A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

For the ultra-wealthy, sports teams have evolved from status symbols to mainstream investment assets, according to a new survey by J.P. Morgan Private Bank.

The bank’s 23 Wall division, which caters to the 0.01%, polled 111 billionaire principals of private family investment firms, representing more than $500 billion in combined wealth, between March and August. Twenty percent of family office principals reported owning controlling stakes in sports teams, up from 6% in 2022.

Sports assets have also overtaken traditional trophy assets like art and cars, with 34% of principals investing in teams and arenas, compared with 23% for art and 10% for cars, the bank said.

Andrew Cohen, executive chairman of J.P. Morgan’s global private bank, told Inside Wealth that he expects this trajectory to continue. Sports team valuations continue to rise, buoyed by media rights deals and sponsorships, offering strong returns, he said. The bank values U.S. and European franchises at about $400 billion combined, estimating the total value of sports mergers and acquisitions and investment has increased eightfold over the past five years.

Cohen added that sports team ownership scratches an entrepreneurial itch in a way that other hobbies cannot. Many principals take on board seats or are active in franchise operations, he said.

“Unlike art or cars, sports ownership offers principals a platform for active involvement,” he said. “This hands-on approach aligns with the broader trend of families seeking to be ‘active architects’ rather than passive investors.”

While the growth of the sports industry has drawn investors beyond passionate fans, Cohen said many principals reported motivations beyond financial returns. He cited the desire to bring a family together as a key driver for sports team owners. Female team owners were also likely to say that they backed women’s sports to “help level the playing field,” according to the report.

As valuations continue to soar, even ultra-high-net-worth individuals are getting priced out of bidding wars for controlling stakes, he said. However, there are ways investors can get a piece of the action at lower price points, according to Cohen, such as joining an ownership group or syndicate to acquire minority stakes, investing in arenas, and making “sports adjacent” investments in data analytics or merchandising.

Heavy-hitter family offices frequently take multiple tacks when investing in sports. For instance, Blackstone’s David Blitzer, who is the first person to own equity in all five major men’s U.S. sports leagues, has backed at least six sports firms this year, including a padel club chain and a betting app, through his family office Bolt Ventures.