The top 20 owners on The Forbes 400 have seen their combined fortunes rise by $122 billion over the past year, now worth more than half a trillion dollars. Billionaire mortgage lender Mat Ishbia bought the Phoenix Suns last year for $4 billion, setting a new record for NBA team purchases. NBA team values have appreciated roughly 2,200% since 1998, with franchises poised to keep growing. The NBA recently doubled its national media rights fees, contributing to the 32% increase in the top 20 sports owners’ wealth.
54 billionaires on The Forbes 400 are controlling owners of sports teams in major pro leagues. The 20 richest owners now have a combined net worth of $504 billion, with investments in various sports leagues. Former Microsoft CEO Steve Ballmer remains the richest sports team owner in America, with a net worth of $123 billion. Other top owners include Walmart heir Rob Walton, Cleveland Cavaliers owner Dan Gilbert, and the 13th-ranked Ishbia.
Financial conditions have made it harder for new owners to enter this exclusive club, with top sports owners needing at least $9.3 billion to rank in the top 20. Miriam Adelson is one of the few owners whose fortune declined in the past year, down 9% due to a lukewarm performance by the Las Vegas Sands Corporation. However, she was able to join the list of owners after buying the Dallas Mavericks for $3.5 billion.
Other notable sports team owners in the top 20 include New York Mets owner Steve Cohen, Carolina Panthers owner David Tepper, and Miami Dolphins owner Stephen Ross. The wealth of these owners stems from various sources, including real estate, energy, telecommunications, and sports and entertainment. These owners have made significant investments in their teams, with plans for future growth and development.
Team values in major sports leagues have continued to rise, with owners like Los Angeles Kings owner Phil Anschutz, Dallas Cowboys owner Jerry Jones, and New England Patriots owner Robert Kraft seeing increases in their net worth. The influence of these owners extends beyond the sports world, with investments in other industries like manufacturing and private equity. The top 20 sports team owners continue to make waves in the business and sports world.
