Hope is a dangerous thing, and thanks to Justin Ishbia, White Sox fans now have it.
Just months ago, the idea of the Chicago-area billionaire coming even remotely close to owning a majority share of our beloved team seemed no more than a pipe dream. After all, Ishbia was expected to lead what many believed would be an “aggressive pursuit” of the Minnesota Twins this offseason, resulting in an ownership change as soon as Opening Day. This all fizzled out in a shocking development that was revealed late Friday night thanks to a report by Jon Greenberg and Dan Hayes of The Athletic.
Rather than continue his bid for the division rivals, it was revealed that Ishbia shifted his focus to increasing an existing minority stake with the White Sox. Those with knowledge of the situation claim Ishbia’s eyes are set on the shares of Jerry Reinsdorf and other partners, which would eventually lead to him assuming majority control of the franchise once Reinsdorf is ready to move on.
Given this potentially seismic shift in the works, it’s time to answer the question many have suddenly been asking – who is Justin Ishbia?
Background
Let’s start with his local connection and how he’s earned his fortune. Ishbia is a private equity investor and founding partner of Shore Capital Partners, a Chicago-based firm with $11.5 billion in assets under management. According to Forbes, “the healthcare-focused, microcap investment firm closed over 700 control deals from 2020 to 2023, making it one of the world’s most active buyout shops.” But that’s not all.
Ishbia, who has a B.A. from Michigan State University and a J.D. from Vanderbilt University School of Law, also owns a 22% stake in United Wholesale Mortgage. The mega mortgage lender was founded by his father in 1986 and is currently run by his brother Mat, helping to expand his wealth even further. Oh, and speaking of his billionaire brother, let’s tie this all back around to sports.
In December 2022, Justin and Mat made their mark in Phoenix when they agreed to purchase the NBA’s Suns and the WNBA’s Mercury for $4 billion. The NBA approved their ownership in February 2023, and the brothers immediately showed off their competitive nature by landing Kevin Durant in a blockbuster trade with the Nets three days later.
Justin’s current role with the Suns and Phoenix is as an alternate governor and investor in the organization. The arrangement is noteworthy because based on the recent report by The Athletic, the Ishbia’s roles would be reversed should they gain majority control of the White Sox – Justin would lead, and Mat would act as an investor.
Their connection to the South Side isn’t anything new, as alluded to previously. It was first reported by Kurt Badenhausen and Eben Novy-Williams of Sportico that the brothers purchased a small stake in the franchise back in 2021. Though their acquisition went unreported, people with knowledge anonymously told the publication that the two’s 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.”
From a financial perspective, the brothers’ combined net worth totals roughly $15 billion, with Justin alone worth an estimated $5.4 billion by Forbes as of June 2024. Only Steven Cohen of the Mets ($16 billion) is worth more in the sport, putting the White Sox in a rare position of seemingly never having to worry about finances again with their potentially new ownership group.
Elsewhere, Justin is a minority owner of the Major League Soccer team Nashville SC. Given his ties to the Windy City through Shore Capital Partners, he and his wife, Kristen, have bought four homes along Lake Michigan in Winnetka for $39.9 million since 2020. A land swap with the Winnetka Park District and the demolition of three properties has paved the way for the construction of a massive private estate, which was previously expected to cost another $43.74 million. Located just 25 miles from Rate Field, Justin can already start planning his commute from the North Shore suburb.
Baseball Ownership
Justin has made his love for baseball well known recently, in case it wasn’t abundantly clear with his attempted pursuit of the Twins.
“The beauty of baseball is that it’s not about a star or two,” he told The Athletic last fall. “It’s truly a team sport, and it’s a team sport over a long period of time. It’s a grind and it’s a discipline. It’s life. Life is the discipline of doing the same thing over and over again consistently. And that’s what the long summer of baseball is all about.”
He 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.
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 Justin having a deep wallet and sharp business mind, he’s now in a prime position to one day make his presence felt in Major League Baseball through the White Sox.
The Future
There is still a lot of uncertainty when it comes to the Ishbia brothers, Jerry Reinsdorf, other existing partners, and the White Sox organization as a whole.
The ongoing deal involving Ishbia is currently being brokered by Chicago-area investment advisors BDT & MSD Partners and will need league approval. The White Sox still dispute the notion that Ishbia could be eyeing majority control, though it’s somewhat apparent given the nature of this supposed deal.
“‘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.'”
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 become “diluted” by Ishbia. With the franchise’s evaluation estimated at $1.8 billion, a deadline for their decision is reportedly next Friday, February 28.
As for Reinsdorf, who turns 89 next week, the chairman has made it known that he would advise his family to sell the White Sox after his passing. While currently attempting to set the franchise up for the future with a new stadium in the South Loop, Reinsdorf might not have to look much further than the Ishbias to help get this done. They have the financial resources to make the stalled idea of a riverfront ballpark in ‘The 78’ become a reality should they so wish. Either way, Justin’s connections to the city should cement the team in Chicago for the foreseeable future and put to bed any rumors of a possible relocation.
The recent developments surely appear to be just the tip of the iceberg concerning the White Sox’s long-term ownership questions. We will continue to monitor the situation and provide any updates on the Ishbias’ connection to the franchise as further information is released.
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Featured Photo: © Mark J. Rebilas-Imagn Images
