As announced, Justin Ishbia will invest in the Chicago White Sox and eventually obtain a future controlling interest in the team from Jerry Reinsdorf — but a new Chicago ballpark faces some new hurdles unrelated to the investment.
The Phoenix Suns (NBA) owner and family members brother Mat Ishbia and father Jeff Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026. After that, in 2029–2033, Reinsdorf will have the option to sell a controlling interest in the ChiSox to Ishbia, with all limited partners of the Sox also having the opportunity to sell to Ishbia. The sale of the controlling interest is not guaranteed, however, and will not take place before 2029.
“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 press release. “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.”
Ishbia had negotiated a purchase of the Minnesota Twins from the Pohlad family before negotiations broke off; the two sides reportedly could not agree on a valuation, and the team remains on the market. There is a risk to the structure of the deal for Ishbia: while it could be argued that there is a lot of upside for the team’s Chicago financial future given the existence of a White Sox/Bulls/Blackhawks Chicago Sports Network broadcast deal, investing millions into a team for debt reduction with no guarantee of a future purchase is risky. (Heck, even with the guarantee of a future purchase an investment is risky; just ask Alex Rodriguez and Marc Lore.)
That upside also prominently features the potential of a new Chicago ballpark. The White Sox have floated the potential of a new Chicago ballpark and associated development at The 78 South Loop development near Clark Street and Roosevelt Road. Of course, financing development requires lots of cash, and while the ChiSox press release specifically mentioned that Ishbia’s money would “existing debt and support ongoing team operations,” it’s not hard to make the leap to Reinsdorf amassing a treasure chest to fund what would be a $2 billion or so ballpark development.
But here’s the rub: This week Chicago Fire (MLS) Owner and Chairman Joe Mansueto announced his own plan to build a new privately financed $650-million stadium at The 78 site, once eyed as home for a future new Chicago ballpark. Billed as potentially Chicago’s 78th neighborhood, The 78 is a 62-acre development advertised as a mixture of housing, cultural events, academia, sports and entertainment and outdoor recreational spaces. It’s been the centerpiece for assorted development plans in recent years, including one proposal for a casino development.
The site is already zoned for a soccer stadium, but in theory the White Sox could end up building a new ballpark at the South Loop site as well. After all, The 76 owners once viewed both a White Sox ballpark and a new Chicago Bears stadium coexisting at the site. While Chicago water-heater pundits concluded that the presence of the Fire eliminated the potential of a new White Sox ballpark at the site, it’s too early to eliminate the possibility.
Top rendering courtesy Chicago White Sox; bottom rendering courtesy Chicago Fire.
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