Report: Jerry Reinsdorf, White Sox to ask state for $1 billion to build new stadium

(670 The Score) The White Sox and chairman Jerry Reinsdorf are preparing to request $1 billion in public funding from Gov. J.B. Pritzker and the state of Illinois to build their new stadium in Chicago's South Loop, Crain's Chicago Business reported Friday.

According to the report, Reinsdorf is "bullish" about winning support from the state. He and Related Midwest president Curt Bailey, whose company would lead the development of this stadium project, are preparing to pitch how this plan would bring in billions in private investment. That would include housing, bars, restaurants and parking.

Reinsdorf's plan is seeking to extend the 2% hotel occupancy tax for decades more. It would be the continuation of an existing tax formed with the Illinois Sports Facilities Authority, extending this tax beyond when outstanding bonds are meant to be paid in 2034.

The White Sox could keep prevent the Bears from receiving ISFA funding for their own stadium plans along the city's lakefront, according to the report, which says the two teams are essentially competing with each other for the potential of state funding.

Reinsdorf and Pritzker have not yet met about the proposal, though Pritzker is seeking a full plan before those conversations begin, according to the report. The ISFA would also want a plan for Guaranteed Rate Field if the White Sox were to receive funding to leave their current ballpark.

The White Sox have played at Guaranteed Rate Field, previously known as Comiskey Park, since 1991.