Suns Owner's Brother Strikes Deal to Be Future Owner of MLB Team

The Ishbias are expanding their ownership across multiple sports.

The Chicago White Sox announced Thursday that Justin Ishbia, brother of Suns owner Mat Ishbia and the Suns alternate governor, could be assuming full ownership of the franchise by 2029 from current owner Jerry Reinsdorf, who has owned the team since 1981 and also owns the Chicago Bulls.

Mat Ishbia will also be a significant investor. The press release on the move reads:

"The Chicago White Sox today announced that Jerry Reinsdorf and Justin Ishbia have reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the White Sox. As part of the agreement, Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations.

"The agreement provides that, from 2029-2033, Reinsdorf will have the option to sell the controlling interest to Ishbia. After the 2034 season, Ishbia will have the option to acquire the controlling interest. In the event of any such future transaction, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time. In addition to Justin Ishbia, his brother Mat Ishbia, and father Jeff Ishbia will also be significant investors. There is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029.

"Until such time, the Reinsdorf family will continue to own the controlling interest in the White Sox. Reinsdorf, chairman of the White Sox since purchasing the franchise in 1981, remains the sole day-to-day decisionmaker for the club.

"'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,' said Reinsdorf. '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.'"

Justin and Mat Ishbia backed out of a deal to buy the Minnesota Twins in February after the Reinsdorf family approached Justin, already a minority owner with the White Sox, to increase his stake.

Now, Ishbia will soon gain control of the White Sox and the multi-billionaires will be represented across two major professional sports with the Suns and White Sox.