The New York Yankees are being talked about as a far bigger prize than their current price tag suggests, which is good news for anyone holding a stake in top sports teams.

• Any serious bid for the Yankees now has to start above $20 billion.
• The argument is that buyers are not paying for today's value — they are betting the team is worth $100 billion within a decade.
• Marquee sports franchises have become scarce trophy assets, so the small group of buyers who can afford one keeps pushing prices up.
• That logic treats a team less like a business and more like land or art: you buy it because nobody can make another one.

Outlook: Expect big-name teams to keep setting record sale prices as billionaires and investment funds compete for a shrinking pool of them.