Qatar sovereign wealth fund buys stake in Washington NBA, NHL and WNBA teams, AP source says

A person with knowledge of the sale says Qatar’s sovereign wealth fund is buying a roughly 5% stake in the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA’s Washington Mystics as part of a $4.05 billion deal.

The person spoke to The Associated Press on condition of anonymity Thursday because the agreement between the Qatar Investment Authority and Monumental Sports & Entertainment had not been announced.

It is believed to be the first time the government of Qatar is investing in U.S. professional sports. Sportico first reported the transaction, saying it is the first time any sovereign wealth fund has bought into ownership of an American team.

It is not Qatar’s first big foray into major sports. The Middle Eastern country last year hosted soccer’s World Cup for the first time, helping FIFA reach a record revenue level because of booming ticket and hospitality sales.

Ted Leonsis, who has owned the Capitals since 1999 and been majority owner of the Wizards since 2010, is the founder, managing partner and CEO of Monumental. The company lists 20 other partners on its website, including Laurene Powell Jobs and Washington Nationals owner Mark Lerner.

Monumental also owns the Capital City Go-Go of the NBA G League and Capital One Arena in Washington and recently took over the media outlet formerly known as NBC Sports Washington, now Monumental Sports Network.

___

AP sports: https://apnews.com/hub/sports and https://twitter.com/AP_Sports

SHARE: