Sports clubs are the new must-have for commodity barons

By Karen Norton

LONDON (Reuters) - You're a billionaire with a fortune built on soaring commodity prices and can buy anything your heart desires. So what's it to be?

A luxury yacht, a fast car, or perhaps the ultimate plaything -- your very own soccer club?

Some of the world's richest men who have built their wealth on sky-high oil and metals assets have done just that.

At the height of the commodities boom, Russian steel magnate Alisher Usmanov bought a stake in top English side Arsenal, and Indian steel billionaire Lakshmi Mittal has acquired part of lower division Queens Park Rangers.

"Commodities players are the current phase of new wealth. They're driven to be legitimate in the public light, to have boys' toys and a safe haven," said Robert Boland, a professor of sports management at New York University.

Buying football teams or other sports clubs can tick several boxes for these successful and driven businessmen.

"I was a fan of the team and realised that, together with the excitement and pleasure I could derive from watching Arsenal's games, I could also have a good portfolio investment," Usmanov told Reuters.

Usmanov, born in Uzbekistan but now a Russian citizen, owns half of steel firm Metalloinvest and part owns Red and White Holdings, which has built up a 24 percent holding in Arsenal.