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Jerry Reinsdorf

April 25, 2024

Jerry Michael Reinsdorf (born February 25, 1936) is the owner of the NBA's Chicago Bulls and MLB's Chicago White Sox. He started his professional life as a tax attorney with the Internal Revenue Service. He has been the owner of the White Sox and Bulls for over 35 years. As of January 2024, his net worth was estimated at US$2.4 billion.[1]

Jerry Reinsdorf
Reinsdorf in 2011
Born
Jerry Michael Reinsdorf

(1936-02-25) February 25, 1936 (age 88)
New York City, U.S.
EducationGeorge Washington University (BA)
Northwestern University (JD)
Known forOwner of Chicago White Sox and Chicago Bulls
Spouse
Martyl Rifkin
​
​
(m. 1956; died 2021)​
Children4
Awards

He made his initial fortune in real estate, taking advantage of the Frank Lyon Co. v. United States decision by the United States Supreme Court, which allowed economic owners of realty to sell property and lease it back, while transferring the tax deduction for depreciation to the title owner.

As the owner and chairman of the Chicago Bulls since 1985, he oversaw a turnaround in the franchise's fortunes, culminating in six NBA Championships in the 1990s (1991–1993 and 1996–1998). He is controversial for his involvement (along with Jerry Krause) in breaking up the championship team by not hiring back Phil Jackson. He signed Michael Jordan as a baseball player during his sabbatical from basketball. He also moved the Bulls from Chicago Stadium to the United Center.

After Reinsdorf's purchase of the White Sox in 1981, the franchise made the playoffs in 1983 for the first time since 1959, and won the World Series for the first time since 1917 in 2005, the only year during his tenure as owner in which the White Sox have won a playoff series. Reinsdorf moved the White Sox from Comiskey Park to New Comiskey Park in 1991 (now known as Guaranteed Rate Field). In both sporting endeavors, he has developed a reputation as an anti-labor union hardliner. Since the early 1990s, he has been considered one of the most influential basketball owners. He has been influential in instituting the salary cap and revenue sharing. On April 4, 2016, Reinsdorf was elected to the Naismith Memorial Basketball Hall of Fame as a contributor.[2]

Early life and college edit

Reinsdorf was born to a Jewish family in Brooklyn, New York.[3][4] He attended Erasmus Hall High School in Brooklyn,[5] and is the son of a sewing machine salesman.[6][7] Reinsdorf was in the stands the day Jackie Robinson debuted for the Brooklyn Dodgers, "breaking the color barrier" as the first black player permitted by white ownership.[8]

Reinsdorf earned a bachelor's degree from George Washington University in Washington, D.C.,[9] where he became a member of Alpha Epsilon Pi.[10] He subsequently moved to Chicago in 1957.[9] Reinsdorf became a CPA and lawyer[11] as well as a registered mortgage underwriter and a certified review appraiser.[9][12] He leveraged a full scholarship offer from the University of Chicago Law School into a scholarship from the Northwestern University School of Law.[7]

Early business career edit

Reinsdorf's worked as an IRS lawyer after graduating from Northwestern in 1960, where his first case concerned the tax delinquency of Bill Veeck, who at the time owned the White Sox.[6] In 1964, he went into private practice. He developed a specialty in real estate partnership tax shelters. He sold his business interests in the real estate partnership in 1973 and formed Balcor, which raised US$650 million to invest in buildings under construction. He sold Balcor in 1982 for $102 million to Shearson Lehman Brothers, the investment banking and brokerage arm of American Express.[6] However, he continued to be President of the company for several years thereafter.[13]

Sports ownership edit

New purchases edit

In 1981 he was wealthy enough to purchase the White Sox for $19 million.[6] The purchase was brokered by American National Bank who arranged for a limited partnership.[14] He followed previous eccentric White Sox owners Charles Comiskey, who was known as a miser, and Veeck, who was known as a prankster who gutted the team by trading away promising prospects.[15][16] Soon after buying the White Sox, he signed Greg Luzinski and Carlton Fisk. He also tripled the team promotional budget and increased the number of team scouts from 12 to 20. By the 1983 Major League Baseball season the White Sox made the playoffs with the best record in the Major Leagues.[6][16] The team initially signed a television deal with the newly founded Sportsvision under the new leadership of Chairman Reinsdorf and Vice Chairman Eddie Einhorn, but that arrangement quickly fizzled.[17] Einhorn continued as Vice Chairman of the White Sox until his death in 2016.[18]

In 1985 he purchased the Chicago Bulls as part of a syndicate for US$16 million, following in the footsteps of Einhorn, who had purchased the United States Football League's Chicago Blitz franchise in 1984.[19] In the months prior to the purchase, Milwaukee businessman Marvin Fishman had been awarded a $16.2 million judgment against the Bulls.[20] Fishman had been illegally blocked from purchasing the team in 1972.[21] Reinsdorf purchased the team from an ownership group that included Lamar Hunt, George Steinbrenner, Walter Shorenstein, Jonathan Kovler, Lester Crown, Philip Klutznick, and the estate of Arthur Wirtz,[19] and he held a $9.2 million controlling interest in the team.[22] Reinsdorf's share of 56.8% of the team was purchased from Klutznick, Steinbrenner, Shorenstein and the estate of Wirtz.[23] His purchase ended an era in which the Bulls were managed by committee with decisions by conference call, verdicts by vote.[24] Reinsdorf acquired his majority interests on March 11, 1985, and Kovler sold his 7% stake in the team on January 29, 1986, bringing Reinsdorf's interest to 63%.[25][26] The following week Reinsdorf ousted Rod Thorn as general manager and replaced him with Jerry Krause.[27]

Led by Jordan, who was drafted the year before Reinsdorf purchased the team, the team's popularity and on-court success rapidly improved.[6] The Bulls drafted Horace Grant and Scottie Pippen and traded for Bill Cartwright to join John Paxson and Michael Jordan under the tutelage of head coach Doug Collins. In 1989, the franchise promoted then-Bulls assistant coach Phil Jackson to be Collins's replacement at the team's helm. Jackson would prove to be the final core addition, catalyzing the Bulls' dynastic championship run of six NBA championship titles in eight seasons (1991–1998).[28] Whereas before Reinsdorf's purchase the team had an average attendance of 6,365 in the 17,339-seat Chicago Stadium,[6] from November 20, 1987, through Jordan's 1998 retirement, the Bulls sold out every game.[22]

Ownership history edit

"The North Siders always tended to look down on South Siders ... Part of being a White Sox fan is you hate the Cubs."

