Unless and until regular folks can also buy sports teams, this tax break amounts to a subsidy of multi-billionaires. As are all the other tax breaks. Why is the tax code thousands of pages long? Because corrupt legislators want to favor their cronies.
It’s not limited to sports teams. It allows anyone buying a business to spread the cost of the goodwill over a period of years. Many businesses are purchased for 6 figures by regular people. Any tax break is a good tax break.