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While many sports fanatics have passionate rooting interests in their favorite teams, the ability to financially invest in them remains unavailable to the public market. That is, of course, unless they visit a Las Vegas sports book, but that’s a whole different topic.

Not since 2002, when the Boston Celtics were taken private by current ownership, has there been a professional franchise in the “Big Four” major sports leagues of the National Basketball Association, National Football League, Major League Baseball, and National Hockey League trading on the public market.

In 1986, the Celtics fans could own “units” of the team trading on the New York Stock Exchange. Fifteen years later, the team was bought out by an investment group for about $360 million and taken private. Baseball fans could have also owned a part of the Cleveland Indians when the team became the first MLB franchise to go public in 1998. The stock, however, didn’t attract many investors, and the initial public offering only managed to raise about $60 million in market cap. The franchise was sold two years later for $323 million.

In 1997, the storied Green Bay Packers, a uniquely community-owned franchise, offered 400,000 shares at about $200 a piece to the public. Buyers of the shares would receive virtually no financial gain from the “investment,” and the purchase was largely considered nothing more than memorabilia for fans.

But that doesn’t mean that investors looking to add a little sports play to their roster of investments are stuck sitting on the sidelines.

Pure Players
For those intent on owning a piece of a sports organization, there are a few options to examine. Basketball fans can look to score with the United States Basketball League Inc. (OTCBB: USBL), which was formed in 1985 and includes notable players like current and former NBA stars Manute Bol, Raja Bell, Jamario Moon, Tyrone Curtis “Muggsy” Bogues, and Anthony Jerome “Spudd” Webb. Renowned boxer Roy Jones Jr., and NFL stars Terrell Owens and Randy Moss have also played in the league.

With a market cap of about $1.78 million, the USBL has been trading between a 52-week range of $0.41 and $1.57. The league canceled the 2008 season to focus on reorganizing its structure and operations but intends to return in 2009 to make the league profitable. Though the 2007 season began with eight teams, three franchises had folded by midseason, and another team decided against participating in the playoffs to save expenses.

Investors can also take a shot at life in the fast lane. International Speedway Corp. (NASDAQ: ISCA), Dover Motorsports Inc. (NYSE: DVD), and Speedway Motorsports Inc. (NYSE: TRK) are three companies that manage racetracks for NASCAR and other racing events.

Speedway Motorsports, which has a market cap of about $700 million, recently swung to a profit in the third quarter because of a 28% jump in revenue thanks to NASCAR and other racing events.

However, economic challenges have hurt sponsors and attendance for International Speedway, which has a market cap of about $1.4 billion. The company lowered its 2009 guidance below Wall Street expectations in December. Dover Motorsports, which has a market cap of about $50 million, announced a year-over-year dip in third-quarter results because of lower attendance, as well.

Necessary Roughness
Whether people think it’s real or fake, it’s hard to argue against professional wrestling as bona-fide athletic entertainment. The leader in this arena is none other than World Wrestling Entertainment Inc. (NYSE: WWE), which has expanded its empire into international markets, consumer products, and even digital media and films. Founded in 1980, the company has been the dominant name in professional wrestling for decades.

WWE has developed two brands, Raw and SmackDown, with each having its own weekly cable TV program. WWE also had a brief, yet ultimately unsuccessful, foray into an alternative football league called the XFL on NBC. The company has been successful creating characters and its own celebrities like Terry Gene “Hulk Hogan” Bollea, Dwayne “The Rock” Johnson, and “Stone Cold” Steve Austin. By grooming its own headliners, WWE tried to capitalize by putting the same wrestlers in films like The Scorpion King and The Condemned.

The company is recovering from a lot of negative publicity when untimely deaths and scandals revolving around its stars were linked to steroid abuse. WWE, which has a market cap of about $750 million, saw profits decline 37% during the third quarter because of slower revenue growth. The stock has a 52-week range of $8.76 to $19.86, and it has been trading around $10. Known for its stellar dividend history, the company’s $0.36 quarterly payout represents well more than 13% a year for shareholders.

Role Players
Investing in sports doesn’t necessarily have to be limited to sports organizations. Like a linebacker chasing down a running back, the angle of pursuit is important. Investors thinking outside the box can take a look at companies like Nike Inc. (NYSE: NKE) or PepsiCo Inc. (NYSE: PEP), which owns Gatorade. Investors can also check out names like Electronic Arts Inc. (NASDAQ: ERTS), which owns the wildly popular Madden NFL video-game franchise.

The company owns exclusive licenses with the NFL, NCAA College Football, MLB, NASCAR and other sports. EA also has a deal to use ESPN’s branding in its games.

For those who like to root for the underdog, up-and-coming companies like Under Armour Inc. (NYSE: UA) and Take-Two Interactive Software Inc. (NASDAQ: TTWO), which owns video-game developer 2K Sports, have been effective in taking market share from the heavier contenders.

Under Armour, an athletic apparel company with a market cap of about $1.1 billion, burst onto the scene in the early 2000s and garnered a lot of comparisons to a young Nike. The company first specialized in form-fitting performance apparel. Under Amour has since expanded its product line to more traditional athletic wear to appeal to a wider audience.

While the company has signed a number of athletes as spokespeople who fans may recognize, it still lacks the star power that transcends to the general mainstream population outside of sports that Nike bolstered over the years.

As for Take-Two, the company’s subsidiary has made a name for itself as a rival to Electronic Arts’ EA Sports. The company owns exclusive licenses to produce MLB and World Poker Tour video games. Last year, in an attempt to circumvent the NFL/EA roadblock, 2K Sports released All-Pro Football 2K8, which features former football greats and managed to avoid the NFL brand.

Last year, EA attempted to buy Take-Two for roughly $2 billion. After the bid was rejected, EA attempted to go hostile by offering as much as $26 a share for Take-Two. The offer expired in August. Shares of Take-Two, which has a market cap of $560 million, have been trading around $7, and EA shares have been trading around $17.

Staying in the Game
For as big a role as sports plays in our everyday lives, the opportunities available are just as expansive. Fans who like the networks that broadcast their sports can look at companies like News Corp. (NASDAQ: NWS), which owns Fox Broadcasting, CBS Corp. (NYSE: CBS), and The Walt Disney Co. (NYSE: DIS), which owns ABC and ESPN.

There’s a myriad of ways to play the world of sports. However, just like teams scouting for the next all-star player, investors have to do their own homework in determining what fits their game plan.