A few years ago, if you’d asked the average rugby or Formula One fan whether they thought private equity investment would be good for their sports, you’d probably have received a vociferous “No!” in response. Those with knowledge of the wider world of sports would’ve pointed to deals like the Glazer family’s 2005 leveraged buyout of Manchester United as an example of how private money could alienate fans and directly contribute to a sporting entity’s slump. F1 fans could legitimately point out...