Early Life and Education
Jerry Michael Reinsdorf was born in Brooklyn, New York, on February 25, 1936. He attended George Washington University, earning a Bachelor of Arts degree, and later, he earned a Juris Doctor degree from Northwestern University School of Law. Before entering the world of sports, Reinsdorf worked as a tax attorney with the Internal Revenue Service.
Rise to Success
Reinsdorf's career took a turn when he ventured into the business world. In 1973, he co-founded Balcor Company, a real estate investment firm. Balcor Company was later sold to American Express in 1982. In 1981, Reinsdorf acquired the Chicago White Sox for $19 million. He purchased the Chicago Bulls in 1985. Under his ownership, the Bulls became a global brand and dominated the NBA in the 1990s, winning six NBA championships. The White Sox won the World Series in 2005.
Key Business Strategies
Reinsdorf's success stems from a combination of business acumen and strategic decision-making. He was instrumental in instituting the salary cap and revenue sharing in the NBA. He has been known for cost-consciousness, even though he has been criticized for not spending as much to keep a championship roster together.
Philanthropy
Reinsdorf is involved in various charitable endeavors. He has been involved in Chicago Mayor Richard M. Daley's initiative to improve standardized test scores in Chicago Public Schools. He has also been involved in other charitable work, including those of CharitaBulls and White Sox Charities.
