Billionaires are buying sports teams for different reasons than they used to

Lucy Nicholson/Reuters A new report by UBS and PwC found the totalwealth of the world's billionaires grew by 17% in 2016 to $6 trillion. Billionaires, according to the report, are "turning their attention to sports." John Matthews, coauthor of the report, told Business Insider that owning a sports team is not just an ego play for billionaires. Billionaire wealth grew by 17% to $6 trillion, according to a report released Thursday by $3 trillion money manager UBS and consultancy PwC. Anda chunk of...