Hotel workers in Chicago are fighting back against two proposals for new Bears and White Sox stadiums. NBC Chicago’s Courtney Sisk reports.
As the Chicago White Sox continue to press for funding for a new stadium, a local billionaire is reportedly buying more shares in the team.
According to reporting from The Athletic, Justin Ishbia is abandoning his quest to buy the Minnesota Twins, and will instead purchase additional shares in the White Sox.
The purchase could position him to take over the team when current Chairman Jerry Reinsdorf or his family decides to sell their controlling stake, but the team told the publication that the sale offer from a third party “has no impact on leadership or operations of the Chicago White Sox.”
Reinsdorf, who will turn 89 years old on Tuesday, purchased a controlling stake in the White Sox in 1981, but has never publicly revealed what percentage of the team he owns. Over the years, Reinsdorf has repeatedly indicated that he would encourage his heirs to sell the controlling stake in the White Sox upon his death, with Ishbia now positioned to purchase those shares if they were to become available.
In mid-October, The Athletic had reported that Reinsdorf was in “active discussions” with a group led by former MLB player Dave Stewart about potentially selling the White Sox. The Sox declined comment when approached by NBC Chicago at the time.
That deal never materialized, and Stewart has since rejoined the front office of the Athletics, who will be playing in Sacramento while a new ballpark is constructed in Las Vegas.
Local
Ishbia founded and manages Shore Capital Partners, a Chicago-based private equity firm. His current net worth is $5.1 billion, according to Forbes Magazine.
According to multiple reports, Ishbia had been interested in purchasing the Twins after their ownership group announced an intention to sell the team last year. Instead, Ishbia has reversed course and plans to purchase additional shares in the White Sox from third-party shareholders, though the shares would not be enough to give him control of the organization, according to reports.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter.
Isbhia and his brother Matt purchased a majority stake in the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury in 2023, giving them experience in operating major sports franchises.
According to Forbes’ MLB franchise valuations, published last year, the White Sox are worth just over $2 billion, placing them just inside the top-half of MLB franchises.
The crosstown Cubs are worth $4.22 billion, making them the fourth-most valuable franchise in Major League Baseball.
Adding additional intrigue to the proceedings is the White Sox pursuit of a new ballpark, which they would aim to construct in a South Loop development known as “The 78.” The team has sought public financing for the project, but has been met with skepticism on the part of state lawmakers.
The state still owes money on bonds issued to finance the construction of Rate Field, with NBC 5 Investigates reporting that the state still owed $50 million for the construction of the South Side ballpark.
The team’s lease at Rate Field expires after the 2029 season, adding a sense of urgency to the process of identifying their long-term home.
The team has pulled out all the stops trying to raise money for a South Loop ballpark, even bringing lawmakers and officials on a Chicago River boat tour and construction a baseball diamond at the location.
The new ballpark would feature the Chicago skyline as a backdrop, and the grounds of the project would also run along the Chicago River, allowing for an extension of the city’s Riverwalk. Access to public transit and space to build retail shops and a music venue were also selling points of the project, with the ballpark as its centerpiece.
