Early Life
Jerry Michael Reinsdorf was born on February 25, 1936, in Brooklyn, New York, to a Jewish family. His father was a sewing machine salesman. Reinsdorf attended Erasmus Hall High School and witnessed Jackie Robinson's debut for the Brooklyn Dodgers. He earned a bachelor's degree from George Washington University in 1957 and a law degree from Northwestern University in 1960. Reinsdorf's early career included a stint as a tax attorney with the Internal Revenue Service.
Rise to Success
Reinsdorf transitioned into private practice in 1964, specializing in real estate partnership tax shelters. In 1973, he co-founded Balcor, a real estate investment company that he later sold in 1982 for $102 million to Shearson Lehman Brothers. In 1981, Reinsdorf purchased the Chicago White Sox for $19 million. He then became the chairman of the Chicago Bulls in 1985 after purchasing a controlling interest.
Key Business Strategies
Reinsdorf's business approach emphasizes long-term value creation. He has been known for instituting the salary cap and revenue sharing in the NBA. Reinsdorf also played a key role in revenue sharing of Major League Baseball's internet rights through MLB Advanced Media. He is known for his strong business sense, financial expertise, and commitment to his teams.
Philanthropy
Reinsdorf and his late wife Martyl were generous supporters of various charities in Chicago and other locations. He organized the Chicago White Sox Charities, which raises funds for cancer research and educational programs. Reinsdorf received the Jefferson Award for “Greatest Public Service Benefiting the Disadvantaged” in 2011 for his philanthropic efforts through the Chicago White Sox and Bulls Charities.