Want to buy a sports team? You better hurry, and bring a ton of cash

Irwin Kishner, co-chair of Herrick's Sports Law Group and co-chair of Herrick's Corporate Department, was quoted in CNN in an article discussing the "sales boom" of professional sports teams and their rising valuations. The article notes that some of the factors driving the boom include the increasing number of billionaires and the belief that sports is a relatively AI-proof investment, highlighting that "teams are not likely to be upended by the game-changing technology the way other investments might be."

Private equity’s growing interest in sports teams is another sign of the buying boom, said Irwin. “Every year (valuations) seems to go up more, and so I think private equity started to recognize the value of this opportunity.”

The article also discusses how both media rights deals and legalized sports betting have also driven growth. In addition, sports teams are a limited commodity and a coveted investment- "[m]ore demand, plus a limited supply of teams, equals higher prices." 

Read the full article in CNN here. Access may require a subscription.