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Sports teams are shifting from trophies to core investments for the ultra-wealthy, a J.P. Morgan Private Bank survey finds. Among 111 billionaire family-office principals polled by its 23 Wall unit, 20% now own controlling stakes, up from 6% in 2022. Thirty-four percent invest in teams or arenas, eclipsing art and cars. Executive chairman Andrew Cohen expects the trend to intensify as media and sponsorships push valuations; U.S. and European franchises total about $400 billion and deal value has climbed eightfold in five years. Beyond returns, owners seek hands-on roles, family ties, and—among women—support for women's sports.

Prepared by Christopher Adams and reviewed by editorial team.