—Jerry Reinsdorf[29]

The White Sox won American League regular season Division Championships in 1983, 1993, 2000, 2005, 2008 and 2021 under Reinsdorf, and won the 2005 World Series.[3] They also led the central division at the conclusion of the strike-shortened 1994 Major League Baseball season.[3] The World Series victory made him only the third owner in the history of North American sports to win a championship in two different sports,[citation needed] and boosted the value of the franchise to over $300 million.[15] Reinsdorf signed Jordan to a minor league contract with the White Sox after Jordan's announcement that he wanted to play baseball, a move many thought was solely due to Jordan's drawing power.[30] Reinsdorf had tried to convince Jordan not to give up basketball,[31] but had not attempted to make Jordan the highest paid player in the game, as some felt he should have.[32]

As both a basketball and baseball owner, Reinsdorf has been described by Time as a "cheapskate".[33] [34] As a baseball owner, he has a reputation as one of the most militant, anti-union, hard-line owners.[12][35][36] Newsweek described him as "one of the hardest heads in the 1994 baseball strike".[32] In the baseball offseason between the 1992 and 1993 seasons, he completely abstained from the free agent market.[37] Reinsdorf was one of the last holdouts to the 1996 labor agreement that instituted the salary cap while retaining arbitration rights for the players.[38][39] His 1996 signing of Albert Belle made news because of his widely publicized general opposition to spiraling player salaries.[12] The $55 million signing was a turning point in the decision by the baseball owners to agree to revenue sharing.[40] The signing made Reinsdorf the employer of the highest paid Major League Baseball player and highest paid professional basketball player (Jordan) at the same time.[12] Reinsdorf had just re-signed Jordan after the 1995–96 NBA season.[41] Jordan had been underpaid for most of his career,[42] but Reinsdorf did not feel he could justify the $30 million salary from a business standpoint.[43][44] Even his most successful baseball team was not highly paid: the 2005 World Series champion White Sox had the 13th highest payroll of the 30 Major League Baseball teams.[34]

After Reinsdorf purchased the team in 1981, the White Sox experienced erosion of fan and media support.[16] He complained about old Comiskey Park with its foibles such as numerous obstructed view seats and threatened to move the White Sox.[45] Among his threats was moving the team to Itasca or Addison, Illinois in DuPage County.[45][46] Reinsdorf, through his real estate business, purchased 100 acres (400,000 m2) in Addison.[47] Chicago Mayor Harold Washington lobbied the Illinois legislature,[45] and subsequently then-Illinois Governor James R. Thompson promoted a package of incentives to retain the team in Chicago. The state floated bonds to build New Comiskey Park and let Reinsdorf keep all parking and concession revenues, as well as the $5 million per year from 89 skyboxes.[6] Reinsdorf and Chicago Blackhawks owner William Wirtz contributed $175 million to fund the construction of the largest arena in the United States.[48] When the United Center opened in 1994 all of the skyboxes were leased for up to eight years.[49] As per the collective bargaining agreement, Reinsdorf was allowed to exclude 60% of luxury suite revenue from "basketball-related income" and thus it is not part of the revenue sharing income.[50]

"Jerry is clearly the most powerful [Major League Baseball] owner."

—Donald Fehr, executive director of the Major League Baseball Players Association[6]

Reinsdorf is a powerful baseball owner who in 1988 stopped the sale of the Texas Rangers and later influenced the sale of the Seattle Mariners.[6] Edward Gaylord and Gaylord Entertainment Company had first attempted to buy the Rangers in 1985.[51] Reinsdorf was also said to be largely responsible for the ousting of Fay Vincent as the Commissioner of Baseball in 1992.[52][53] He had previously undermined Vincent by employing Richard Ravitch as the league's labor negotiator at a salary higher than Vincent's.[6][54] By the early 1990s, Reinsdorf and acting Baseball commissioner (as well as Milwaukee Brewers owner) Bud Selig had assumed baseball's mantle of power from Atlanta Braves owner, Ted Turner, and New York Yankees owner, George Steinbrenner, who had in turn taken over the sport from Brooklyn/Los Angeles Dodgers owner Walter O'Malley, St. Louis Cardinals owner Gussie Busch, and Oakland Athletics owner Charlie O. Finley.[55]

In the 1980s, Reinsdorf, Bud Selig and the American League President colluded to dissuade the Philadelphia Phillies from signing Lance Parrish who was a Detroit Tigers free agent.[56] During the strike, Reinsdorf, who was an anti-union hard-liner,[36] was so pessimistic that he did not expect baseball to resume until the 1996 Major League Baseball season.[57] In the early 1990s he was able to get new stadiums (United Center and New Comiskey Park) for his teams.[58]

