WhiteSox2023 Posted March 6 Share Posted March 6 (edited) 37 minutes ago, tray said: Perhaps a tax accountant can explain the potential capital gains ramifications of a sale prior to death for JR. For example, if Jerry maintains up to 49.9% of shares (a non-controlling share of the corporation) after a sale, wouldn't that minimize the potential capital gains issue for him ? We know he doesn't own 100%. Like a few others, I am wondering why this deal isn't being done now. Then there is this. Ishbias have a combined wealth that is insane...somewhere North of 10 Million dollars. Justin purchased a minority share a few years ago. What is he waiting for since then...is it that he is waiting for the value of the franchise to continue to go down as the WSox continue to struggle in order to "buy low"? If Reinsdorfs came to him, as the above post indicates, what is stopping Ishbia and his billions from getting this done now ? Also, why all the secrecy? Ishbia wants to buy it and he has more than enough money. Finally, it seems like uncertainty injected by this saga is not helping the organization and is only confusing fans. Easy typo to make — $10.1 billion. Crazy money!!! For the sake of comparison, Reinsdorf has a net worth of $2.1 billion and the Ricketts family is at $4.2 billion. Edited March 6 by WhiteSox2023 Link to comment Share on other sites More sharing options...
Lip Man 1 Posted March 6 Share Posted March 6 33 minutes ago, tray said: Perhaps a tax accountant can explain the potential capital gains ramifications of a sale prior to death for JR. For example, if Jerry maintains up to 49.9% of shares (a non-controlling share of the corporation) after a sale, wouldn't that minimize the potential capital gains issue for him ? We know he doesn't own 100%. Like a few others, I am wondering why this deal isn't being done now. Then there is this. Ishbias have a combined wealth that is insane...somewhere North of 10 Million dollars. Justin purchased a minority share a few years ago. What is he waiting for since then...is it that he is waiting for the value of the franchise to continue to go down as the WSox continue to struggle in order to "buy low"? If Reinsdorfs came to him, as the above post indicates, what is stopping Ishbia and his billions from getting this done now ? Also, why all the secrecy? Ishbia wants to buy it and he has more than enough money. Finally, it seems like uncertainty injected by this saga is not helping the organization and is only confusing fans. The only answer I can give you as to "why" with your questions is because JR is calling the shots and this is the way he wants things done. Link to comment Share on other sites More sharing options...
caulfield12 Posted March 6 Share Posted March 6 50 minutes ago, tray said: Perhaps a tax accountant can explain the potential capital gains ramifications of a sale prior to death for JR. For example, if Jerry maintains up to 49.9% of shares (a non-controlling share of the corporation) after a sale, wouldn't that minimize the potential capital gains issue for him ? We know he doesn't own 100%. Like a few others, I am wondering why this deal isn't being done now. Then there is this. Ishbias have a combined wealth that is insane...somewhere North of 10 Million dollars. Justin purchased a minority share a few years ago. What is he waiting for since then...is it that he is waiting for the value of the franchise to continue to go down as the WSox continue to struggle in order to "buy low"? If Reinsdorfs came to him, as the above post indicates, what is stopping Ishbia and his billions from getting this done now ? Also, why all the secrecy? Ishbia wants to buy it and he has more than enough money. Finally, it seems like uncertainty injected by this saga is not helping the organization and is only confusing fans. Even though Reinsdorf's share is only 25% (at most, supposedly), he always has maintained full control and veto rights with the Board of Directors...so basically it doesn't matter if his shared was 5%, he would still have official control of the franchise until that's relinquished either willingly or through death (passing on son, in theory). The public pressure on this issue is going to continue to increase if the White Sox keep sporting the lowest payroll in the entire sport. There's also the theory that Ishbia doesn't want to get involved with negotiating the next CBA with the MLBPA as a "bad guy", but that's just speculation and who knows, he might even be siding with teams like the Dodgers and Mets in terms of unfettered free market spending (minus the CBT on payroll overages). Maybe Ishbia is waiting for the team to bottom out in 2025/26, but he's going to want to be involved 100% in the new stadium plans because theoretically most or all of the money's coming from him...let's say $700 million to $1 billion depending on the scope and scale of the project. Link to comment Share on other sites More sharing options...
