Ask any basketball fan in the Windy City about the owners of Chicago Bulls and you’ll likely get a heavy sigh before they even start talking. It is a complicated relationship. On one hand, you have the six shiny gold trophies sitting in the lobby. On the other, you have decades of "just good enough" basketball that drives the local fanbase up a wall.
Ownership isn't just about who signs the checks; it’s about the soul of the franchise. Since 1985, that soul has been tied directly to one man: Jerry Reinsdorf. He’s 89 now. A billionaire who made his bones as a tax attorney and real estate mogul. But to Bulls fans, he’s the guy who has presided over the highest of highs and some pretty stagnant lows.
The $9.2 Million Bargain That Changed Everything
In 1985, Jerry Reinsdorf led a group of investors to buy a controlling stake in the Chicago Bulls for a measly $9.2 million. Perspective is everything here. Today, Forbes estimates the team is worth roughly $5 billion. That is a return on investment that would make any Wall Street shark weep with envy.
But Reinsdorf didn't just walk into a championship. He walked into a team that had just drafted a kid named Michael Jordan a year earlier. Honestly, it’s one of the greatest strokes of timing in sports history. The previous owners, a group led by Arthur Wirtz and Lester Crown, had seen the team struggle through the late 70s and early 80s. They were ready to move on. Reinsdorf, already owning the White Sox, saw a business opportunity.
He didn't just want to win. He wanted a "strictly business" operation. Reinsdorf is famous—or infamous—for saying he’d trade all six Bulls championships for one White Sox World Series title. For a basketball-crazy city, that kind of honesty hurts. It also explains a lot about how the team has been managed over the last forty years.
Who Actually Owns the Team Today?
While Jerry Reinsdorf is the face of the operation and the Chairman, he doesn't own 100% of the team. He never has. He owns about 40% of the Chicago Bulls. The rest is held by a syndicate of investors, some of whom have been there since the mid-80s.
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- Michael Reinsdorf: Jerry’s son. He’s the President and COO. Basically, he runs the day-to-day.
- The Reinsdorf Family: They are the primary power block.
- Minority Partners: These are often quiet wealthy individuals or groups that hold smaller percentages, providing the capital for the $5 billion valuation.
The structure is a "Limited Partnership." This means Jerry has the voting power and makes the final calls, even if he doesn't hold the absolute majority of every single share. It’s a setup that has allowed the family to maintain a iron grip on the team's direction for four decades.
The "Business First" Philosophy
You've probably heard the criticism. "The Bulls are a cash cow, not a contender."
There’s some truth in the numbers. Under the current owners of Chicago Bulls, the team has consistently been one of the most profitable in the NBA. Even when they’re losing 50 games a year, the United Center is usually packed. Chicago is a massive market. The brand, built by Jordan and Pippen, is global.
Jerry Reinsdorf has often been called a "hardliner" in labor negotiations. He was a key figure in the NBA lockouts of the 90s. He likes salary caps. He likes revenue sharing. Why? Because it protects the bottom line.
Critics point to the 1998 "Last Dance" season as the ultimate example. The team was still at the top of the world. They just won their sixth title. But the front office—led by Jerry Krause under Reinsdorf’s watch—was ready to blow it up. They wanted to rebuild. They wanted to prove they could win without the "expensive" superstars.
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They haven't won a title since.
The 2026 Reality: Stuck in the Middle
As we sit here in 2026, the Bulls are in a bit of a "no man's land." They aren't bad enough to get a top-three draft pick, but they aren't good enough to scare the big dogs in the Eastern Conference.
Ownership finally made a move in 2024 and 2025 to pivot away from the Zach LaVine era, but the results are still pending. The current management, led by Artūras Karnišovas and Marc Eversley, was brought in to modernize the "old school" feel of the Reinsdorf era. But many fans feel like the mandate from the top is still the same: Stay competitive enough to sell tickets, but don't go into the luxury tax unless it's a sure thing.
What Most People Get Wrong About the Owners
There’s a myth that Jerry Reinsdorf is "cheap."
That isn't exactly right. He's frugal. There's a difference. He’s willing to spend money—he gave Michael Jordan a $30 million contract back in 1997, which was unheard of at the time. But he hates "bad value." He’s a tax attorney at heart. He looks for efficiencies.
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If he doesn't think a team can win a championship, he isn't going to pay the NBA's punitive "Luxury Tax" just to be the 5th seed. This "efficiency" is what keeps the Bulls profitable but often keeps them out of the superstar arms race that defines the modern NBA.
The Future: Will the Bulls Ever Be Sold?
This is the billion-dollar question. Jerry Reinsdorf has publicly stated in the past that his family should keep the Bulls but sell the White Sox after he passes. He views the Bulls as the better long-term family asset.
Michael Reinsdorf has taken an increasingly active role. He’s more "fan-facing" than his father. He’s the one who authorized the firing of long-time executive John Paxson and Gar Forman, a move fans begged for for a decade. He seems more aware of the modern NBA landscape—digital media, player empowerment, and the need for a global brand.
But don't expect a sale anytime soon. The team is a money-printing machine. With the new NBA television deals and the global expansion of the league, the Bulls' value is only going up.
Actionable Insights for Fans and Investors
If you're following the owners of Chicago Bulls to understand where the team is headed, here are the real takeaways:
- Watch the Luxury Tax: The Bulls' willingness (or lack thereof) to pay the tax is the only real indicator of whether ownership thinks they can win. If they stay under the tax line, they are in "profit mode."
- Succession is Already Here: Michael Reinsdorf is the one making the calls now. If you want to see a change in culture, look at his hires, not Jerry's old quotes.
- The "Middle" is Intentional: In a massive market like Chicago, being a "Play-In" team is often more profitable than a total teardown rebuild. Total rebuilds mean empty seats. Ownership hates empty seats.
- Stadium Real Estate: Keep an eye on the United Center area. Ownership is heavily invested in the "West Side" development. The team is now part of a larger real estate play, much like the Ricketts family with Wrigleyville.
The Bulls remain a premier franchise, but they are a conservative one. They don't take the wild gambles you see in Phoenix or with the Warriors. Under the Reinsdorfs, the Bulls are a blue-chip stock: steady, profitable, and occasionally spectacular, but rarely ever "all-in."
To understand the Bulls, you have to understand that to the owners, the box score matters, but the balance sheet is what keeps the lights on. Until that priority shifts, the "Stuck in the Middle" feeling might just be the price of doing business in Chicago.