Jerry Reinsdorf

Jerry Reinsdorf
Jerry Reinsdorf
Born	February 25, 1936 (age 90); Brooklyn, New York, U.S.
Occupation(s)	Businessman, sports executive
Known for	Owner of NBA's Chicago Bulls and MLB's Chicago White Sox

Jerry Michael Reinsdorf (born February 25, 1936) is a prominent American businessman and sports executive, recognized as the proprietor of the NBA's Chicago Bulls and MLB's Chicago White Sox. His professional journey began as a tax attorney with the Internal Revenue Service, after which he amassed wealth through strategic real estate investments. This was notably facilitated by the Frank Lyon Co. v. United States Supreme Court ruling, which allowed property owners to execute sale-leaseback transactions while transferring depreciation tax benefits.

Since acquiring the Bulls in 1985, Reinsdorf has led their evolution into a powerhouse NBA team, securing six championships during the 1990s (1991–1993, 1996–1998). His leadership period was marked by contentious choices, including the decision not to bring back coach Phil Jackson and signing Michael Jordan to a baseball contract during Jordan’s temporary departure from basketball. Additionally, he oversaw the relocation of the Bulls from Chicago Stadium to the United Center.

Reinsdorf purchased the White Sox in 1981 and played a pivotal role in ending their long playoff drought, with a postseason appearance in 1983 and culminating in a World Series victory in 2005—the franchise’s first since 1917 and sole postseason triumph under his ownership. He also managed the transition from Comiskey Park to New Comiskey Park (currently Rate Field) in 1991. Known for his firm opposition to labor unions, Reinsdorf has significantly influenced NBA labor policies such as the salary cap and revenue sharing systems.

In recognition of his contributions, he was inducted into the Naismith Memorial Basketball Hall of Fame as a contributor in 2016. By May 2024, his estimated net worth stood at approximately US$2.2 billion.

In 2024, Reinsdorf encountered intensified scrutiny following the White Sox’s historic MLB record of 121 losses in a single season.

Early life and college

Born into a Jewish family in Brooklyn, New York, Reinsdorf attended Erasmus Hall High School. His father worked as a salesman for sewing machines. As a youth, he witnessed Jackie Robinson’s groundbreaking debut with the Brooklyn Dodgers, a landmark event in Major League Baseball history.

Reinsdorf earned his bachelor's degree from George Washington University in Washington, D.C., where he became a member of Alpha Epsilon Pi. In 1957, he relocated to Chicago and obtained certifications as both a CPA and attorney, along with credentials as a registered mortgage underwriter and certified review appraiser. He received a scholarship to attend the Northwestern University School of Law, choosing it over an initial offer from the University of Chicago Law School.

Early business career

After graduating from Northwestern in 1960, Reinsdorf commenced his career as an IRS attorney, handling cases such as the tax delinquency issue involving Bill Veeck, then-owner of the White Sox. In 1964, he transitioned into private practice focusing on real estate partnership tax shelters. By 1973, he divested his real estate holdings and established Balcor, successfully raising $650 million for investments in properties under development. In 1982, Balcor was sold to Shearson Lehman Brothers—the investment banking and brokerage division of American Express—for $102 million; Reinsdorf remained President for several years thereafter.

Acquisitions

By 1981, Reinsdorf had accumulated sufficient capital to acquire the White Sox for $19 million, a transaction arranged through American National Bank via a limited partnership. Following in the footsteps of former owners Charles Comiskey and Bill Veeck, he made substantial investments in the team, securing key players such as Greg Luzinski and Carlton Fisk, tripling the budget for promotions, and expanding the scouting staff from 12 to 20. The White Sox clinched a playoff spot by the 1983 season, boasting the best record in Major League Baseball. Early in his tenure, the team entered into a television agreement with Sportsvision, although this partnership was brief. Vice Chairman Eddie Einhorn maintained his role with the White Sox until his passing in 2016.

