CHICAGO — Billionaire Justin Ishbia, who is based in the Chicago area, has decided not to pursue the Minnesota Twins. Instead, he plans to buy more shares from limited partners to increase his minority stake in the Chicago White Sox.
There’s speculation that this move could lead Ishbia to gain control of the White Sox by acquiring shares from long-time owner Jerry Reinsdorf and other partners. However, a White Sox official has denied this idea. Scott Reifert, the team’s vice president of communications, explained that this offer for limited partners does not guarantee any changes in team operations or ownership control.
This news has shocked Twins officials, who thought they might have a new owner by Opening Day. Fans are disappointed, as many had hoped Ishbia would inject new energy and investment into the franchise. Instead, he will continue with a rival team.
The discussions between Ishbia and the White Sox began during his interest in the Twins. He is currently working with Chicago investment advisors on this deal, which still needs approval from the league. If he gains control of the White Sox, it appears that he will lead the team while involving his brother, Mat, as an investor, which is the opposite of their arrangement with the Phoenix Suns.
White Sox partners have been offered the chance to sell their shares at a valuation of about $1.8 billion. They aren’t obliged to sell, but their stakes might decrease if a new investor comes in. They have until next Friday to make a decision.
Ishbia has been a limited partner of the White Sox for years. He and Mat joined the group four years ago, around the time the team was performing better on the field. Some partners sold their shares back then, but many stayed hoping for a big payday.
Justin Ishbia, age 47, has a net worth exceeding $5 billion, according to Forbes. He is a major figure in the private equity firm Shore Capital Partners and has significant stakes in United Wholesale Mortgage. His love for baseball is well-known, and he believes in the team aspect of the game.
Jerry Reinsdorf has owned the White Sox since 1981. At 89, he has indicated that he might recommend selling the team after his passing while working to secure its future. He’s explored public funding for a new stadium, but interest from the state has been lukewarm.
The White Sox are celebrating the 20th anniversary of their 2005 World Series win, but recent seasons have been tough. Last year, they set a record for losses with a 41-121 record, and attendance has dropped significantly. Fans are frustrated and have even joined in chants urging the team to be sold.
Meanwhile, the Twins, under family ownership since Carl Pohlad bought the team in 1984, are also facing scrutiny. They reduced their payroll last season, which angered fans. After announcing they might explore a sale, Ishbia emerged as a keen bidder, raising hopes for improvement. However, the latest news about his commitment to the White Sox leaves the Twins scrambling for new ownership options.
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Chicago White Sox, Minnesota Twins, MLB, Sports Business
