Millionaire Walmart chair Greg Penner adds soccer club Valencia CF to his investments—he already owns NFL’s Denver Broncos and part of a baseball team

The world's wealthiest are finding new ways to deploy their fortunes beyond luxury cars and yachts—and the latest craze is soccer. Greg Penner, the multimillionaire chairman of Walmart, just added a European league to his growing portfolio of sports investments from football to baseball. A consortium backed by some of private equity's top billionaires and ultra-rich investors has agreed to buy a 42% stake in Spanish soccer club Valencia CF, now valued at €1.2 billion ($1.34 billion). The deal was led by Pitchwise Holdings, whose notable investors include KKR co-founders Henry Kravis (worth $17.4 billion) and George Roberts (worth $17.7 billion).