We’re getting more familiar with the characters in the 1990s Chicago Bulls orbit through ESPN's “The Last Dance,” including longtime Bulls and Chicago White Sox owner Jerry Reinsdorf.
Reinsdorf, 84, is a self-made billionaire who turned a modest fortune into a massive one by purchasing Chicago sports teams for cheap and converting them into lucrative businesses.
His first job out of Northwestern Law was a tax case for then-Sox owner Bill Veeck. He worked as a tax attorney for the IRS before moving to real estate, where he amassed his initial wealth by founding Balcor in 1973 — a company that invested in construction.
A baseball fanatic who was at Ebbets Field for Jackie Robinson’s debut, Reinsdorf led a group that purchased the White Sox in 1981 for … $19 million. In 1982, he sold Balcor for $102 million to American Express.
The Bulls formed in 1966 and found marginal success in the 1970s, making four consecutive playoff appearances and seeing increases in fan interest, including a move to Chicago Stadium. In 1972, franchise founder Dick Klein sold the team to Chicago Blackhawks owner Arthur Wirtz.
The Wirtz’s interest in basketball waned, leading to a dismal early '80s era. In 1985, Reinsdorf — hot off of turning the Sox into contenders — cobbled together a group and bought a controlling stake in the major market NBA franchise that just drafted Michael Jordan for … $9.2 million. Reinsdorf hired general manager Jerry Krause soon after purchasing the team.
For the past 35 years, Reinsdorf has been known as one of the most powerful — and cheapest — owners in sports. He’s largely credited with stopping the 1988 sale of the Texas Rangers and ousting former MLB Commissioner Fay Vincent (a power play with his pal Bud Selig). He oversaw the building and destruction of the Michael Jordan-led Bulls dynasty in the 1990s. He has also been rather anti-labor in lockouts and largely influential in revenue sharing developments for both leagues.
Reinsdorf was elected to the Naismith Memorial Basketball Hall of Fame in 2016. This year, Forbes valued the Bulls at $3.2 billion and the White Sox at $1.65 billion. The Bulls have won six NBA titles under Reinsdorf's watch, while the White Sox have one World Series championship.
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