Chicago White Sox owner Jerry Reinsdorf has reached an investment agreement with Justin Ishbia that could see the American billionaire businessman obtain controlling interest of the franchise in the future, the team announced Thursday.

As part of the agreement, Ishbia will become a limited partner of the organization in 2025 and 2026 while infusing capital into the business to help pay off existing debt, as well support the future of the organization.

"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," Reinsdorf said.

"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."

Reinsdorf will have the option to sell the White Sox to Ishbia between 2029-2033, but a sale will not occur beforehand.

Ishbia will also have the option to acquire controlling interest of the White Sox in 2034, and all other limited investors in the franchise will have an opportunity to sell to him at that time.

Ishbia is part-majority owner of the NBA's Phoenix Suns and WNBA's Phoenix Mercury. His brother Mat and father Jeff will also be significant investors in the White Sox.

Reinsdorf has owned the White Sox since 1981 when he purchased the team for $19 million.