The Chicago White Sox are worth an estimated $2.05 billion, according to Forbes.
Jerry Reinsdorf spent $20 million in 1981 to buy a chunk of the team. Recent reports of his plans to sell note the chairman holds only 19% of the franchise. Aside from wondering how someone who controls that little has been able to dictate so much over the past four decades, it’s worth noting that 19% of $2.05 billion is $389,500,000.
That number is relevant when compared to a different Forbes figure: $358 million, the portion of the estimated franchise value attributed to the stadium … and a decent starting point to unpack an idea from state Rep. La Shawn Ford, D-Chicago: selling the property at 35th and Shields.
On Oct. 17, Ford sent a letter to Gov. JB Pritzker to start a conversation about allowing the state to sell the South Side parcel that includes the edifice where the Sox have played home games since 1991.
For historical context, the General Assembly created the Illinois Sports Facilities Authority in 1987. It built and still owns the ballpark. Its website (isfauthority.com) advertises the venue as “the perfect location for your Chicago event” with photos of rock legends like Bruce Springsteen and Mick Jagger, a charity race, a boxing match, Northern Illinois University football, Chance the Rapper and some truly large parking lots.
ISFA also takes credit for allocating $406 million in hotel tax revenue to the $606 million Soldier Field overhaul. The Chicago Bears aren’t for sale, but calling their facility plans unresolved would be a massive understatement. Forbes values the team at $6.4 billion and attributes $595 million to its stadium. (The Cubs are valued at $4.225 billion, with Wrigley Field accounting for $1.148 billion.)
There are just a few steps between announcing plans to introduce a bill and watching the governor put pen to paper. And with the number of entities and legal machinations involved this isn’t as simple as other transactions involving landlords with tricky tenants. But Ford can sway public opinion by noting the state has spent $200 million on the ballpark property since 2010 and while taking in just $27 million from the Sox.
Rather than pitch the sale as a strategy for keeping the team in Chicago, Ford invoked his role as chairman of the House Appropriations-Higher Education Committee to suggest transforming the parcel “into a vibrant hub” and using sale proceeds to “make transformative investments in higher education, ensuring safe, state-of-the-art learning environments that attract students and faculty. This would strengthen our educational infrastructure and provide a lasting economic boost to our state.”
Don’t bet on the land selling before the team, but kudos to Ford for thinking outside the ballpark.
• Scott T. Holland writes about state government issues for Shaw Local News Network. Follow him on X @sth749. He can be reached at sholland@shawmedia.com.
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