Some fans and columnists have accused Reinsdorf of breaking up the championship Bulls team after their third straight title and sixth in eight years, claiming the Bulls could have competed for more titles with Michael Jordan, Scottie Pippen and good support from the rest of the team that in the eight-year span included Dennis Rodman, Horace Grant, Toni Kukoč, Ron Harper, B. J. Armstrong, and coach Phil Jackson. Some accounts claim that because Jackson feuded with both Reinsdorf and Krause and because both Jordan and Pippen were linked to Jackson, the team was broken up.[33] Forbes describes the scenario as an example of owner greed.[59] Many note that Phil Jackson's decision not to return as coach and Jordan's retirement during the 1998–99 NBA season lockout impacted the decisions of several players on whether to return to Chicago.[60] While Reinsdorf had held out hope that he could convince Jackson and Jordan to return and thus had introduced Tim Floyd as President of Chicago Bulls Basketball Operations instead of head coach,[61] according to film footage from documentary series The Last Dance, Krause had made it clear to Jackson that he was not wanted back.[62]

Reinsdorf was one of two bidders for the Phoenix Coyotes that would commit to not relocating the team.[63] On July 29, 2009 Reinsdorf and his group were approved for ownership of the Coyotes for $148 million.[64] In August 2009, it was reported that Jerry Reinsdorf & Ice Edge LLC had dropped its bid for the Coyotes, leaving only Balsillie and the NHL as bidders for the team.[65] The NHL bid ultimately prevailed, however the league stated it wished to re-sell the franchise as soon as possible. On March 24, 2010, it was reported that Reinsdorf was once again a possible buyer for the Phoenix Coyotes.[66] Reinsdorf had been working out an arrangement to make the deal more feasible with the municipality of Glendale, Arizona.[67] As late as August 2011, negotiations between Reinsdorf and the City of Glendale were still in process for the purchase of the Coyotes.[68] However, in 2013, the Coyotes were sold to IceArizona, a group of investors that did not include Reinsdorf.

Legacy edit

Reinsdorf is largely responsible for the revenue sharing of the internet rights of Major League Baseball in which all teams have shared equally since Major League Baseball Advanced Media (known as BAM) was established in 2000.[69] Reinsdorf also endeavored to sell the naming rights to the New Comiskey Park to U.S. Cellular in a $68 million 20-year deal that funded a 7-year $85 million overhaul of the stadium that ended prior to the 2008 Major League Baseball season. The overhaul included the removal of top rows of the upper deck, replacement of the baby blue seats with traditionally-colored green ones and dozens of other upgrades.[70] Prior to the seven-year overhaul, the 2001 White Sox barely broke even financially with a $700,000 operating profit on revenues of $101.33 million.[71]

Reinsdorf won a major revenue sharing legal battle with other NBA owners over the Chicago Bulls broadcasts on WGN-TV. The 55 game schedule on the superstation for an audience of 35 million competed with the NBA broadcasts, but Reinsdorf was permitted to maintain the contract.[6] As recently as 2004, the Bulls continued to be the NBA's most profitable team, earning $49 million in operating income and having an estimated valuation of $356 million.[72]

Reinsdorf feels that if Major League Baseball Players Association chief Donald Fehr had not opposed steroid testing, baseball would have taken a stand against steroid use much sooner. He feels that in the end this delayed action will cost some players election into the National Baseball Hall of Fame.[73]

Awards and honors edit

Sports ownership

Halls of Fame

Other

Charity work edit

Reinsdorf has been involved in Chicago Mayor Richard M. Daley's initiative to improve standardized test scores in the 559 Chicago Public Schools.[77] He has been involved in other extensive charitable work including those of CharitaBulls and White Sox Charities. His philanthropy and community development have been notable in the Near West Side community area near the United Center.[9] Twice the White Sox Charities has donated $1 million to the Chicago Park District with particular attention to funding baseball and softball fields.[3]

Other business dealings edit

He has been a member of the board of directors of Shearson Lehman Brothers, Inc., the Northwestern University Law School Alumni Association, LaSalle Bank, EQ Office and numerous other corporations and charities. He currently serves as a Life Trustee of Northwestern University.

Throughout the years Reinsdorf has been active in the affairs of baseball, serving on the Executive Council and Ownership, Long Range Planning, Restructuring, Expansion, Equal Opportunity, Strategic Planning, Legislative and Labor Policy Committees of Major League Baseball, he also serves on the Boards of MLB Advanced Media and MLB Enterprises.[3]

In 2013, Reinsdorf partnered with Mark Sullivan, Noah Kroloff, Dennis Burke, David Aguilar, and John Kaites to found Global Security and Innovative Strategies.[78]

Personal life edit

In 1956, he married Martyl Rifkin (March 4, 1936 – June 28, 2021).[79] She was born in Denver, Colorado, the daughter of Milton and Vivette Rifkin (nee Ravel).[79] Their union resulted in four children and eight grandchildren.[79][9][80]

See also edit

References edit

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Further reading edit

  • Ruttman, Larry (2013). "Jerry Reinsdorf: Owner of the Chicago White Sox and the Chicago Bulls". American Jews and America's Game: Voices of a Growing Legacy in Baseball. Lincoln, Nebraska and London, England: University of Nebraska Press. pp. 293–303. ISBN 978-0-8032-6475-5.

