The Los Angeles Lakers sold for a record $12.5 billion—20 times more than a typical sports team a decade ago. Private equity and institutional investors are reshaping professional sports ownership, prioritizing profit optimization over championship wins, threatening the fan experience through dynamic pricing and roster cutbacks that anger longtime supporters. Private equity was banned from owning stakes in major U.S. sports teams until 2019, when Major League Baseball opened the door; the NBA allowed sovereign wealth funds in 2022, fundamentally shifting who can afford billion-dollar franchises.