Mark Walter has sold the Los Angeles Lakers to Bob Iger and Josh Kushner for $12.5bn just a year after buying the team, highlighting how sports ownership has changed. In the 1940s, Walter O’Malley started as a lawyer; by 2012, the Dodgers were bought by financiers like Walter.

A long bull market has swollen billionaires' wealth, leading them to buy trophy teams. But unlike family owners who passed teams through generations, financiers treat franchises as portfolio items. Walter’s insurance empire is under federal probe, while Mat Ishbia’s Phoenix Suns are affected by his mortgage firm’s $600mn loss.

With inflation high and valuations toppy, financiers may face stress, possibly forcing sales of beloved sports teams. Traditional owners offered stability; today’s billionaires may be less loyal. Fans used to on-field heartbreak should prepare for off-season disruptions.