The Chicago White Sox announced on Thursday that a framework for the long-term ownership of the club had been agreed upon between principal owner Jerry Reinsdorf and limited partner Justin Ishbia, paving the way for Ishbia to acquire a controlling interest in the franchise in the future.

“The agreement provides that, from 2029-2033, Reinsdorf will have the option to sell the controlling interest to Ishbia,” detailed a statement from the team. “After the 2034 season, Ishbia will have the option to acquire the controlling interest. In the event of any such future transaction, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time. In addition to Justin Ishbia, his brother Mat Ishbia, and father Jeff Ishbia will also be significant investors. There is no assurance that any such future transaction will occur, and in no event will such a transaction take place before 2029.

“Until such time, the Reinsdorf family will continue to own the controlling interest in the White Sox. Reinsdorf, chairman of the White Sox since purchasing the franchise in 1981, remains the sole day-to-day decisionmaker for the club.”

Reinsdorf said through a release: “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. 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.”

In February, Ishbia, 47, along with his brother Mat, who owns a controlling stake in the NBA’s Phoenix Suns, abandoned a bid to purchase the Minnesota Twins with plans to increase their stake in the White Sox by offering to buy out other limited partners.

CHGO reported in March that a “vast majority” of the franchise’s limited partners had opted to sell to Ishbia. However, Scott Reifert, the club’s VP of communications, specified to The Athletic: “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 news comes one day after news broke that the Chicago Sports Network — the White Sox’s flagship television station, which Reinsdorf launched in conjunction with Standard Media and The Wirtz Corporation in October 2024 — had reached a tentative agreement with Comcast Xfinity to begin broadcasting on the cable provider’s “ultimate tier.”

Since the network launched, replacing NBC Sports Chicago, the channel has been available only over the air, or on DirecTV, DirecTV Stream, U-Verse, Astound/RCN, and Fubo. The network will begin broadcasting on the Chicagoland’s largest cable provider on Friday, June 5, as first reported by the Chicago Sun-Times.

Additionally, earlier in the week, the Chicago Fire unveiled plans to develop the property and build a stadium at the plot of land known as The 78, which the White Sox had previously considered for a potential stadium project.

In a statement to WGN on Tuesday morning, the White Sox said: “Related Midwest first approached the White Sox about building a new ballpark on a piece of property they were developing, and we continue to consider the site as an option. We believe in Related Midwest’s vision for The 78 and remain confident the riverfront location could serve as a home to both teams. We continue to have conversations with Related Midwest about the site’s possibilities and opportunities.”

Despite the White Sox’s statement, the Fire released a promotional video on their social media accounts on Tuesday afternoon depicting Sparky, the club’s dalmatian mascot, sitting in the empty plot of The 78 as the text “WE CALL DIBS” appeared on screen.

This is a developing story.