Friday Letter Private equity plays the field

Sports franchises have long been considered “vanity investments,” money-losing endeavors that serve to bolster the status of their well-heeled owners at the expense of their bottom lines. But a growing cadre of investors, private equity and otherwise, are increasingly looking at the sector, particularly European football clubs. And they’re counting on more than just success on the field to turn a profit. Oftentimes, real estate comes into play as well.