Owning a sports team is almost a rite of passage for many billionaires. It's a status symbol and an exciting outlet for billionaires who want to rub shoulders with sports legends and interact with other billionaire owners. The high valuations of major sports league teams, including in the Premier League, NFL or NBA, means only billionaires or large corporations have enough capital to purchase teams.

Here are the 10 richest sports team owners in the world, with net worth figures pulled from Forbes' "The World's Real Time billionaires" rankings as of Oct. 10.