Jerry M. Reinsdorf (born February 25, 1936) is a CPA, lawyer and an owner of the NBA’s Chicago Bulls and the MLB’s Chicago White Sox. He started his professional life as a tax attorney with the Internal Revenue Service. He has been the head of the White Sox and Bulls for over 25 years.
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 has turned the franchise into a lucrative business that won 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 key personnel such as Phil Jackson and Michael Jordan. He hired Jordan as a baseball player during his sabbatical from basketball. He also moved the Bulls from Chicago Stadium to the United Center.
As a baseball owner since 1981, he has brought success to the White Sox franchise. The franchise made the playoffs in 1983 for the first time since 1959 and won the World Series in 2005 for the first time since 1917. He moved the White Sox from Comiskey Park to New Comiskey Park in 1991, which was renamed U.S. Cellular Field in 2003, and once again to Guaranteed Rate Field in 2016. 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, if not 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.
Summary
| Jerry Reinsdorf | |
|---|---|
| Born | February 25, 1936 Brooklyn, New York, US |
| Education | George Washington University Northwestern University School of Law |
| Occupation | Owner of Chicago White Sox and Chicago Bulls |
| Net worth | $1.2 billion (September 2015) |
| Spouse(s) | Martyl F. (Rifkin, December 29, 1956) |
| Children | David Jason (deceased) Susan Janeen Michael Andrew Jonathan Milton |
| Parent(s) | Max and Marion (Smith) Reinsdorf |
Jerry Reinsdorf is a CPA, lawyer, and sports team owner with an estimated net worth of $350 million. His professional career began as a tax attorney with the Internal Revenue Services. He started accumulating when he ventured in real estate and took advantage of the Frank Lyon Co. v. United States decision of the Supreme Court. This allowed the economic owners of realty to sell property and lease it back while transferring the tax deduction for depreciation to the title owner. Jerry M. Reinsdorf, born on February 25, 1936 in Brooklyn, New York, has been the head of the Chicago Bulls and White Sox for more than 20 years. Since 1981, he is the owner of the Chicago White Sox and has brought success to the franchise. It made the playoffs in 1983 and won the World Series in 2005. He was the owner of the Chicago Bulls since 2005 and led the team to six NBA Championships from 1991 to 1993, and between 1996 and 1998. Despite his great success with the teams, he has faced controversies regarding his handling of key team members, most notably Phil Jackson and Michael Jordan.
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