There is an old joke in the U.K. about rich people who like to own soccer clubs (what we call “football”, correctly, over here in Britain). How do you make a million bucks? Make a billion bucks and then invest in a soccer team.
Todd Boehly laughs when I put the point to him during our mainstage interview at SXSW London. As a billionaire investor with stakes in Chelsea FC in London, and the Los Angeles Dodgers (baseball) and Los Angeles Lakers (basketball) in America, he knows more than most about the perils of investing in sports teams. “Risky” is a word often attached to the sector, given the vagaries of form and injuries.
