Want to buy a sports team? Are you a billionaire? – Microsoft Corporation (NASDAQ: MSFT) had its Share too

Being a sports team sponsor is a matter of great prestige nowadays. Those people who are rich enough to afford such responsibilities are nothing short of celebrities as they can easily flaunt their team and all its achievements. Steve Ballmer recently got hold of Los Angeles Clippers’ for which he had to pay a staggering $2 billion. The earlier CEO of Microsoft Corporation (NASDAQ: MSFT) even became a participant of an exclusive group of team owners, soon after his investment. Other NBA teams of Los Angeles had the same amount of payments back in 2012 by Magic Johnson and Guggenheim partners, which is indeed record breaking. However the real reason behind such purchases is unknown, why most rich people see this as another epitome, remains a mystery.

Mike Santoli, a senior finance analyst at Yahoo thinks that there are numerous reasons for such investments. Firstly it makes the buyer feel powerful by having so much authority over a team; he further mentions how it is not about profits especially for people like Steve Ballmer, who may sell off their acquisition in the future. The former CEO of Microsoft Corporation (NASDAQ: MSFT) thus felt reassured as selling off the team; these types of ventures not only gives them a much higher return on their initial investment, but also gives them satisfaction. The attention that media coverage might give such ventures is what really makes the price soar for future investors. Thus media plays a vital role in bringing up the buying prices.

Nonetheless, buying a sports team is rarely ever about the money, it is more related to the societal image one creates after such a purchase. Many celebrities are famous for having even the slightest of shares in sports teams ranging from baseball to football to rugby. Usher, Will Smith, LeBron James are just a few of those prominent celebrities who own such teams world over. Jon Bon Jovi is becoming extremely famous for his interest in one team. It is reported that Mr. Jovi wants to own Buffalo Bills and he is willing to go to any length to purchase this team. Jon Bon Jovi along with his Toronto group is ready to pay around $1 billion to get hold of Buffalo Bills, which represents how much he wants to attain hold of this sports team. Based in New York, this NFL based team is quite a strong American football team, which is probably one of the reasons of Jon Bon Jovi’s interest in the team. The financial expert at Yahoo (NASDAQ:YHOO), Mr. Mike Santoli further explains that these purchases do not come by easily. One has to pull a lot of strings to get the approval for such sales. Nowadays, the sale of franchises has also been experiencing a downward trend, which further points to even greater difficulties for the buyer. The barriers to such purchases are immense, however, Jon Bon Jovi’s personal worth of over $290 million may allow for this purchase to happen eventually.