If you love a sports team, you love something intangible. What is it you love?
The owner? Not likely. You’ve likely not met the guy. The city? That’s part of it, but it’s not nearly the whole thing - loving the city is loving the city. You could love the city without loving the team, and you can love the team without having set foot in the city.
Is it the players? Usually. Still, the players are transient. If you’ve loved the team for a long time, you’ve seen them come and go.
It’s the team.