April 25, 2024
jerry, reinsdorf, jerry, michael, reinsdorf, born, february, 1936, owner, chicago, bulls, chicago, white, started, professional, life, attorney, with, internal, revenue, service, been, owner, white, bulls, over, years, january, 2024, worth, estimated, billion,. Jerry Michael Reinsdorf born February 25 1936 is the owner of the NBA s Chicago Bulls and MLB s Chicago White Sox He started his professional life as a tax attorney with the Internal Revenue Service He has been the owner of the White Sox and Bulls for over 35 years As of January 2024 his net worth was estimated at US 2 4 billion 1 Jerry ReinsdorfReinsdorf in 2011BornJerry Michael Reinsdorf 1936 02 25 February 25 1936 age 88 New York City U S EducationGeorge Washington University BA Northwestern University JD Known forOwner of Chicago White Sox and Chicago BullsSpouseMartyl Rifkin m 1956 died 2021 wbr Children4Awards6 NBA champion as owner 1991 1992 1993 1996 1997 1998 with Bulls 1 World Series champion as owner 2005 with White Sox Naismith Memorial Basketball HOF Class of 2016 He made his initial fortune in real estate taking advantage of the Frank Lyon Co v United States decision by the United States Supreme Court which allowed economic owners of realty to sell property and lease it back while transferring the tax deduction for depreciation to the title owner As the owner and chairman of the Chicago Bulls since 1985 he oversaw a turnaround in the franchise s fortunes culminating in six NBA Championships in the 1990s 1991 1993 and 1996 1998 He is controversial for his involvement along with Jerry Krause in breaking up the championship team by not hiring back Phil Jackson He signed Michael Jordan as a baseball player during his sabbatical from basketball He also moved the Bulls from Chicago Stadium to the United Center After Reinsdorf s purchase of the White Sox in 1981 the franchise made the playoffs in 1983 for the first time since 1959 and won the World Series for the first time since 1917 in 2005 the only year during his tenure as owner in which the White Sox have won a playoff series Reinsdorf moved the White Sox from Comiskey Park to New Comiskey Park in 1991 now known as Guaranteed Rate Field In both sporting endeavors he has developed a reputation as an anti labor union hardliner Since the early 1990s he has been considered one of the most influential basketball owners He has been influential in instituting the salary cap and revenue sharing On April 4 2016 Reinsdorf was elected to the Naismith Memorial Basketball Hall of Fame as a contributor 2 Contents 1 Early life and college 2 Early business career 3 Sports ownership 3 1 New purchases 3 2 Ownership history 3 3 Legacy 4 Awards and honors 5 Charity work 6 Other business dealings 7 Personal life 8 See also 9 References 10 Further readingEarly life and college editReinsdorf was born to a Jewish family in Brooklyn New York 3 4 He attended Erasmus Hall High School in Brooklyn 5 and is the son of a sewing machine salesman 6 7 Reinsdorf was in the stands the day Jackie Robinson debuted for the Brooklyn Dodgers breaking the color barrier as the first black player permitted by white ownership 8 Reinsdorf earned a bachelor s degree from George Washington University in Washington D C 9 where he became a member of Alpha Epsilon Pi 10 He subsequently moved to Chicago in 1957 9 Reinsdorf became a CPA and lawyer 11 as well as a registered mortgage underwriter and a certified review appraiser 9 12 He leveraged a full scholarship offer from the University of Chicago Law School into a scholarship from the Northwestern University School of Law 7 Early business career editReinsdorf s worked as an IRS lawyer after graduating from Northwestern in 1960 where his first case concerned the tax delinquency of Bill Veeck who at the time owned the White Sox 6 In 1964 he went into private practice He developed a specialty in real estate partnership tax shelters He sold his business interests in the real estate partnership in 1973 and formed Balcor which raised US 650 million to invest in buildings under construction He sold Balcor in 1982 for 102 million to Shearson Lehman Brothers the investment banking and brokerage arm of American Express 6 However he continued to be President of the company for several years thereafter 13 Sports ownership editNew purchases edit In 1981 he was wealthy enough to purchase the White Sox for 19 million 6 The purchase was brokered by American National Bank who arranged for a limited partnership 14 He followed previous eccentric White Sox owners Charles Comiskey who was known as a miser and Veeck who was known as a prankster who gutted the team by trading away promising prospects 15 16 Soon after buying the White Sox he signed Greg Luzinski and Carlton Fisk He also tripled the team promotional budget and increased the number of team scouts from 12 to 20 By the 1983 Major League Baseball season the White Sox made the playoffs with the best record in the Major Leagues 6 16 The team initially signed a television deal with the newly founded Sportsvision under the new leadership of Chairman Reinsdorf and Vice Chairman Eddie Einhorn but that arrangement quickly fizzled 17 Einhorn continued as Vice Chairman of the White Sox until his death in 2016 18 In 1985 he purchased the Chicago Bulls as part of a syndicate for US 16 million following in the footsteps of Einhorn who had purchased the United States Football League s Chicago Blitz franchise in 1984 19 In the months prior to the purchase Milwaukee businessman Marvin Fishman had been awarded a 16 2 million judgment against the Bulls 20 Fishman had been illegally blocked from purchasing the team in 1972 21 Reinsdorf purchased the team from an ownership group that included Lamar Hunt George Steinbrenner Walter Shorenstein Jonathan Kovler Lester Crown Philip Klutznick and the estate of Arthur Wirtz 19 and he held a 9 2 million controlling interest in the team 22 Reinsdorf s share of 56 8 of the team was purchased from Klutznick Steinbrenner Shorenstein and the estate of Wirtz 23 His purchase