How to Buy a Pro Sports Team

Thinking about joining the likes of Ryan Reynolds, David Beckham, and (probably) Jeff Bezos in the mad scramble to land your own club? It's suddenly the hottest pastime of the global super rich. Here's how the game is played.

- By Tom Lamont

EARLIER THIS NHL season, as game: time neared in Washington, DC, Ted Leonsis, a contented figure in a red parka, took a turn around a sports arena he owns downtown. The 68-year-old spotted popcorn on the floor of an elevator and sent for a sweeper. As thousands of hockey fans poured in to watch the Washington Capitals, Leonsis stood near the turnstiles, handing out thousands of dollars' worth of rinkside tickets to some kids who caught his eye on their climb to the cheap seats. As the arena filled, not everybody recognized the owner of their team, but those who did patted Leonsis on the arm or else walked up and blurted, "You're Ted!" the way one might on meeting Santa at the hearth. Outgoing, approachable, Leonsis came over like the grandfather he is, ruddy and gray with a high, papery voice that often dissipates to giggles when he talks about the wonders and absurdities of owning sports teams. He loves owning sports teams. As well as the Caps, Leonsis controls the Washington Wizards of the NBA and the Washington Mystics of the WNBA. "When you leave after the game," he had told me, "you'll say to yourself, Gosh! I wish I owned sports teams."