A framework agreement to transfer majority ownership from Jerry Reinsdorf to Justin Ishbia was announced by the team on Thursday.
Under terms of the agreement, Ishbia will have the option to acquire controlling interest of the MLB franchise after the 2034 season. From 2029 to 2033, Reinsdorf has the option to sell controlling interest to Ishbia.
In the meantime, Ishbia will infuse capital into the team over the next two seasons as a limited partner.
Reinsdorf, 89, also owns the NBA’s Chicago Bulls. He has been chairman of the White Sox since purchasing the team in 1981.
“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 statement.
“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, 47, is a billionaire private equity investor and the brother of Phoenix Suns and Mercury principal owner Mat Ishbia.
The White Sox currently sit last in the NL Central with a 19-43 record one year after setting a modern MLB record for futility at 41-121.