Forget typical old-money investments like art auctions and vintage cars. Today’s billionaires are pouring their money into their favorite sports teams instead—and turning them into serious investment plays.

Compared to the typical luxury investments we saw historically, sports ownership has shifted from a life hobby to a new business strategy for the world’s biggest earners, according to a new survey from JPMorgan Private Bank.

In fact, pouring earnings into teams and arenas is the top specialty asset for these ultra-wealthy families. The bank said 34% of principals invest in teams and arenas, compared with 23% for art and 10% for cars.

The report was part of JPMorgan’s 23 Wall division, which advises the wealthiest 0.01%. It surveyed 111 billionaire family-office principals controllin

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