Portal:Chicago/Selected biography/62

Jerry M. Reinsdorf is a C.P.A., lawyer, and the majority owner of both the Chicago White Sox and the Chicago Bulls. He started his professional life as a tax attorney with the Internal Revenue Service. He has been the head of the White Sox and Bulls for over 20 years. He made his initial fortune in real estate taking advantage of the Frank Lyon Co. v. United States decision in the United States Supreme Court which allowed economic owners of realty to sell property and lease it back while transferring the tax deduction for depreciation to the title owner. He has become a sports owner with a reputation for frugality. As the owner and Chairman of the Chicago Bulls since 1985, he has turned the franchise into a lucrative business that won six World Championships in the 1990s. He is controversial for his involvement (along with Jerry Krause) in breaking up the championship team by not hiring back key personnel such as Phil Jackson and Michael Jordan. He also moved the Bulls from Chicago Stadium to the United Center. As a baseball owner since 1981, he has brought success to the White Sox franchise. The franchise made the playoffs in 1983 for the first time since 1959 and won the World Series in 2005 for the first time since 1917. He moved the White Sox from Comiskey Park to New Comiskey Park and then renaming the new park U.S. Cellular Field. In both sporting endeavors, he has developed a reputation as an anti-labor union hardliner. Since the early 1990s, he has been considered one of the most, if not the most, influential baseball owners..