, the more likely or more probability the value of the team could increase," Grossman said.

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Ishbia is a part of owner of the Phoenix Suns and Phoenix Mercury with his brother, a majority owner of the teams. The potential White Sox sale is not Ishbia's first bid for a team as he was part of a group bidding to buy the Minnesota Twins, until he pulled out earlier this year.

"I think it was a telling sign, not just that he just withdrew his name from the Twins consideration, but that he also increased his interest ownership in the White Sox," Grossman said. "Clearly there were breadcrumbs in place that stated this was a likely outcome for Justin Ishbia to potentially become the controlling owner of the White Sox."

Many fans heading to the ballpark Thursday for the Sox game said they're thrilled to hear the news, hoping for a sense of direction to follow for the franchise.

"It's a new era, it's a whole bunch of kids who've never seen this team win, so hopefully that can bring some new life some new energy to this team," Sox fan Aasir Mecca said.

The possible change of ownership also comes as the team is mulling its stadium options.

Sources tell ABC7 the White Sox are in "stepped up talks with Related Midwest regarding a stadium on a portion of The 78," a vacant lot in the South Loop.

Earlier this week, Chicago Fire unveiled plans for a brand-new stadium at The 78.

"The Fire stadium may make it easier in terms of viability of that project because there could be multiple tenants and more coverage throughout the year," Grossman said.

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