A Boston Celtics game against the Toronto Raptors last season. The Celtics’ value has risen substantially again, making the team among the league’s most valuable.
Any member of the billionaire class — more than 800 in the U.S. at last count — can always buy another house, luxury car or extravagant vacation. But there are only so many opportunities to purchase a professional sports team.
Sports teams have become what Temple University sports economist Michael Leeds calls "the 'in' plaything for American plutocrats," adding that it also "says something very sad about income distribution in the U.S."
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The prestige factor is no doubt one reason the Celtics managed to snag a record $6.1 billion last week, the highest price ever paid for any sports team in North America. But sports economists interviewed by the Boston Business Journal said there's something else at play: private equity.
More on this story from Boston Business Journal
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