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Private equity billionaire Justin Ishbia, the brother of United Wholesale Mortgage CEO Mat Ishbia, has reached an agreement to acquire the Chicago White Sox from longtime owner Jerry Reinsdorf, Sportico reported on Thursday.
This would give the Ishbia family ownership of a second major professional sports franchise after Mat Ishbia acquired the Phoenix Suns and Phoenix Mercury in early 2023 for a reported $4 billion. Justin was a minority investor in that deal.
Sportico reported that per the agreement, Justin Ishbia will make capital infusions into the White Sox as a limited partner in 2025 and 2026. This is designed to reduce existing debt and support operations.
Reinsdorf, 89, will have the option to sell the controlling interest to Justin Ishbia between 2029 and 2033. Justin Ishbia already holds a minority stake in the White Sox.
To buy the Phoenix Suns and Mercury, Mat Ishbia pledged $4.6 billion in UWM stock he controlled to back two loans that were finalized days before the purchase was approved.
Mat, whose net worth is valued at $7.3 billion, owns a 71% stake in UWM, according to Sportico. Justin, worth about $4.3 billion, owns 22%.
Justin Ishbia is the founding partner of Chicago-based Shore Capital Partners, a mid-market private equity firm with $12.5 billion in assets under management. He had previously been in discussions to buy the Minnesota Twins before talks collapsed.
Mat and his father Jeffrey Ishbia will also be “significant investors” in the White Sox deal, Sportico reported, citing a statement issued by the White Sox.
“In no event will such a transaction take place before 2029,” according to the statement.
“This is an investment in the future of the Chicago White Sox, and I am excited for the opportunity to deepen my commitment to the city and the team,” Justin Ishbia said in a statement. “I love Chicago, have always loved baseball, and am thrilled to marry two of my passions.”
The White Sox, which play at Rate Field — the naming rights of which were secured by mortgage lender Rate in 2016 — are among baseball’s lowliest franchises. They set a record for losses in a 162-game season in 2024 and are currently 20-43, the worst record in the American League.
