Billionaires Takeover: The Big Money Wants In On Sports
As the sports industry continues to grow, deep pocketed investors are giving a shot at high profile sports teams.
The post Billionaires Takeover: The Big Money Wants In On Sports appeared first on LUXUO.
Image: Insider
Reports showed that billionaires’ wealth grew by 17 per cent to US$6 trillion and a large amount of it was contributed by the money that has been poured into sports. Billionaires are looking to make an impact in history, stepping up their philanthropy efforts, investments and patronising sports. As sports teams’ price tags are not accessible by many, it is often only the billionaires who have the spending power and means to get maximum advantage of networking after acquiring ownership of the club.
Back in the days when most club owners are mostly dedicated to the sports and the team, the ideal of directly profiting from the revenues of the club is not the sole goal. More importantly, winning prestigious trophies and proving that the club acquisition was worth it.
Today, the motivation behind owning a team is more pragmatic. The reason is highly due to its lucrative capitalisation of tickets and merchandise sales. The revenues of most sports teams such as the English Premier League football clubs, Chelsea FC and Manchester City, are used to further establish the clubs’ exemplary performance to earn reputation around the world. These renowned clubs were bought for millions and yet are now worth billions. Overall, putting yo...
The post Billionaires Takeover: The Big Money Wants In On Sports appeared first on LUXUO.
Image: Insider
Reports showed that billionaires’ wealth grew by 17 per cent to US$6 trillion and a large amount of it was contributed by the money that has been poured into sports. Billionaires are looking to make an impact in history, stepping up their philanthropy efforts, investments and patronising sports. As sports teams’ price tags are not accessible by many, it is often only the billionaires who have the spending power and means to get maximum advantage of networking after acquiring ownership of the club.
Back in the days when most club owners are mostly dedicated to the sports and the team, the ideal of directly profiting from the revenues of the club is not the sole goal. More importantly, winning prestigious trophies and proving that the club acquisition was worth it.
Today, the motivation behind owning a team is more pragmatic. The reason is highly due to its lucrative capitalisation of tickets and merchandise sales. The revenues of most sports teams such as the English Premier League football clubs, Chelsea FC and Manchester City, are used to further establish the clubs’ exemplary performance to earn reputation around the world. These renowned clubs were bought for millions and yet are now worth billions. Overall, putting yo...
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