Net Worth Ranker
What Is Jerry Reinsdorf’s Net Worth?
As of May 2024, Jerry Reinsdorf’s net worth is estimated to be $2.2 billion. He has accumulated this wealth through a career as a lawyer, CPA, real estate investor, and, most notably, as the owner of the Chicago White Sox and the Chicago Bulls for nearly 40 years.
Early Career and Real Estate Ventures
Jerry Reinsdorf’s professional journey began after graduating from Northwestern University School of Law in 1960. His first job was with the Internal Revenue Service (IRS). In a curious twist, his initial case involved Bill Veeck, who later owned the Chicago White Sox. In 1964, Reinsdorf transitioned into private practice, where he specialized in developing real estate tax shelters for private clients.
In 1973, Reinsdorf founded Balcor, a company that invested $650 million in raised capital into commercial real estate. He demonstrated his business acumen by selling Balcor in 1982 for $102 million to Shearson Lehman Brothers, which is equivalent to approximately $270 million in today’s dollars.
Ownership of Chicago White Sox
In 1981, Reinsdorf, along with a group of partners, purchased the Chicago White Sox for $19 million, which is equivalent to about $54 million today. Under his ownership, the White Sox achieved significant milestones, including having the best record in Major League Baseball in 1983. A major highlight was the White Sox winning the 2005 World Series, which boosted the team’s value to over $300 million. Currently, the White Sox are valued at $1.9 billion.
Forbes estimates Reinsdorf holds a 19% ownership stake in the White Sox, which likely calculates to approximately $390 million.
Acquisition and Success with Chicago Bulls
In 1985, Reinsdorf led an investment group to purchase the Chicago Bulls for $16 million. That same year, the team drafted Michael Jordan. Jordan’s arrival marked a turning point, and the Bulls sold out every home game from November 1987 to 1999, largely due to Jordan’s popularity and performance. The Chicago Bulls won six NBA Championships in the 1990s, all thanks to Jordan’s leadership. As of recent valuations, the Bulls are worth $3.2 billion.
Controversies and Criticisms
Despite the Bulls’ success, Reinsdorf and then-team GM Jerry Krause faced criticism for their decision to dismantle the championship-winning team following the 1998 season. Reportedly, Krause declined to offer coach Phil Jackson a longer-term contract at the beginning of the 1997-1998 season, and Jordan made it clear that he would not play for any coach other than Jackson. The rationale behind letting key players go was the belief that they were nearing the end of their careers and would be more valuable to other teams. This decision was viewed as a win-win to rebuild from scratch. In retrospect, Jordan expressed his disappointment at not having the chance to pursue another championship with the team.
Relationship with Michael Jordan
Jerry Reinsdorf has always maintained an amicable relationship with Michael Jordan. When Jordan first retired from the NBA to pursue a career in professional baseball, Reinsdorf supported his decision and offered him a minor-league contract with the White Sox. As a gesture of gratitude for Jordan’s contributions to the team, Reinsdorf continued to pay Jordan his full $3 million NBA salary during his baseball stint.
