The rich have always wanted to own a team, and it seems like lately, they’ve been lining up to do it. Steve Ballmer walked away from Microsoft’s C-suite and into the Clippers, pouring more than $4 billion into the team and its new arena. Mark Walter closed a record $10 billion purchase of the Lakers last year. Rob Walton, the Walmart heir, sits courtside at Broncos games and holds a piece of the Diamondbacks. Arthur Blank went from cofounding Home Depot to owning the Falcons and Atlanta United. Bernard Arnault, the head of LVMH, picked up Paris FC and became the world’s richest sports owner in the process.
So why are the rich getting into the sports biz?
