Billionaire Phoenix Suns co-owner Justin Ishbia has reached a long-term investment agreement that will put him in line to become the next owner of the Chicago White Sox, the MLB team announced in a news release on Thursday (June 5).

The agreement gives current controlling owner Jerry Reisndorf, 89, the option to sell the team to Ishbia, 47, as soon as 2029 or as late as 2034, while Ishbia will make capital infusions into the franchise in 2025 and 2026 as a limited partner, paying down debt as he serves a role supporting "on-going team operations," according to the team. Reinsdorf will continue to own and run the team until 2034, unless he decides to sell the team early to Ishbia between 2029 to 2033, however, "there is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029."

Justin's brother, Suns majority owner Mat Ishbia, and their father, Jeff, will also be significant investors in the White Sox moving forward. Ishbia is the founder of the Chicago-based Shore Capital Partners and was already a minority investor in the White Sox prior to the agreement setting him up to one day take over controlling interest.

Reinsdorf, who also owns the NBA's Chicago Bulls, purchased the White Sox for approximately $20 million in 1981 and the franchise is now valued to be worth more than $2 billion.

"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 the release. "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."

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