NEWARK / LONDON (IT BOLTWISE) – Billionaire families are increasingly turning away from traditional status symbols like art and cars and instead investing in sports teams. A survey by JP Morgan Private Bank shows that 20% of family offices surveyed now own majority stakes in sports teams, a significant increase from 6% in 2022.
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For the super-rich, sports teams have evolved from mere status symbols into significant investments. A recent survey by JP Morgan Private Bank shows that more and more billionaire families are investing in sports teams instead of art or cars. This development is fueled by rising valuations of sports franchises and lucrative media rights contracts.
The survey, conducted between March and August, found that 20% of family offices surveyed own majority stakes in sports teams, compared to just 6% in 2022. Overall, 34% of billionaires surveyed invest in sports teams and arenas, while only 23% invest in art and 10% invest in cars.
Andrew Cohen, chief executive of JP Morgan’s global private bank, explains that sports teams not only provide financial returns, but also provide a platform for active engagement. Many investors hold board positions or are actively involved in franchise operations, which contrasts with passive investments in art or cars.
However, the rising valuations of sports teams are forcing even very wealthy individuals out of bidding wars for controlling stakes. However, there are opportunities to invest in the teams through syndicates or minority investments. Investments in arenas or in sports-related areas such as data analysis and merchandising also offer attractive alternatives.
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