ended an era in which the Bulls were managed by committee with decisions by conference call verdicts by vote 24 Reinsdorf acquired his majority interests on March 11 1985 and Kovler sold his 7 stake in the team on January 29 1986 bringing Reinsdorf s interest to 63 25 26 The following week Reinsdorf ousted Rod Thorn as general manager and replaced him with Jerry Krause 27 Led by Jordan who was drafted the year before Reinsdorf purchased the team the team s popularity and on court success rapidly improved 6 The Bulls drafted Horace Grant and Scottie Pippen and traded for Bill Cartwright to join John Paxson and Michael Jordan under the tutelage of head coach Doug Collins In 1989 the franchise promoted then Bulls assistant coach Phil Jackson to be Collins s replacement at the team s helm Jackson would prove to be the final core addition catalyzing the Bulls dynastic championship run of six NBA championship titles in eight seasons 1991 1998 28 Whereas before Reinsdorf s purchase the team had an average attendance of 6 365 in the 17 339 seat Chicago Stadium 6 from November 20 1987 through Jordan s 1998 retirement the Bulls sold out every game 22 Ownership history edit The North Siders always tended to look down on South Siders Part of being a White Sox fan is you hate the Cubs Jerry Reinsdorf 29 The White Sox won American League regular season Division Championships in 1983 1993 2000 2005 2008 and 2021 under Reinsdorf and won the 2005 World Series 3 They also led the central division at the conclusion of the strike shortened 1994 Major League Baseball season 3 The World Series victory made him only the third owner in the history of North American sports to win a championship in two different sports citation needed and boosted the value of the franchise to over 300 million 15 Reinsdorf signed Jordan to a minor league contract with the White Sox after Jordan s announcement that he wanted to play baseball a move many thought was solely due to Jordan s drawing power 30 Reinsdorf had tried to convince Jordan not to give up basketball 31 but had not attempted to make Jordan the highest paid player in the game as some felt he should have 32 As both a basketball and baseball owner Reinsdorf has been described by Time as a cheapskate 33 34 As a baseball owner he has a reputation as one of the most militant anti union hard line owners 12 35 36 Newsweek described him as one of the hardest heads in the 1994 baseball strike 32 In the baseball offseason between the 1992 and 1993 seasons he completely abstained from the free agent market 37 Reinsdorf was one of the last holdouts to the 1996 labor agreement that instituted the salary cap while retaining arbitration rights for the players 38 39 His 1996 signing of Albert Belle made news because of his widely publicized general opposition to spiraling player salaries 12 The 55 million signing was a turning point in the decision by the baseball owners to agree to revenue sharing 40 The signing made Reinsdorf the employer of the highest paid Major League Baseball player and highest paid professional basketball player Jordan at the same time 12 Reinsdorf had just re signed Jordan after the 1995 96 NBA season 41 Jordan had been underpaid for most of his career 42 but Reinsdorf did not feel he could justify the 30 million salary from a business standpoint 43 44 Even his most successful baseball team was not highly paid the 2005 World Series champion White Sox had the 13th highest payroll of the 30 Major League Baseball teams 34 After Reinsdorf purchased the team in 1981 the White Sox experienced erosion of fan and media support 16 He complained about old Comiskey Park with its foibles such as numerous obstructed view seats and threatened to move the White Sox 45 Among his threats was moving the team to Itasca or Addison Illinois in DuPage County 45 46 Reinsdorf through his real estate business purchased 100 acres 400 000 m2 in Addison 47 Chicago Mayor Harold Washington lobbied the Illinois legislature 45 and subsequently then Illinois Governor James R Thompson promoted a package of incentives to retain the team in Chicago The state floated bonds to build New Comiskey Park and let Reinsdorf keep all parking and concession revenues as well as the 5 million per year from 89 skyboxes 6 Reinsdorf and Chicago Blackhawks owner William Wirtz contributed 175 million to fund the construction of the largest arena in the United States 48 When the United Center opened in 1994 all of the skyboxes were leased for up to eight years 49 As per the collective bargaining agreement Reinsdorf was allowed to exclude 60 of luxury suite revenue from basketball related income and thus it is not part of the revenue sharing income 50 Jerry is clearly the most powerful Major League Baseball owner Donald Fehr executive director of the Major League Baseball Players Association 6 Reinsdorf is a powerful baseball owner who in 1988 stopped the sale of the Texas Rangers and later influenced the sale of the Seattle Mariners 6 Edward Gaylord and Gaylord Entertainment Company had first attempted to buy the Rangers in 1985 51 Reinsdorf was also said to be largely responsible for the ousting of Fay Vincent as the Commissioner of Baseball in 1992 52 53 He had previously undermined Vincent by employing Richard Ravitch as the league s labor negotiator at a salary higher than Vincent s 6 54 By the early 1990s Reinsdorf and acting Baseball commissioner as well as Milwaukee Brewers owner Bud Selig had assumed baseball s mantle of power from Atlanta Braves owner Ted Turner and New York Yankees owner George Steinbrenner who had in turn taken over the sport from Brooklyn Los Angeles Dodgers owner Walter O Malley St Louis Cardinals owner Gussie Busch and Oakland Athletics owner Charlie O Finley 55 In the 1980s Reinsdorf Bud Selig and the American League President colluded to dissuade the Philadelphia Phillies from signing Lance Parrish who was a Detroit Tigers free agent 56 During the strike Reinsdorf who was an anti union hard liner 36 was so pessimistic that he did not expect baseball to resume until the 1996 Major League Baseball season 57 In the early 1990s he was able to get new stadiums United Center and New Comiskey Park for his teams 58 Some fans and columnists have accused Reinsdorf of breaking up the championship Bulls team after their third straight title and sixth in eight years claiming the Bulls could have competed for more titles with Michael Jordan Scottie Pippen and good support from the rest of the team that in the eight year span included Dennis Rodman Horace Grant Toni Kukoc Ron Harper B J Armstrong and coach Phil Jackson Some accounts claim that because Jackson feuded with both Reinsdorf and Krause and because both Jordan and Pippen were linked to Jackson the team was broken up 33 Forbes describes the scenario as an example of owner greed 59 Many note that Phil Jackson s decision not to return as coach and Jordan s retirement during the 1998 99 NBA season lockout impacted the decisions of several players on whether to return to Chicago 60 While Reinsdorf had held out hope that he could convince Jackson and Jordan to return and thus had introduced Tim Floyd as President of Chicago Bulls Basketball Operations instead of head coach 61 according to film footage from documentary series The Last Dance Krause had made it clear to Jackson that he was not wanted back 62 Reinsdorf was one of two bidders for the Phoenix Coyotes that would commit to not relocating the team 63 On July 29 2009 Reinsdorf and his group were approved for ownership of the Coyotes for 148 million 64 In August 2009 it was reported that Jerry Reinsdorf amp Ice Edge LLC had dropped its bid for the Coyotes leaving only Balsillie and the NHL as bidders for the team 65 The NHL bid ultimately prevailed however the league stated it wished to re sell the franchise as soon as possible On March 24 2010 it was reported that Reinsdorf was once again a possible buyer for the Phoenix Coyotes 66 Reinsdorf had been working out an arrangement to make the deal more feasible with the municipality of Glendale Arizona 67 As late as August 2011 negotiations between Reinsdorf and the City of Glendale were still in process for the purchase of the Coyotes 68 However in 2013 the Coyotes were sold to IceArizona a group of investors that did not include Reinsdorf Legacy edit Reinsdorf is largely responsible for the revenue sharing of the internet rights of Major League Baseball in which all teams have shared equally since Major League Baseball Advanced Media known as BAM was established in 2000 69 Reinsdorf also endeavored to sell the naming rights to the New Comiskey Park to U S Cellular in a 68 million 20 year deal that funded a 7 year 85 million overhaul of the stadium that ended prior to the 2008 Major League Baseball season The overhaul included the removal of top rows of the upper deck replacement of the baby blue seats with traditionally colored green ones and dozens of other upgrades 70 Prior to the seven year overhaul the 2001 White Sox barely broke even financially with a 700 000 operating profit on revenues of 101 33 million 71 Reinsdorf won a major revenue sharing legal battle with other NBA owners over the Chicago Bulls broadcasts on WGN TV The 55 game schedule on the superstation for an audience of 35 million competed with the NBA broadcasts but Reinsdorf was permitted to maintain the contract 6 As recently as 2004 the Bulls continued to be the NBA s most profitable team earning 49 million in operating income and having an estimated valuation of 356 million 72 Reinsdorf feels that if Major League Baseball Players Association chief Donald Fehr had not opposed steroid testing baseball would have taken a stand against steroid use much sooner He feels that in the end this delayed action will cost some players election into the National Baseball Hall of Fame 73 Awards and honors editSports ownership Six time NBA champion as owner of the Bulls 2005 World Series champion as owner of the White Sox Three time Midwest League champion as owner of the Appleton Foxes Halls of Fame Naismith Memorial Basketball Hall of Fame Class of 2016 as a contributor Appleton Wisconsin Baseball Hall of Fame Class of 2006 74 Other 1990 Golden Plate Award of the American Academy of Achievement 75 2011 Jefferson Award for Public Service 76 Charity work editReinsdorf has been involved in Chicago Mayor Richard M Daley s initiative to improve standardized test scores in the 559 Chicago Public Schools 77 He has been involved in other extensive charitable work including those of CharitaBulls and White Sox Charities His philanthropy and community development have been notable in the Near West Side community area near the United Center 9 Twice the White Sox Charities has donated 1 million to the Chicago Park District with particular attention to funding baseball and softball fields 3 Other business dealings editHe has been a member of the board of directors of Shearson Lehman Brothers Inc the Northwestern University Law School Alumni Association LaSalle Bank EQ Office and numerous other corporations and charities He currently serves as a Life Trustee of Northwestern University Throughout the years Reinsdorf has been active in the affairs of baseball serving on the Executive Council and Ownership Long Range Planning Restructuring Expansion Equal Opportunity Strategic Planning Legislative and Labor Policy Committees of Major League Baseball he also serves on the Boards of MLB Advanced Media and MLB Enterprises 3 In 2013 Reinsdorf partnered with Mark Sullivan Noah Kroloff Dennis Burke David Aguilar and John Kaites to found Global Security and Innovative Strategies 78 Personal life editIn 1956 he married Martyl Rifkin March 4 1936 June 28 2021 79 She was born in Denver Colorado the daughter of Milton and Vivette Rifkin nee Ravel 79 Their union resulted in four children and eight grandchildren 79 9 80 See also editList of NBA team owners List of National Basketball Association team presidentsReferences edit Forbes profile Jerry Reinsdorf Forbes Retrieved January 3 2024 Naismith Memorial Basketball Hall of Fame Class of 2016 Announcement presented by Haggar Clothing Company Naismith Memorial Basketball Hall of Fame April 4 2016 Archived from the original on April 17 2016 Retrieved April 4 2016 a b c d e Jerry Reinsdorf Chairman MLB com Retrieved October 8 2008 Jewish Telegraph Agency Forbes billionaires list features new and old Jewish faces By Gabe Friedman March 2 2015 The Rumble AN OFF THE BALL LOOK AT YOUR FAVORITE SPORTS CELEBRITIES Archived January 11 2008 at the Wayback Machine New York Post December 31 2006 Accessed December 13 2007 The five Erasmus Hall of Fame legends include Raiders owner Al Davis Bears quarterback Sid Luckman Yankee pitching great Waite Hoyt Billy Cunningham and Knicks founder Ned Irish Other sports notables include Bulls White Sox owner Jerry Reinsdorf chess champion Bobby Fischer ex Browns head coach Sam Rutigliano legendary NBA referee Norm Drucker and Boys of Summer author Roger Kahn a b c d e f g h i j k l THE TOUGHEST amp IN SPORTS BusinessWeek June 15 1992 Archived from the original on January 2 2013 Retrieved October 7 2008 a b Kiersh Edward 2008 Playing Hardball Jerry Reinsdorf Got Michael Jordan Back Playing Basketball But the Federal Courts Stymied His Assault on Baseball s Economics CigarAficionado com Archived from the original on May 16 2008 Retrieved October 26 2008 Bloom Barry M March 29 2008 Robinson Reinsdorf honored on Friday Hall of Famer owner presented with Beacon Awards MLB Advanced Media L P Retrieved October 26 2008 a b c d e Chairman of the Chicago Bulls Jerry Reinsdorf NBA Media Ventures LLC Retrieved October 7 2008 Gatehouse Jonathon 2012 The Instigator How Gary Bettman Remade the NHL and Changed the Game Forever Triumph Books p 15 ISBN 9781600788154 Jerry Reinsdorf Principal GSIS Global Security and Innovative Strategies Retrieved July 31 2017 a b c d Wulf Steve December 2 1996 For Him The Belle Toils Time Archived from the original on November 6 2010 Retrieved October 5 2008 Ibata David January 16 1985 Ex Playboy Executive Named to Balcor Helm Chicago Tribune Retrieved October 8 2008 Timmons Heather September 4 2000 Bank Bank Bank for the Home Team Lending to a big league club pays off and there are perks BusinessWeek Archived from the original on May 23 2011 Retrieved October 7 2008 a b Ozanian Michael K October 27 2005 A Sweet Sweep Forbes Archived from the original on November 7 2005 Retrieved October 7 2008 a b c Oshinsky David M 2005 White Sox The Electronic Encyclopedia of Chicago Chicago Historical Society Retrieved October 7 2008 Armstrong David September 30 2002 A Long Strange Trip Forbes Archived from the original on May 15 2010 Retrieved October 7 2008 Noon Chris October 27 2005 McLane s Astros Whitewashed By Chicago Forbes Archived from the original on October 29 2005 Retrieved October 7 2008 a b Sakamoto Bob January 22 1985 Reinsdorf Negotiating To Buy Bulls Chicago Tribune Retrieved October 8 2008 Myslenski Skip Linda Kay January 24 1985 Sports Chicago Tribune Retrieved October 8 2008 Sakamoto Bob February 9 1985 Reinsdorf Buys Bulls Chicago Tribune Retrieved October 8 2008 a b Crockett Roger O et al January 25 1999 Yikes Mike Takes a Hike How Jordan s exit is shaking the world of sports business BusinessWeek Archived from the original on January 18 2013 Retrieved October 7 2008 Daley Steven February 9 1985 Reinsdorf Shows He s All Business Chicago Tribune Retrieved October 8 2008 Verdi Bob February 10 1985 Reinsdorf Tackles Bulls By The Horns Chicago Tribune Retrieved October 8 2008 Sakamoto Bob March 12 1985 Defenseless Bulls Ripped By Bullets Chicago Tribune Retrieved October 8 2008 Sakamoto Bob March 13 1985 Kovler Bows Out As a Bull s Owner Chicago Tribune Retrieved October 8 2008 Sakamoto Bob March 26 1985 Thorn is Out As Bulls GM Chicago Tribune Retrieved October 8 2008 Isaacson Melissa 2005 Bulls The Electronic Encyclopedia of Chicago Chicago Historical Society Retrieved October 7 2008 Barrett Todd July 9 1990 Acting Frisky At Comiskey The Stodgy Old White Sox Are Suddenly Hipsters Newsweek Retrieved October 6 2008 Wulf Steve March 20 1995 More Air Goes Out of Baseball Time Archived from the original on October 7 2010 Retrieved October 5 2008 Starr Mark October 18 1993 I Have Nothing Left To Prove There Was Only One More Thing For Michael Jordan To Do With A Basketball Put It Down And Walk Away This Is How He Reached His Decision Newsweek Retrieved October 6 2008 a b Hoop Dreams The Worlds Greatest Basketball Player Walked Away From The Game Eighteen Months Ago Will Michael Jordan Take To The Air Once Again Newsweek March 20 1995 Retrieved October 6 2008 a b Stein Joel Julie Grace John U Bacon and Sally B Donnelly June 22 1998 The One And Only Time Archived from the original on May 3 2007 Retrieved October 5 2008 a href Template Cite magazine html title Template Cite magazine cite magazine a CS1 maint multiple names authors list link a b Thigpen David October 23 2005 Every Year a Miracle Time Archived from the original on October 27 2005 Retrieved October 5 2008 McCarroll Thomas June 22 1992 A Whole New Ball Game Time Archived from the original on October 25 2012 Retrieved October 5 2008 a b Starr Mark March 13 1995 An Owner Who Won t Play Ball With The Other Boys Sports As Spring Training Starts With Replacement Players Angelos Of The Orioles Just Says No Newsweek Retrieved October 6 2008 Greising David Gail DeGeorge Bob Andelman and Harris Collingwood April 12 1993 BASEBALL S OWNERS ARE FINALLY TAKING A WHACK AT THE BALL BusinessWeek Archived from the original on July 29 2012 Retrieved October 7 2008 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link Greising David August 26 1996 Holland Kelley ed THIS RELIEF PITCHER MAY GET THE SAVE BusinessWeek Archived from the original on July 22 2012 Retrieved October 7 2008 Greising David October 17 1994 SPORTS SALARY CAPS ONE SIZE FITS NOBODY BusinessWeek Archived from the original on May 23 2011 Retrieved October 7 2008 Baker Stephen December 16 1996 COMMENTARY BASEBALL S LOSERS STILL LOSE BusinessWeek Archived from the original on May 23 2011 Retrieved