In 1985, Reinsdorf acquired ownership of the Chicago Bulls through a consortium for $16 million. Prior to this purchase, businessman Marvin Fishman had obtained a $16.2 million judgment against the Bulls after being denied ownership in 1972. Reinsdorf secured controlling interest from stakeholders including Lamar Hunt, George Steinbrenner, Walter Shorenstein, Lester Crown, Philip Klutznick, and the estate of Arthur Wirtz. Initially owning 56.8%, he raised his share to 63% by early 1986. His takeover concluded a period during which management decisions were made via committee calls and votes. Soon after gaining control, he replaced general manager Rod Thorn with Jerry Krause.

With Michael Jordan already drafted prior to Reinsdorf’s acquisition, the Bulls’ prominence and achievements escalated. The team enhanced its roster by drafting Horace Grant and Scottie Pippen and trading for Bill Cartwright to support John Paxson and Jordan under coach Doug Collins. In 1989, assistant coach Phil Jackson was promoted to head coach, guiding the Bulls to six NBA championships over eight seasons (1991–1998). Attendance figures rose dramatically from an average of 6,365 per game at Chicago Stadium before Reinsdorf’s era to consistent sellouts starting November 1987 through Jordan’s retirement in 1998 at the United Center, their current home venue.

Ownership background

During Jerry Reinsdorf’s tenure as owner of the White Sox, the team secured American League Division titles in 1983, 1993, 2000, 2005, 2008, and 2021, along with capturing the 2005 World Series. This triumph positioned Reinsdorf among a select group of owners with championships in two major North American sports leagues and elevated the franchise's valuation beyond $300 million. Notably, Reinsdorf signed Michael Jordan to a minor league baseball contract following Jordan’s retirement from basketball—a move largely motivated by Jordan's commercial appeal.

Reinsdorf has been described by Time as frugal and is known for his stringent stance against unions within baseball ownership circles. He refrained from engaging in free agency during the 1992-93 offseason and was one of the last holdouts during negotiations for the 1996 labor agreement that introduced a salary cap. His landmark $55 million contract signing of Albert Belle signified a shift toward revenue sharing among team owners. Despite his resistance to escalating player salaries, this contract resulted in him employing both Major League Baseball’s highest-paid player and the NBA’s top earner (Jordan) simultaneously. The White Sox’s payroll during their 2005 championship season ranked only thirteenth among MLB teams.

Following his acquisition of the White Sox in 1981 amid declining fan attendance and threats of relocating to suburban areas like Itasca or Addison, Illinois, Reinsdorf leveraged his real estate holdings by purchasing land in Addison. City officials intervened with incentives and state-issued bonds to finance a new stadium project that preserved Reinsdorf’s revenue streams from parking lots, concessions, and luxury suites at Comiskey Park. Alongside Chicago Blackhawks owner William Wirtz, he invested $175 million into constructing the United Center arena, which opened fully leased in 1994. These facilities increased revenue potential while limiting shared income obligations under league revenue-sharing agreements.

Reinsdorf has wielded considerable influence within Major League Baseball ownership ranks. In 1988, he successfully blocked the sale of the Texas Rangers and later played an instrumental role in shaping the Seattle Mariners sale process. He was pivotal in orchestrating Commissioner Fay Vincent’s ouster in 1992 by strategically undermining Vincent’s authority through key appointments. By the early 1990s, Reinsdorf had become one of baseball’s most powerful figures alongside acting commissioner Bud Selig.

Throughout the 1980s, Reinsdorf joined forces with fellow owners to discourage aggressive free agent signings that could escalate salaries. His firm position during the 1994-95 MLB strike contributed to its extended duration; he forecasted that baseball would not resume before 1996. During this time frame, he also secured new stadium agreements for his franchises.

Reinsdorf has faced criticism for dismantling the championship-winning Chicago Bulls following their third consecutive NBA title despite retaining cornerstone players such as Michael Jordan and Scottie Pippen. Observers have linked this outcome to internal disputes involving coach Phil Jackson and management choices driven by financial priorities over maintaining team cohesion. Forbes cited this situation as an example where ownership greed negatively impacted sustained sports success. The departures of Jackson and Jordan amid the 1998–99 NBA lockout further influenced players’ decisions to leave.

