Jerry Reinsdorf facts for kids
Quick facts for kids
Jerry Reinsdorf
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Reinsdorf in 2011
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| Born |
Jerry Michael Reinsdorf
February 25, 1936 New York City, U.S.
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| Education | George Washington University (BA) Northwestern University (JD) |
| Known for | Owner of Chicago White Sox and Chicago Bulls |
| Spouse(s) |
Martyl Rifkin
(m. 1956; died 2021) |
| Children | 4 |
| Awards |
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Jerry Michael Reinsdorf, born on February 25, 1936, is an American businessman. He is famous for owning two major sports teams: the NBA's Chicago Bulls and MLB's Chicago White Sox. He has owned these teams for almost 40 years.
Mr. Reinsdorf first made his money in real estate. He used a special rule that allowed property owners to sell and then lease back their buildings. This helped him save money on taxes. As of May 2024, his wealth was estimated at about US$2.2 billion.
Contents
Leading the Chicago Bulls to Victory
Jerry Reinsdorf became the owner and chairman of the Chicago Bulls in 1985. Under his leadership, the team became incredibly successful. They won six NBA Championships in the 1990s. These wins happened from 1991 to 1993 and again from 1996 to 1998.
He signed Michael Jordan to play baseball during Jordan's break from basketball. Reinsdorf also moved the Bulls from their old home, Chicago Stadium, to the new United Center. Some people have criticized him for breaking up the championship team. This happened when coach Phil Jackson was not hired back.
Bringing a World Series to the White Sox
Reinsdorf bought the Chicago White Sox in 1981. The team made the playoffs in 1983, which was their first time since 1959. In 2005, the White Sox won the World Series for the first time since 1917. This was the only year they won a playoff series under his ownership.
He also moved the White Sox from Comiskey Park to a new stadium in 1991. This new stadium is now called Rate Field. In both basketball and baseball, he is known for being tough in talks with player unions. Since the early 1990s, he has been a very important owner in basketball. He helped create rules like the salary cap and revenue sharing.
On April 4, 2016, Jerry Reinsdorf was chosen for the Naismith Memorial Basketball Hall of Fame. He was honored for his contributions to the sport.
In 2024, the White Sox team lost a record 121 games. This led to more criticism of Reinsdorf. Some people even suggested he might want to move the team to Nashville, Tennessee.
Early Life and Education
Jerry Reinsdorf was born into a Jewish family in Brooklyn, New York. He went to Erasmus Hall High School in Brooklyn. His father sold sewing machines. Reinsdorf was at the game when Jackie Robinson played his first game for the Brooklyn Dodgers. This was a very important moment, as Robinson was the first black player allowed by white team owners.
Reinsdorf earned a bachelor's degree from George Washington University. He then moved to Chicago in 1957. He became a certified public accountant (CPA) and a lawyer. He also got scholarships to study law at Northwestern University School of Law.
Starting His Business Career
After finishing law school in 1960, Reinsdorf worked as a lawyer for the IRS. His first case was about the taxes of Bill Veeck, who owned the White Sox at the time. In 1964, he started his own law practice. He became good at helping people with real estate taxes.
In 1973, he sold his real estate business interests. He then started a company called Balcor. This company raised US$650 million to invest in buildings. He sold Balcor in 1982 for $102 million.
Becoming a Sports Owner
Buying the Teams
In 1981, Jerry Reinsdorf had enough money to buy the White Sox for $19 million. He quickly signed important players like Greg Luzinski and Carlton Fisk. He also spent three times more money on promoting the team. The number of team scouts also increased. By the 1983 Major League Baseball season, the White Sox had the best record in Major League Baseball.
In 1985, he bought the Chicago Bulls for US$16 million. This was part of a group purchase. Before Reinsdorf bought the team, the Bulls had some legal issues. Reinsdorf became the main owner on March 11, 1985. He soon hired Jerry Krause as the new general manager.
The Bulls' popularity grew fast, thanks to Michael Jordan, who was drafted the year before Reinsdorf bought the team. The team also added players like Horace Grant and Scottie Pippen. In 1989, Phil Jackson became the head coach. Jackson helped the Bulls win six NBA championships in eight seasons. Before Reinsdorf, the Bulls had low attendance. But from 1987 until Jordan retired in 1998, every Bulls game was sold out.
Team Ownership History
The White Sox won their division in 1983, 1993, 2000, 2005, 2008, and 2021. They also won the 2005 World Series. This win made Reinsdorf one of only three owners in North American sports history to win championships in two different sports. He even signed Michael Jordan to play minor league baseball for the White Sox.
Reinsdorf has been called a "cheapskate" by some magazines. He is known as a tough owner in baseball, especially during player union talks. He was one of the strongest voices during the 1994–95 Major League Baseball strike. He avoided signing expensive free agents for a while. In 1996, he signed Albert Belle for $55 million. This was a big deal because Reinsdorf usually opposed high player salaries. At one point, he employed both the highest-paid baseball player (Belle) and the highest-paid basketball player (Jordan).
After buying the White Sox, Reinsdorf complained about the old Comiskey Park. He even threatened to move the team out of Chicago. To keep the team, the state of Illinois helped build New Comiskey Park. Reinsdorf and Chicago Blackhawks owner William Wirtz also helped fund the United Center. When the United Center opened in 1994, all the luxury suites were rented out for many years.
Reinsdorf is a powerful baseball owner. In 1988, he stopped the sale of the Texas Rangers. He also influenced the sale of the Seattle Mariners. Many believe he was largely responsible for Fay Vincent being removed as the Commissioner of Baseball in 1992. By the early 1990s, Reinsdorf and Milwaukee Brewers owner Bud Selig became very powerful in baseball.
Some fans believe Reinsdorf broke up the championship Bulls team. They think the Bulls could have won more titles with Michael Jordan, Scottie Pippen, and coach Phil Jackson. It is said that Jackson had problems with both Reinsdorf and general manager Jerry Krause. This led to Jackson not returning as coach. Jordan then retired during the lockout.
Reinsdorf was interested in buying the Phoenix Coyotes hockey team. He wanted to keep the team in Phoenix. However, the team was eventually sold to a different group of investors in 2013. The Coyotes later moved to Utah in 2024.
His Legacy in Sports
Reinsdorf helped create revenue sharing for Major League Baseball's internet rights. This means all teams share equally in the money from online content. He also sold the naming rights for New Comiskey Park to U.S. Cellular. This $68 million deal helped pay for a big upgrade of the stadium.
Reinsdorf won a legal battle with other NBA owners about the Chicago Bulls' TV broadcasts. He was allowed to keep the team's contract with WGN-TV. As of 2004, the Bulls were still the most profitable team in the NBA.
Reinsdorf believes that if the Major League Baseball Players Association had not opposed steroid testing, baseball would have acted against steroid use sooner. He thinks this delay will stop some players from entering the National Baseball Hall of Fame and Museum.
Reinsdorf will also be remembered as the owner of the 2024 White Sox. This team broke the Major League Baseball record for most losses in a single season.
Awards and Honors
Jerry Reinsdorf has received many awards for his work in sports:
Sports Ownership
- Six-time NBA champion (with the Bulls)
- 2005 World Series champion (with the White Sox)
- Three-time Midwest League champion (with the Appleton Foxes)
Halls of Fame
- Naismith Memorial Basketball Hall of Fame (Class of 2016)
- Appleton, Wisconsin Baseball Hall of Fame (Class of 2006)
Other Awards
- 1990 Golden Plate Award from the American Academy of Achievement
- 2011 Jefferson Award for Public Service
Charity Work
Reinsdorf has been involved in many charitable efforts. He helped Chicago Mayor Richard M. Daley improve test scores in Chicago Public Schools. He also supports CharitaBulls and White Sox Charities. His charity work has helped the Near West Side community near the United Center. White Sox Charities has also given money to the Chicago Park District to build and maintain baseball and softball fields.
Other Business Activities
Jerry Reinsdorf has served on the boards of many companies and charities. He is a Life Trustee of Northwestern University.
He has also been very active in baseball's affairs. He has served on many important committees for Major League Baseball. He is also on the boards of MLB Advanced Media and MLB Enterprises.
In 2013, Reinsdorf helped start a company called Global Security and Innovative Strategies.
Personal Life
In 1956, Jerry Reinsdorf married Martyl Rifkin. They met while both were students at George Washington University. Martyl was born in Denver, Colorado, and her family moved to Chicago in 1944. She passed away on June 28, 2021. Jerry and Martyl had four children: Susan, David, Michael, and Jonathan.
