In Sports, Managing the Team Is Often a Family Affair
(Wall Street Journal) — For the New York Yankees, it’s a new era of family control as the late George Steinbrenner’s sons Hal and Hank are left to manage the iconic baseball team. Many other sports entities are also family-controlled businesses, including football’s Pittsburgh Steelers, basketball’s Los Angeles Lakers and auto-racing’s Nascar. Wealthy families often invest in sports teams to diversify their holdings, leave their personal stamps on the communities they live in, or bankroll something they enjoy. In less common cases, such as Nascar, the enterprise itself was started by the family’s patriarch.