The White Sox announced Thursday that chairman and majority owner Jerry Reinsdorf and minority owner Justin Ishbia “have reached a long-term investment agreement that establishes a framework for Ishbia to obtain a future controlling interest in the White Sox.” Under the terms of the agreement, Ishbia will make “capital infusions” into the White Sox in 2025-26 that will pay down existing debt and “support ongoing team operations.”

There will be no immediate transfer of control — and none until at least 2029. The agreement gives Reinsdorf the option of selling his controlling interest to Ishbia at any point from 2029-33. After the 2034 season, Ishbia will have he option to acquire the controlling interest from Reinsdorf. If and when Ishbia does acquire the controlling stake, other minority owners will have the opportunity to sell to him as well. His brother, Mat Ishbia, the principal owner of the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury, and his father, Jeff Ishbia, will be “significant” investors under the new agreement, too.

Reinsdorf, who purchased the White Sox in 1981, made the following statement within today’s press 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.”

The 47-year-old Ishbia has a reported net worth of more than $5 billion. Earlier this year, he was viewed as the leading candidate to purchase the division-rival Twins from the Pohlad family, but Ishbia abandoned that pursuit when the opportunity to increase his stake in the White Sox arose. The 180-degree turn reportedly shocked the Twins, who had previously believed there was a path to completing a sale to Ishbia prior to Opening Day. At the time, White Sox officials denied to Jon Greenberg and Dan Hayes of The Athletic that there was a path to control of the White Sox available to Ishbia, but less than four months later, the team has now publicly revealed the specifics of that path.

More to come.