Fielder Jones Posted March 6 Author Share Posted March 6 The Guardians were sold but the new guy has a deal where he wont be taking over control for five years. That could be what we do here. The reverse situation is happening elsewhere, actually, too-- the Orioles' Rubenstein took decision-making control from Angelos in like Apr 2024 but he didnt fully finalize the sale until Aug 2024 there are i guess many ways to structure it Link to comment Share on other sites More sharing options...
caulfield12 Posted March 6 Share Posted March 6 (edited) Why Losing Out on Billionaire Justin Ishbia Might Be a Win for the Minnesota Twins https://twinsdaily.com/news-rumors/minnesota-twins/why-losing-out-on-billionaire-justin-ishbia-might-be-a-win-for-the-minnesota-twins-r17857/ Then: Spending doesn’t guarantee success, but as the Dodgers and Yankees remind us, not spending almost certainly guarantees failure. Now: smart, sustainable decision-making is just as important The messages are not at odds, but certainly the emphasis became different "There's a good chance a new owner will do something splashy right away to build immediate goodwill and put his or her mark on the team. However, there's next to no chance that when this person is announced that we will have any idea how they plan on operating this club three or four years from now. Smart money is on that it's going to look pretty much exactly like we have it now." Edited March 6 by caulfield12 Link to comment Share on other sites More sharing options...
caulfield12 Posted March 6 Share Posted March 6 (edited) . "Should David Blitzer execute his option, it would be a tidy change of ownership for the Guardians, in contrast to what we’ve seen from a number of sports franchises recently. The Denver Broncos sold in 2022 because the family of late owner Pat Bowlen could not agree on a successor. The family of late Padres owner Peter Seidler is currently in court fighting over control of the MLB team. The death of longtime Chicago Bears owner Virginia McCaskey in early February has spurred all sorts of questions about whether her family can maintain ownership of the team while remaining compliant with the NFL’s ownership rules. The Baltimore Orioles sold last year on the eve of Peter Angelos’ death following disagreements between his children. The Boston Celtics are currently on the market as a result of estate planning for Irving Grousbeck, who is around 90 years old." https://www.sportico.com/business/team-sales/2025/cleveland-guardians-owner-succession-plan-david-blitzer-1234831439/ Edited March 6 by caulfield12 Link to comment Share on other sites More sharing options...
tray Posted March 6 Share Posted March 6 3 hours ago, caulfield12 said: Even though Reinsdorf's share is only 25% (at most, supposedly), he always has maintained full control and veto rights with the Board of Directors...so basically it doesn't matter if his shared was 5%, he would still have official control of the franchise until that's relinquished either willingly or through death (passing on son, in theory). The public pressure on this issue is going to continue to increase if the White Sox keep sporting the lowest payroll in the entire sport. There's also the theory that Ishbia doesn't want to get involved with negotiating the next CBA with the MLBPA as a "bad guy", but that's just speculation and who knows, he might even be siding with teams like the Dodgers and Mets in terms of unfettered free market spending (minus the CBT on payroll overages). Maybe Ishbia is waiting for the team to bottom out in 2025/26, but he's going to want to be involved 100% in the new stadium plans because theoretically most or all of the money's coming from him...let's say $700 million to $1 billion depending on the scope and scale of the project. If Reinsdorf has only 25% of the shares then Capital gains is not an issue since he can keep that until he passes away. That is part of what I was asking in my prior post since some have raised CG as a reason JR is hanging on to his shares.. I am not confident that any new owner, including Ishbia, will blow a billion dollars on a new stadium in Chicago, especially without owning a good piece of land and having reasonable real estate taxes. That's probably why the Bears are likely headed to Arlington Heights. Link to comment Share on other sites More sharing options...
pcq Posted March 6 Share Posted March 6 9 hours ago, bmags said: I was sent this… but so annoyed by it. Did Greenberg ever say this? f*** this Sean Anderson guy JR owns 19% per media reports. Link to comment Share on other sites More sharing options...
Chicago White Sox Posted March 6 Share Posted March 6 7 hours ago, tray said: Perhaps a tax accountant can explain the potential capital gains ramifications of a sale prior to death for JR. For example, if Jerry maintains up to 49.9% of shares (a non-controlling share of the corporation) after a sale, wouldn't that minimize the potential capital gains issue for him ? We know he doesn't own 100%. Like a few others, I am wondering why this deal isn't being done now. Then there is this. Ishbias have a combined wealth that is insane...somewhere North of 10 Million dollars. Justin purchased a minority share a few years ago. What is he waiting for since then...is it that he is waiting for the value of the franchise to continue to go down as the WSox continue to struggle in order to "buy low"? If Reinsdorfs came to him, as the above post indicates, what is stopping Ishbia and his billions from getting this done now ? Also, why all the secrecy? Ishbia wants to buy it and he has more than enough money. Finally, it seems like uncertainty injected by this saga is not helping the organization and is only confusing fans. 🤣🤣🤣 This is the most insane thing I have ever seen posted at this board. Next time just type out “I hate private equity companies and can’t be rationale ok the subject” instead of typing out a bunch of nonsense. 1 Link to comment Share on other sites More sharing options...
