NEW YORK – Time was when sports teams and franchises were largely family enterprises, but now it is investment funds and consortiums buying them despite a downturn in the global economy.
In May, Todd Boehly became the latest American billionaire to buy a Premier League club when he headed up a consortium to seal a pound sterling4.25 billion ($5.3 billion) purchase of Chelsea.
California investment group Clearlake will be Chelsea’s majority shareholder as part of the consortium, with Boehly becoming controlling owner…