Justin Ishbia Withdraws Bid for Twins, Expands Stake in White Sox

CHICAGO — Billionaire investor Justin Ishbia has redirected his efforts from pursuing ownership of the Minnesota Twins to increasing his minority stake in the Chicago White Sox. The change comes just before the Twins anticipated settling their ownership situation by Opening Day.

Sources familiar with the situation state that Ishbia will buy additional shares from limited partners of the White Sox, potentially positioning himself for future control of the franchise from longtime owner Jerry Reinsdorf. However, a representative from the White Sox asserted that the deal does not guarantee Ishbia a path to control.

“White Sox limited partners have received an offer from a third party to purchase their shares in the team, providing liquidity for the limited partners on their long-term investment in the club,” said Scott Reifert, vice president of communications for the White Sox. “This offer to limited partners has no impact on the leadership or operations of the Chicago White Sox and does not provide a path to control.”

The development caught officials with the Twins off guard, as many believed Ishbia was their leading candidate for ownership. Some Twins officials expressed frustration, noting the lost opportunity to see an financially robust owner take over the struggling franchise.

While Ishbia was exploring ownership of the Twins, Reinsdorf approached him to discuss the potential increase of his stake in the White Sox. Following this conversation, Ishbia is reportedly now involved in a deal brokered by investment advisors BDT & MSD Partners, pending league approval.

Ishbia, worth over $5 billion as per Forbes, has been a limited partner with the White Sox since 2021. The franchise currently values around $1.8 billion, and White Sox limited partners have until next Friday to decide on the new investment offer they received.

Ishbia’s love for baseball is well-known. He previously noted, “The beauty of baseball is that it’s not about a star or two. It’s truly a team sport, and it’s a team sport over a long period of time.” As he expands his role with the White Sox, the Twins will have to continue their search for a new owner, as current owners, the Pohlad family, are under pressure to finalize a sale following a significant payroll reduction last season.

The Twins had viewed Ishbia’s interest as genuine, believing he could deliver a competitive edge. His pivot to the White Sox has left the Twins needing to reassess their ownership search. The team, valued between $1.46 billion and $1.7 billion, recently hired Allen & Company to facilitate the sale process.

As the Twins approach their spring training opener, they remain engaged with multiple interested parties for potential ownership. Nonetheless, the timeline for selling the team has become less certain due to Ishbia’s decision.