There is probably no ROI. But the executives of the company get to stroke their egos at the expense of shareholders. If it is the owner then they get a tax writ

There is probably no ROI. But the executives of the company get to stroke their egos at the expense of shareholders. If it is the owner then they get a tax write-off for their egos and get to rub shoulders with athletes. But most rich owners of companies buy sports teams instead with their own money, which can turn out to be a good investment long run as well.