Justin Ishbia secured a multi-phase acquisition agreement with Jerry Reinsdorf in June 2025, establishing control rights by 2029 and full ownership after 2034. Ishbia and brother Mat invested in the franchise in 2021, positioning themselves as long-term capital partners before assuming operational control. The phased structure defers full purchase obligations while granting governance rights mid-decade, reducing near-term cash demands and allowing Reinsdorf a managed transition window.