Jerry Reinsdorf Net Worth

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Jerry Reinsdorf Net Worth

Jerry Reinsdorf, a lawyer, CPA, and professional sports owner, has a net worth of $2 billion dollars. He is widely known for being the owner of both the Chicago White Sox and the Chicago Bulls for over 35 years. Throughout his career, Reinsdorf has experienced great success and controversy, particularly in his handling of key team members such as Phil Jackson and Michael Jordan.

Highlights

– Jerry Reinsdorf has a net worth of $2 billion dollars.

– He is known for being the owner of the Chicago White Sox and the Chicago Bulls.

– Reinsdorf has faced both success and controversy in his career.

Early Life

Jerry M. Reinsdorf was born in Brooklyn, New York in February 1936. His passion for sports was ignited at a young age when he witnessed Jackie Robinson’s debut with the Brooklyn Dodgers. After completing his undergraduate studies at George Washington University, Reinsdorf moved to Chicago where he started working as a CPA, appraiser, and mortgage underwriter. He later received a full scholarship to Northwestern University School of Law, graduating in 1960.

Career

Following his graduation, Jerry Reinsdorf worked for the Internal Revenue Service, where his first case involved a tax delinquency case of Bill Veeck, the owner of the White Sox. Reinsdorf then pursued a career in private practice, specializing in developing real estate tax shelters for private clients. In 1973, he founded Balcor, a company that invested $650 million in raised capital into commercial real estate. Reinsdorf sold Balcor in 1982, making a gain of $102 million.

Team Ownership

In 1981, Jerry Reinsdorf and a group of partners purchased the Chicago White Sox for $19 million. The team’s success, including winning the 2005 World Series, has significantly increased its value to an estimated $1.9 billion today. In 1985, Reinsdorf led a group of investors to buy the Chicago Bulls for $16 million, the same year Michael Jordan was drafted. With Jordan’s exceptional performance, the Bulls experienced immense success, winning six NBA Championships. Today, the Chicago Bulls are worth $3.2 billion.

Personal Life

Jerry Reinsdorf has had an amicable relationship with Michael Jordan, the legendary basketball player who played for the Chicago Bulls. When Jordan announced his retirement from basketball to pursue a career in professional baseball, Reinsdorf supported his decision and even offered him a minor-league contract with the White Sox. Additionally, Reinsdorf continued paying Jordan his full NBA salary as a gesture of gratitude for his contributions to the team.

Net Worth Over Time

Jerry Reinsdorf’s net worth has experienced significant growth over time. Starting from his purchase of the Chicago White Sox for $19 million in 1981, the team’s success and increased value have played a vital role in Reinsdorf’s net worth accumulation. Similarly, the acquisition of the Chicago Bulls for $16 million in 1985, along with the team’s unprecedented success during the 90s, has contributed significantly to Reinsdorf’s net worth growth. As of today, his net worth stands at $2 billion.

Components of Net Worth

Jerry Reinsdorf’s net worth primarily consists of his ownership interests in the Chicago White Sox and the Chicago Bulls. The success and value appreciation of both teams have contributed significantly to his overall net worth. Additionally, his previous ventures, such as the sale of Balcor, have also played a role in increasing his net worth. Reinsdorf’s various business endeavors, along with his legal and CPA background, have contributed to his ability to navigate and capitalize on opportunities within the sports industry.

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