Time was when sports teams and franchises were largely family enterprises, but now it is investment funds and consortiums buying them despite a downturn in the global economy.
In May, Todd Boehly became the latest American billionaire to buy a Premier League club when he headed up a consortium to seal a £4.25 billion ($5.3 billion) purchase of Chelsea.
California investment group Clearlake will be Chelsea’s majority shareholder as part of the consortium, with Boehly becoming controlling owner after Russian Roman Abramovich put the outfit up for sale.
