While the Chicago Bears prepare to exit their hometown after failing to secure a deal for a new stadium in the city, the Chicago White Sox may soon be getting a new local stadium.
Crain’s Chicago Business reports that a group led by private equity investor Justin Ishbia is seeking to purchase a South Loop railyard from Amtrak, which will be developed as a White Sox stadium. Ishbia – along with his brother, United Wholesale Mortgage Chairman and CEO Mat Ishbia – is a minority stakeholder in the baseball team, which is majority owned by a corporate entity headed up by CEO Jerry Reinsdorf.
If the reported plan goes through, Reinsdorf could offer Ishbia a controlling stake in the White Sox as early as 2029, with Ishbia having the option to do so in 2034.
The land being considered for the new stadium is located across the Chicago River from the site of a new privately financed soccer stadium being built by the Chicago Fire. It is unclear if a new White Sox stadium would be privately financed or would require public funding.
Amtrak did not confirm that its 47-acre railroad yard was up for sale, nor did the White Sox confirm they were in the market for a new stadium. The team has played at Rate Field since 1991.
Photo of Rate Field courtesy of Another Believer / Wikimedia Commons
