Following the most disastrous season in Major League Baseball history, reports suggest that Jerry Reinsdorf is seriously considering selling the Chicago White Sox.
Reinsdorf is reportedly in talks with a potential buyer for the White Sox, as disclosed by The Athletic’s Brittany Ghiroli. The discussions, said to involve a group led by former player, coach, and executive Dave Stewart, have not reached a clear conclusion.
Having acquired the White Sox for around $20 million in 1981, Reinsdorf is currently the second-longest active owner in MLB, trailing only the Steinbrenner family who own the New York Yankees. According to Forbes’ latest valuations, the White Sox are valued at slightly over $2 billion, positioning them as the 15th most valuable team in the league.
At 88 years old, Reinsdorf holds the majority ownership of the White Sox, possessing just under 20% of the team. Under his leadership, the White Sox have made six playoff appearances, with their most recent in 2021 and a World Series victory in 2005, marking the first championship for the franchise since 1917.
The White Sox endured a dismal 41-121 record this season, setting a new MLB record for the most losses in a single modern-era season. The team parted ways with manager Pedro Grifol in August, following a tenure of less than two years. The team’s poor performance has prompted calls from fans for Reinsdorf to sell the franchise.
Reinsdorf acknowledged the season’s failure in a letter to fans last month, stating, “As the leader of this organization, that is my ultimate responsibility. There are no excuses. I want to thank you for continuing to support the team throughout what was an embarrassing season. You all deserved better.”
“As the leader of this organization, that is my ultimate responsibility. There are no excuses,” he wrote, in part. “I want to thank you for continuing to support the team throughout what was an embarrassing season. You all deserved better.”
Reinsdorf is also the owner of the NBA’s Chicago Bulls, which he purchased in 1985 for about $16 million. He oversaw the team’s successful era with Michael Jordan, leading to six championships over an eight-year period. The Bulls are currently valued at $4.6 billion, making them the sixth most valuable team in the league, as reported by Forbes.
Previously, Reinsdorf had not expressed public interest in selling the White Sox, indicating his desire for his heirs to sell the White Sox and retain ownership of the Bulls after his passing. His son, Michael, currently serves as the Bulls’ COO and team president.
The timeline for finalizing a potential sale of the White Sox, if it materializes, remains unclear. It is also uncertain if Stewart’s ownership group would be involved in such a transaction. Stewart, a three-time World Series champion as a player, has been pursuing ownership of an MLB expansion team and an NWSL team in Nashville.
The White Sox’s current lease at Guaranteed Rate Field extends through 2029, although Reinsdorf and the team have been advocating for a new stadium in the Chicago area. Whether Stewart would consider relocating the team to Tennessee is unknown.
Despite the uncertainties surrounding the team’s future, it appears that Reinsdorf is prepared to part ways with the White Sox.