Potential Transfer of Chicago White Sox Stirs Talk of New Stadium Again for Club

In winter 2024, artist renderings of a proposed new stadium for the Chicago White Sox circulated in the media. Then the chatter stopped.

Perhaps fans, the team and city officials can start talking again.

The news Thursday that White Sox owner Jerry Reinsdorf has agreed to a framework agreement that could transfer controlling ownership to a billionaire with local ties and his family seems to be resurrecting stadium talk.

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Stadiums are a big topic in the Windy City, The Chicago Bears have stadium aspirations, and on Wednesday, the Chicago Fire of Major League Soccer introduced a plan to build a privately financed $650 million stadium at The 78, an up-and-coming area in the city’s South Loop.

That is the site the White Sox had coveted for a stadium to replace the 35-year-old Rate Field. And there would be space, the Chicago Tribune reported Wednesday, for the White Sox to move in next door.

The Fire are targeting opening their stadium in advance of the 2028 season, and one marketing expert told the Tribune that having two venues at the same location is viable.

“It could work,” Marc Ganis, a Chicago-based sports marketing consultant, told the newspaper. “They would have to work out the use of the infrastructure and the parking and scheduling and things of that nature. I think it’d be great for the city.”

The Fire would need nine acres of the 62-acre plot at The 78 to build their stadium, leaving adequate spot for a White Sox stadium. The Fire's proposal also would require city approval – made much easier with plans for public financing.

The White Sox’s proposal for a new ballpark at The 78 last year stalled after calls for public funding to help pay for the estimated $1 billion stadium fell on deaf ears in the capital of Springfield.

Renderings of the White Sox proposed new ballpark in Chicago's South Loop have been revealed.

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Enter Justin Ishbia.

Ishbia, 47, has a net worth of $4.3 billion, according to Forbes’ daily billionaire tracker. He is the founder and managing partner of Shore Capital Partners in Chicago, a private equity firm.

He owns a minority share of the White Sox, and under the agreement announced Thursday, will continue to make investments in the club in 2025 and 2026 that will help pay team debt and assist in operating costs.

From 2029-33, Reinsdorf will hold the option to sell controlling interest to Ishbia. After the 2034 season, the option to gain controlling interest shifts to Ishbia.

Ownership would not transfer before 2029 -- the year the White Sox's lease at Rate Field expires.

Ishbia is being joined in the effort by his brother, Mat, who is the controlling owner of the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury, as well as their father, Jeff.

Mat Ishbia, 45, has a net worth of $7.2 billion, per Forbes. He is the chairman and CEO of mortgage company UWM Holdings, founded by Jeff Ishbia in 1980s.

The Ishbias paid $4 billion for their stake in the Suns and Mercury in 2023, and Justin Ishbia has gained valuable experience in sports management. He is the alternate governor of the Suns and Mercury, as well as of Nashville SC of MLS. He is a minority owner in the soccer club.

The White Sox did not release any finances of the agreement or a potential valuation of the franchise. Earlier this year, Forbes valued the team at $2 billion.

Justin Ishbia issued a statement Thursday but didn't reveal any plans regarding a stadium or any amount he would be willing to contribute to building a new venue. Nor did he commit to keeping the club in Chicago. The team frequently has been discussed as a candidate to relocate, but given the Ishbia family’s deep ties to the Midwest, that seems like a last resort.

"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," Ishbia said in a statement to Sportico. "I love Chicago, have always loved baseball, and am thrilled to marry two of my passions."

Being part of what could turn out to be a drawing card at The 78 could make all the difference for the future growth of the White Sox, Ganis told the Chicago Tribune.

“Even when the Cubs stink on the field, they still draw,” Ganis said. “That is something the White Sox are sorely missing, and it’s because of the location of their stadium and how walled off it is from where people live, work and play.”

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