He was among two bidders dedicated to preventing relocation of the NHL's Phoenix Coyotes. In July 2009, his group received initial approval for ownership at $148 million but subsequently withdrew their offer. Negotiations with Glendale, Arizona persisted through 2011 regarding potential acquisition arrangements; however, in 2013 ownership transferred to IceArizona investors without Reinsdorf's participation. The franchise rebranded as the Arizona Coyotes in 2014 but later relocated to Utah as the Utah Mammoth, continuing to face operational challenges up through 2024.

Legacy

Reinsdorf was instrumental in creating the revenue-sharing model for Major League Baseball’s internet rights through the establishment of Major League Baseball Advanced Media (BAM) in 2000, guaranteeing equitable distribution among all franchises. He also secured a $68 million, two-decade naming rights agreement with U.S. Cellular for New Comiskey Park, which financed an $85 million renovation over seven years, completed prior to the 2008 season. The upgrades featured the removal of upper deck rows and a replacement of baby blue seating with classic green chairs. Prior to this refurbishment, the 2001 White Sox nearly broke even, posting a modest profit of $700,000 on revenues totaling $101.33 million.

Within the NBA, Reinsdorf successfully defended the Chicago Bulls’ broadcast arrangement with WGN-TV in a pivotal legal dispute. This contract reached an audience of 35 million viewers despite competition from national NBA telecasts. By 2004, the Bulls remained the league’s most lucrative franchise, generating $49 million in operating income and holding an estimated valuation near $356 million.

Reinsdorf has openly cited resistance from Major League Baseball Players Association head Donald Fehr as a primary cause for delays in implementing steroid testing policies in MLB, forecasting that such postponements could impact certain players’ Hall of Fame candidacies.

Additionally, he will be recognized as the owner of the 2024 Chicago White Sox team that set a modern MLB record for the highest number of losses in a single season, surpassing the mark set by the 1962 New York Mets.

Awards and honors

Sports ownership

Six-time NBA champion (as Bulls owner)
2005 World Series winner (as White Sox owner)
Three-time Midwest League champion (as owner of the Appleton Foxes)

Halls of Fame

Inducted into the Naismith Memorial Basketball Hall of Fame (2016 class – contributor category)
Member of the Appleton, Wisconsin Baseball Hall of Fame (inducted 2006)

Other

Recipient of the 1990 Golden Plate Award from the American Academy of Achievement
Honored with the 2011 Jefferson Award for Public Service

Charity work

Reinsdorf has backed Chicago Mayor Richard M. Daley's campaign to enhance standardized test outcomes across 559 Chicago Public Schools. He is actively engaged with CharitaBulls and White Sox Charities, directing considerable philanthropic efforts toward community revitalization surrounding the United Center. White Sox Charities has supported the Chicago Park District by funding construction and upkeep of baseball and softball facilities.

Other business dealings

Reinsdorf’s board memberships have included Shearson Lehman Brothers, Northwestern University Law School Alumni Association, LaSalle Bank, and EQ Office. He holds the title of Life Trustee at Northwestern University.

In MLB governance, he has contributed to numerous committees such as Executive Council, Ownership, Long Range Planning, Restructuring, Expansion, Equal Opportunity, Strategic Planning, Legislative, and Labor Policy. He also serves on boards for MLB Advanced Media and MLB Enterprises.

In 2013, Reinsdorf co-founded Global Security and Innovative Strategies alongside Mark Sullivan, Noah Kroloff, Dennis Burke, David Aguilar, and John Kaites.

Personal life

In 1956, during their time as students at George Washington University, he wed Martyl Rifkin (born March 4, 1936 – passed away June 28, 2021). Martyl was a native of Denver, Colorado, born to Milton and Vivette Rifkin, and the family relocated to Chicago in 1944. She completed her education at Morgan Park High School. Together, they raised four children: Susan, David, Michael, and Jonathan.