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Billionaire-class families are now reportedly chasing into a new trading strategy.
High-net-worth clients of the banking giant JPMorgan are increasingly attracted to sports teams as they continue to mature as assets, reports Bloomberg.
Data from JPMorgan shows that about 20% of the 111 billionaire families served by the bank have purchased stakes in sports teams, up 6% from three years ago. The data unveiled that sports and sports stadiums became a top priority for the ultra-wealthy this year in terms of special assets, even surpassing fine art and expensive cars.
Some examples of blue-chip funds going into professional sports include billionaire entrepreneur Mark Walter’s purchase of the Los Angeles Lakers for $10 billion and the New York Giants selling a 10% stake to the Koch family, both of which set record-breaking valuations of sports teams at the time, according to the report.
A non-US example of this phenomenon includes ammunition tycoon Michal Strnad buying a majority stake in the Czech football club FC Viktoria Plzen and UK industrial entrepreneur Jim Ratcliffe spending $1.5 billion to acquire about a third of Manchester United, one of the most popular soccer clubs in the world.
Andrew L. Cohen, executive chairman of JPMorgan’s global private bank, told Bloomberg that opportunities to make money from investing into sports teams are becoming more common in the US.
Cohen adds that sports teams have become more than just passion plays for elite investors and are becoming a regular part of their portfolios.
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