What do the owners of sports organizations do for a living? Did most of them come from money?

The richest sports team owners in the US have amassed fortunes that run into the billions, proof that sports are a sound investment. The biggest of these billionaires own teams in the NBA.

Steve Ballmer

The richest sports team owner is Steve Ballmer, owner of the Los Angeles Clippers. The American businessman was the CEO of Microsoft from 2000 to 2014, and continues to have a stake in the company. According to the Bloomberg Billionaires Index, the 65-year-old’s personal wealth was valued at $104.6 billion as of Feb. 22, 2022, making him the eighth richest person in the world at this point.

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Dan Gilbert

Daniel Gilbert is majority owner of the Cleveland Cavaliers, which he acquired in 2005. Forbes pegged his net worth at $30.9 billion in 2021. The 60-year-old made his fortune from Quicken Loans, a mortgage-lending company which he co-founded. He also obtained his riches from owning hotels and casinos in Kentucky, Maryland, Michigan, and Ohio.

Robert Pera

At third place is Robert Pera, who at 43 is the youngest team owner in the NBA. He bought the Memphis Grizzlies ten years ago, when he was in his early 30s. He worked for Apple after he graduated from college, then left the company to form Ubiquiti Networks, which fabricates wireless networking gear. With only $30,000 of personal savings and credit card debt, he eventually created his empire, now estimated at $19 billion.

Steve Cohen

Steve Cohen, majority owner of the New York Mets baseball team, made his money in hedge funds. Forbes places his net worth at $16 billion. Now-closed SAC Capital Advisors, a firm that he founded, ran into some trouble with the law in 2013 and pleaded guilty to insider trading, having to pay $1.8 billion in fines. Cohen became a minority owner of the Mets in 2012, and completed the purchase of the team in 2020.

David Tepper

At number five is David Tepper, who is valued at $15.8 billion. Like Cohen, he became rich as a hedge fund manager. He is the president of global hedge fund Appaloosa Management, which he founded. The 64-year-old owns the NFL’s Carolina Panthers, which he bought in 2018. He also owns the Charlotte FC in Major League Soccer, reportedly paying a record $325 million in expansion fees for the team.

Here is a list of the 10 richest sports team owners, according to Forbes (2021).

10 richest sports team owners