Jerry Reinsdorf is a well-known American businessman and lawyer who made a significant impact in the sports industry. As the majority owner of the Chicago White Sox and the Chicago Bulls, he led both teams to great success, with the Bulls winning multiple NBA championships under his ownership. Reinsdorf’s business acumen was evident in his co-founding of Balcor Co., a pioneering real-estate partnership firm that he later sold for a staggering $102 million. His contributions to the sports world have earned him a well-deserved place in the Naismith Memorial Basketball Hall of Fame.
Quick Facts
- Also Known As: Jerry M. Reinsdorf, Jerry Michael Reinsdorf
- Age: 87 Years, 87 Year Old Males
- Family:
- Spouse/Ex-: Martyl Rifkin Reinsdorf (m. 1956)
- Father: Max Reinsdorf
- Mother: Marion (Smith) Reinsdorf
- Children: David Reinsdorf, Jonathan Milton Reinsdorf, Michael Andrew Reinsdorf, Susan Janeen Reinsdorf
- Born Country: United States
- Billionaires
- CEOs
- Notable Alumni: Northwestern University School Of Law
- City: Brooklyn, New York City
- U.S. State: New Yorkers
- Education: George Washington University, Northwestern University School Of Law
Childhood & Early Life
Jerry Reinsdorf was born to a Jewish family in Brooklyn, New York on 25 February 1936. His parents were Max and Marion Reinsdorf. His father was a sewing machine mechanic and salesman. Jerry Reinsdorf studied at Erasmus Hall High School in Brooklyn. From an early age, he was quite interested in baseball.
He later pursued his college degree from George Washington University. During this time, he was also a member of the Alpha Epsilon Pi fraternity. He received his BA degree in 1957, and in 1960, he also received his law degree from Northwestern University.
Career
Jerry Reinsdorf soon began his career as a tax attorney with the Internal Revenue Service. He was also a certified public accountant, a registered mortgage underwriter, a real estate securities specialist, and also a certified review appraiser. By 1981, he was wealthy enough to purchase the Chicago White Sox of the Major League Baseball.
The team also signed a television deal with Sportsvision, which was newly founded at the time. By the 1983 season, the White Sox also made the playoffs with the best record in the Major Leagues. The team eventually won the title of American League West Division twice, in 1983 and in 1993.
In 1985, he purchased the Chicago Bulls of the National Basketball Team, for $ 16 million. He managed to turn the franchise into a lucrative business within some years. The team eventually managed to win six NBA Championships, in 1991, 1992, 1993, 1996, 1997 and in 1998. After around ten years of ‘his purchase, the team`s value was worth $ 178 million.
Despite his successes, Time magazine has described him as a cheapskate. He has also earned a reputation as one of the most anti-union, militant and hard-line basketball owners. Several fans as well as columnists have also accused him of breaking up the Bulls team. He also persuaded politicians of Illinois to finance a new stadium, which allowed him to tear down Comiskey Park. He also unveiled a new United Center that would replace Chicago Stadium.
He has also been involved in initiatives that would help in improving standardized test scores in the 559 Chicago Public Schools. He has also been involved in charitable work of White Sox and CharitaBulls Charities. The White Sox Charities has also made a donation of $ 1 million to the Chicago Park District, mostly to fund baseball and softball fields.
In August 2006, he was inducted into the Appleton, Wisconsin Baseball Hall of Fame, due to his contributions. He received a Jefferson Award for Public Service as well in 2011. He also received recognition for Greatest Public Service Benefiting the Disadvantaged, due to his philanthropic efforts through CharitaBulls and the Chicago White Sox Charities.
Over the years, Jerry Reinsdorf has been also active in the affairs related baseball. He has served on the Executive Council and Ownership, Restructuring, Long Range Planning, Equal Opportunity, Strategic Planning, Expansion, Legislative and Labor Policy Committees of Major League Baseball. He serves on the Boards of MLB Enterprises as well as MLB Advanced Media.
Family & Personal Life
Jerry Reinsdorf married Martyl Rifkin in 1956. They couple have three sons and one daughter, named David, Susan, Michael and Jonathan.
Though Reinsdorf has received a lot of criticism by baseball and basketball fans, as well as from the media, his employees are known to be quite loyal to him. They also describe him as fair-minded and generous. Every time the Chicago Bulls made it to the finals of the NBA, Reinsdorf paid to fly the team`s full-time employees as well as their families to their out-of-town games. This is known to have cost $ 1.5 million in 1996. It has also been reported that even coaches whom he fired are treated well by him.