October 7 2008 Raging Bulls Magic Filled The Headlines But Michael Was Making History Can His Brilliant Team Maintain Its Record Pace Newsweek February 12 1996 Retrieved October 6 2008 Rhodes Steve Larry Reibstein July 1 1996 Let Him Walk Just Kidding Sort Of Michael Jordan Is The Greatest Player Ever But Is He Worth The Big Bucks He Wants Newsweek Retrieved October 7 2008 RUN JUMP AND SELL Commercial exploitation of sports explodes BusinessWeek July 29 1996 Archived from the original on May 23 2011 Retrieved October 7 2008 Samuels Allison December 21 1998 Race Respect And The Nba Conflicts Over Money And Control Have Kept The Lockout Going But There s Been Another X Factor The Divide Between White Owners And Black Newsweek Retrieved October 7 2008 dead link a b c Bachin Robin F 2005 Comiskey Park The Electronic Encyclopedia of Chicago Chicago Historical Society Retrieved October 7 2008 Sneed Michael Cheryl Lavin January 27 1985 A Superstadium Chicago Tribune Retrieved October 8 2008 Schmeltzer John February 22 1985 Sox Owner s Firm Buys Du Page Site Chicago Tribune Retrieved October 8 2008 Greene Daniel 2005 United Center The Electronic Encyclopedia of Chicago Chicago Historical Society Retrieved October 7 2008 Greising David Dori Jones Yang and Laura Zinn October 18 1993 THE NBA MAY FEEL A VOID BUT JORDAN INC WILL PLAY ON BusinessWeek Archived from the original on July 22 2012 Retrieved October 7 2008 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link Ozanian Michael K December 14 1998 Selective accounting Forbes Retrieved October 7 2008 AL Owners Reject Sale of Rangers Chicago Tribune January 9 1985 Retrieved October 8 2008 Scotti Ciro October 14 1996 COMMENTARY BASEBALL WHO S LOOKING OUT FOR THE GAME BusinessWeek Archived from the original on January 18 2013 Retrieved October 7 2008 Berkow Ira September 6 1992 BASEBALL No Matter What s Said Reinsdorf Can Be Found in Eye of Storm The New York Times Retrieved October 26 2008 Greising David September 21 1992 BASEBALL S BASES ARE STILL LOADED WITH PROBLEMS BusinessWeek Archived from the original on July 23 2012 Retrieved October 7 2008 Greising David May 23 1994 THE BUFFOONS OF SUMMER LORDS OF THE REALM THE REAL HISTORY OF BASEBALL BusinessWeek Archived from the original on May 23 2011 Retrieved October 7 2008 Gregory Sean November 13 2007 A Rod s Salary Watching for Collusion Time Archived from the original on November 15 2007 Retrieved October 6 2008 Starr Mark August 8 1994 In This Game It s Hard To Root For Either Side Sports A Strike May Abort A Grand Baseball Season Newsweek Retrieved October 6 2008 Adler Jerry July 31 1995 The Rise Of The Overclass Newsweek Retrieved October 6 2008 Seligman Dan March 9 1998 Out out damned word Forbes Retrieved October 7 2008 Grace Julie Joel Stein January 25 1999 Splitting Bulls Time Archived from the original on October 28 2010 Retrieved October 5 2008 Park Alice Belinda Luscombe August 3 1998 People Time Archived from the original on June 21 2008 Retrieved October 6 2008 Capouya John June 29 1998 Goodbye To The Bulls The Coach Of The 90S Tells Why He s Walking Away And Why He Thinks Michael Will Quit Too Newsweek Retrieved October 7 2008 dead link alternate link paid Reinsdorf among 2 to bid for Coyotes ESPN com July 25 2009 Retrieved August 13 2009 Burnside Scott July 30 2009 NHL board unanimously denies Balsillie ESPN com Retrieved August 13 2009 Reinsdorf out NHL Ice Edge in ESPN com August 25 2009 Retrieved March 27 2010 Sunnucks Mike March 22 2010 Reinsdorf resurfaces as possible Coyotes buyer Phoenix Business Journal Retrieved March 27 2010 Sunnucks Mike April 6 2010 Glendale Reinsdorf deal calls for bond district exit plan for Phoenix Coyotes Phoenix Business Journal Retrieved April 8 2010 Lewis Scott August 9 2011 Glendale Reportedly in talks with two potential buyers theScore com Archived from the original on July 8 2012 Retrieved August 10 2011 Levy Steven June 25 2007 Covering All the Online Bases The digital business of Major League Baseball started out as a mess Now it has 400 million in revenue and may revolutionize the economics of the sport Newsweek Retrieved October 7 2008 Greenburg Zack O Malley April 7 2008 White Sox Dress Up Their Home Forbes Archived from the original on September 20 2012 Retrieved October 7 2008 MLB Owners Current Forbes April 15 2002 Retrieved October 7 2008 dead link Fluke Cecily Lesley Kump and Michael K Ozanian February 16 2004 2004 Team Valuations Forbes Archived from the original on March 7 2004 Retrieved October 7 2008 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link Watson Mark Jerry Reinsdorf Steroids Strictly a Don Fehr Problem and Creation FanHouse AOL LLC Retrieved October 8 2008 Reinsdorf to enter Appleton Hall of Fame White Sox owner will be inducted on Aug 5 MiLB com Minor League Baseball Retrieved October 7 2008 Golden Plate Awardees of the American Academy of Achievement www achievement org American Academy of Achievement Seidel Jeff June 22 2011 Reinsdorf recognized with prestigious honor White Sox chairman receives Jefferson Award for community work MLB com Retrieved August 4 2013 Dallas Sandra July 6 1998 CLASS ACT A REPORTER TURNS PRINCIPAL BusinessWeek Archived from the original on May 23 2011 Retrieved October 7 2008 GSIS Global Security Innovative Strategies Washington DC gsis us Retrieved January 30 2019 a b c Van Schouwen Daryl June 28 2021 Martyl Reinsdorf wife of Bulls White Sox chairman Jerry Reinsdorf dies at 85 Chicago Sun Times Retrieved June 29 2021 American Friends of the Hebrew University Martyl Reinsdorf retrieved July 27 2012Further reading editRuttman Larry 2013 Jerry Reinsdorf Owner of the Chicago White Sox and the Chicago Bulls American Jews and America s Game Voices of a Growing Legacy in Baseball Lincoln Nebraska and London England University of Nebraska Press pp 293 303 ISBN 978 0 8032 6475 5 Retrieved from https en wikipedia org w index php title Jerry Reinsdorf amp oldid 1219822158, wikipedia, wiki, book, books, library,

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