Just as Chicago-area billionaire Justin Ishbia was expected to “aggressively” pursue ownership of the Minnesota Twins, a new report has revealed a significant change in plans.
Jon Greenberg and Dan Hayes of The Athletic say that Ishbia has officially ended his bid for the division rival. Instead, he will buy additional shares from other limited partners to increase his existing minority stake in the White Sox. Greenberg and Hayes added that those close to the situation believe Ishbia could eventually look to buy the shares of owner Jerry Reinsdorf and other partners to take control of the team, though a White Sox official disputed that notion.
“Similar to an opportunity in 2021, 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,” White Sox vice-president of communications Scott 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.”
According to The Athletic article, those close to the Twins were “shocked” by this latest twist. In fact, the Reinsdorfs appear to have even played a big role in Ishbia’s decision by proposing an increase of shares in the White Sox. League approval will be needed for any purchases made by Ishbia, though sources are already claiming that if Justin Ishbia takes control of the team, he would be the lead and his brother Mat would be an investor, the reverse of their ownership arrangement in Phoenix for the NBA’s Suns and the WNBA’s Mercury.
White Sox limited partners have already been notified of an “investor” who wants to buy their shares, which The Athletic has confirmed to be Ishbia. Though there is no obligation to sell, partners have been told their stakes would be “diluted” by Ishbia. With the valuation of the franchise estimated at $1.8 billion, a deadline for their decision is reportedly next Friday, February 28.
Justin and Mat were named as potential suitors for the Twins by Bloomberg in December 2024. This came once the Pohlad family announced their plans to explore selling the Minnesota franchise after 40 years of ownership. The Pohlad’s originally bought the team from Calvin Griffith for $44 million in 1984 and have turned it into a $1.7 billion organization. The Ishbia-led group was the first to show a serious interest in purchasing the franchise with an “aggressive pursuit” expected by some close to the situation.
During this time, Kurt Badenhausen and Eben Novy-Williams of Sportico uncovered the billionaire brothers’ small stake in the White Sox that was purchased back in 2021. Though the Ishbias’ acquisition went unreported at the time, people with knowledge anonymously told the publication that the brothers’ stake “represents a mid-single-digit percentage of the team.”
“The brothers invested as part of a special purpose vehicle (SPV) organized by two of owner Jerry Reinsdorf’s adult children, which bought out a number of existing LPs and increased the family’s ownership position in the MLB club, according to one of the people. The Ishbias’ role is passive, with no formal leadership positions or governance.”
Had the Ishbia brothers been successful in their bid for the Twins, MLB ownership bylaws would have forced the duo to sell their once-secret share of the South Side team. Given their limited involvement in the Sox franchise to this point, the sale of their stake did not appear to be a major hold-up in their Minnesota pursuit. With those questions now in the rearview, the Ishbias and their combined net worth of $15 billion will remain involved with the White Sox and appear to be in line to eventually take control of the team.
We will continue to monitor the situation and provide any updates on the Ishbias’ connection to the White Sox as further information is released. To read the original report made by The Athletic, click here.
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Featured Photo: Mark J. Rebilas-USA TODAY Sports
Dear Lord,
This news is just enough to keep me interested for a couple more years. Please be with these brothers to help them get full control of the White Sox very soon. Fans have suffered far too long at the hands of this current family and we now have slightly restored faith in good winning over evil. Thank you dear Lord.
Amen
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