A lot of sports businesses are businesses - sports fans are willing to pay, and pay and pay to support their team. Few businesses have that kind of customer loyalty for life - even if the product sucks (team is doing badly for decades), the customer still shows up unlike most other business where the customer would leave.

And if the previous owner did't maximise revenue it could be an opportunity.

Investors from all over the world for example are buying European Soccer teams, and valuation of the company over time goes up.