Chicago White Sox Posted March 6 Share Posted March 6 3 hours ago, tray said: If Reinsdorf has only 25% of the shares then Capital gains is not an issue since he can keep that until he passes away. That is part of what I was asking in my prior post since some have raised CG as a reason JR is hanging on to his shares.. I am not confident that any new owner, including Ishbia, will blow a billion dollars on a new stadium in Chicago, especially without owning a good piece of land and having reasonable real estate taxes. That's probably why the Bears are likely headed to Arlington Heights. I have no idea why his ownership stake would have any bearing on him being on the hook for a large capital gains hit. If he sells before he dies without the proper deal structure, he will 100% end up taking a big hit that can otherwise be avoided. 1 1 Link to comment Share on other sites More sharing options...
tray Posted March 6 Share Posted March 6 31 minutes ago, Chicago White Sox said: I have no idea why his ownership stake would have any bearing on him being on the hook for a large capital gains hit. If he sells before he dies without the proper deal structure, he will 100% end up taking a big hit that can otherwise be avoided. I was asking for a tax accountant or someone knowledgeable in this field to explain this but I guess you can't be stopped. Link to comment Share on other sites More sharing options...
Chicago White Sox Posted March 6 Share Posted March 6 11 minutes ago, tray said: I was asking for a tax accountant or someone knowledgeable in this field to explain this but I guess you can't be stopped. Lol…have you seriously never owned stock? Like what in the f*** are you talking about. Link to comment Share on other sites More sharing options...
Chicago White Sox Posted March 6 Share Posted March 6 Link to comment Share on other sites More sharing options...
Kyyle23 Posted March 6 Share Posted March 6 17 minutes ago, tray said: I was asking for a tax accountant or someone knowledgeable in this field to explain this but I guess you can't be stopped. All you are doing is begging someone anyone to give you some sort of tax based reason to be against this because everything else you have warned us all about has fallen flat. Keep flingin that s%*# though, it’s bound to stick one of these days. I’m sure this ill intent wielding billionaire has nothing but dastardly dreadful skeletons in his closet and when we dig them up WOOOOOOOO BOY WILL TRAY ANNOUNCE HE TOLD US SO 2 Link to comment Share on other sites More sharing options...
PaleAleSox Posted March 6 Share Posted March 6 I still can't understand owning (I'm assuming) the vast majority of the team, and letting some old asshole who refuses to spend money actually run it all. There has to be more at play here. 4 Link to comment Share on other sites More sharing options...
bmags Posted March 6 Share Posted March 6 50 minutes ago, PaleAleSox said: I still can't understand owning (I'm assuming) the vast majority of the team, and letting some old asshole who refuses to spend money actually run it all. There has to be more at play here. Agreed. But I also don’t understand owning a baseball team - the coolest thing in the world - and just treating it as joylessly as JR has. I’m on egg shells until we can really hear of a transition plan. 5 2 Link to comment Share on other sites More sharing options...
Kyyle23 Posted March 6 Share Posted March 6 10 minutes ago, bmags said: Agreed. But I also don’t understand owning a baseball team - the coolest thing in the world - and just treating it as joylessly as JR has. I’m on egg shells until we can really hear of a transition plan. Spoken like someone who never has sat through Bruce Levine talking about how much Jr loves baseball and the Brooklyn dodgers I envy that you never had to sit through that Link to comment Share on other sites More sharing options...
bmags Posted March 6 Share Posted March 6 5 minutes ago, Kyyle23 said: Spoken like someone who never has sat through Bruce Levine talking about how much Jr loves baseball and the Brooklyn dodgers I envy that you never had to sit through that Please, I’ve listened to around the clubhouse a bunch. I just internalized JR loving baseball the way Kathy bates loved James caan in misery. And uh…what she loved from James caan was his ability to keep labor costs low I guess. It’s a good analogy. Sledgehammer scene 1 Link to comment Share on other sites More sharing options...
Harold's Leg Lift Posted March 6 Share Posted March 6 1 hour ago, PaleAleSox said: I still can't understand owning (I'm assuming) the vast majority of the team, and letting some old asshole who refuses to spend money actually run it all. There has to be more at play here. Why did the Reinsdorfs (plural) approach Ishbia when he was supposedly so far down the road with the Twins? Did they know something or did they want something? 1 Link to comment Share on other sites More sharing options...
