Early Life and Education
Jerry Michael Reinsdorf was born in Brooklyn, New York, on February 25, 1936, to a Jewish family. His father was a sewing machine salesman. Reinsdorf attended Erasmus Hall High School in Brooklyn. He earned a Bachelor's degree from George Washington University in 1957 and a Juris Doctor from Northwestern University School of Law in 1960. He started his professional life as a tax attorney with the Internal Revenue Service.
Rise to Success in Business
After leaving the IRS, Reinsdorf went into private practice, specializing in real estate partnership tax shelters. In 1973, he co-founded Balcor Company, which became a successful real estate investment firm. He sold Balcor to Shearson Lehman Brothers in 1982 for $102 million.
Sports Team Ownership and Achievements
Reinsdorf's career in sports began in 1981 when he purchased the Chicago White Sox for $19 million. Under his ownership, the White Sox won the World Series in 2005. In 1985, he led a group of investors to buy a controlling stake in the Chicago Bulls for $9.2 million. The Bulls, with Michael Jordan, won six NBA championships in the 1990s. Reinsdorf was inducted into the Naismith Memorial Basketball Hall of Fame in 2016.
Key Business Strategies and Influence
Reinsdorf is known for his blend of financial caution and strategic innovation. He introduced revenue-sharing models and digital media rights frameworks in Major League Baseball. He also played a key role in the formation of MLB Advanced Media. He is considered one of the most influential basketball owners.
Philanthropy
Reinsdorf has been involved in extensive charitable work through the White Sox Charities and Bulls Charities. His philanthropic efforts include support for the Chicago Public Schools and various charities. In 2017, he joined with other Chicago sports team owners to form the Chicago Sports Alliance, which donates annually to solutions addressing violence in Chicago.