On Wednesday, Bloomberg reported that private equity funds are launching - at least one, Galatioto Sports Partners - to raise capital that potentially could be invested in buying “shares” of baseball teams. Shares of baseball teams don’t trade on any public market (shares of many European soccer clubs do), so it’s not like you or I could go run to Charles Schwab, buy a handful of shares, and call ourselves part owner of the Royals.
Instead ownership of baseball teams, and really most sports franchises, “trade” in the private market.