The Los Angeles Lakers, the Super Bowl champion Seattle Seahawks, a chunk of the New York Yankees. Teams are turning over at a rapid pace, driving valuations to stratospheric heights.
One reason for the sales boom you might expect: There are an ever-increasing number of billionaires with the resources to buy teams. More demand, plus a limited supply of teams, equals higher prices.
But experts also offered a surprising reason: artificial intelligence. Sports is believed to be a relatively AI-proof investment. Teams are not likely to be upended by the game-changing technology the way other investments might be.
“I’m willing to bet odds are greater that in 100 years that the Yankees will be here compared to IBM being here,” said Sal Galatioto, a leading investment banker in the field of selling sports teams.
Galatioto has been negotiating deals to buy teams, or a stake in teams, for 30 years. He said he’s never been busier.