Kyyle23 Posted March 6 Share Posted March 6 31 minutes ago, bmags said: Agreed. But I also don’t understand owning a baseball team - the coolest thing in the world - and just treating it as joylessly as JR has. I’m on egg shells until we can really hear of a transition plan. Really though, this is the same guy who laughed in everyone’s face and tossed MJ to the side because he didn’t want to have to keep paying money for titles and Organizations win Championships. Joyless seems like a word that isn’t quite right, there is another adjective that has to fit better Link to comment Share on other sites More sharing options...
hogan873 Posted March 6 Share Posted March 6 11 minutes ago, Harold's Leg Lift said: Why did the Reinsdorfs (plural) approach Ishbia when he was supposedly so far down the road with the Twins? Did they know something or did they want something? Maybe this involves funding for a new stadium. Link to comment Share on other sites More sharing options...
PaleAleSox Posted March 6 Share Posted March 6 17 minutes ago, Harold's Leg Lift said: Why did the Reinsdorfs (plural) approach Ishbia when he was supposedly so far down the road with the Twins? Did they know something or did they want something? I assume he has to be fronting the money for the new stadium, but that would even moreso make me want control. JR can keep his shares. Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 6 Share Posted March 6 10 hours ago, tray said: Perhaps a tax accountant can explain the potential capital gains ramifications of a sale prior to death for JR. For example, if Jerry maintains up to 49.9% of shares (a non-controlling share of the corporation) after a sale, wouldn't that minimize the potential capital gains issue for him ? We know he doesn't own 100%. Like a few others, I am wondering why this deal isn't being done now. Then there is this. Ishbias have a combined wealth that is insane...somewhere North of 10 Million dollars. Justin purchased a minority share a few years ago. What is he waiting for since then...is it that he is waiting for the value of the franchise to continue to go down as the WSox continue to struggle in order to "buy low"? If Reinsdorfs came to him, as the above post indicates, what is stopping Ishbia and his billions from getting this done now ? Also, why all the secrecy? Ishbia wants to buy it and he has more than enough money. Finally, it seems like uncertainty injected by this saga is not helping the organization and is only confusing fans. It's a capital gain no matter how much you own. The ownership structure and purchaser literally have zero to do with how much Jerry pays in taxes upon his cashing out. It's the price he gets paid by the purchaser, minus the price he paid originally, times the gains rate. It's not hard. It's just like anyone else would be paying on any long term gain, such as stock or crypto. Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 6 Share Posted March 6 1 hour ago, PaleAleSox said: I still can't understand owning (I'm assuming) the vast majority of the team, and letting some old asshole who refuses to spend money actually run it all. There has to be more at play here. If Ishbia agrees to a transition structure, he won't be "letting" him run it. While Jerry might maintain "control", Ishbia will almost certainly be the one calling the shots. Again, I liked the idea that he let's Jerry be the face of the two ugly public fights that remain over a stadium and the CBA, and then once the PR hits are over, he bows out publicly, but until that time, they are working together behind the scenes to do whatever the Sox do as an organization. 2 Link to comment Share on other sites More sharing options...
soxfan18 Posted March 6 Share Posted March 6 (edited) 10 hours ago, caulfield12 said: Even though Reinsdorf's share is only 25% (at most, supposedly), he always has maintained full control and veto rights with the Board of Directors...so basically it doesn't matter if his shared was 5%, he would still have official control of the franchise until that's relinquished either willingly or through death (passing on son, in theory). The public pressure on this issue is going to continue to increase if the White Sox keep sporting the lowest payroll in the entire sport. There's also the theory that Ishbia doesn't want to get involved with negotiating the next CBA with the MLBPA as a "bad guy", but that's just speculation and who knows, he might even be siding with teams like the Dodgers and Mets in terms of unfettered free market spending (minus the CBT on payroll overages). Maybe Ishbia is waiting for the team to bottom out in 2025/26, but he's going to want to be involved 100% in the new stadium plans because theoretically most or all of the money's coming from him...let's say $700 million to $1 billion depending on the scope and scale of the project. I think this very well could be it. Let's face it, the team is facing 2 more years of ugly, which will be followed by a very ugly 2027 (lockout is pretty much unavoidable). The timing makes sense for the handoff to occur late in 2027, once the financial structure of the game has changed, and then they probably break ground on a new ballpark very shortly after to be ready to open 2030. Edited March 6 by soxfan18 3 1 Link to comment Share on other sites More sharing options...
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