Russell Westbrook, who performed for the Washington Wizards within the 2020-21 NBA season, reacts outdated to playing in opposition to the Denver Nuggets at Capital One Arena in Washington, D.C., February 17, 2021.
Will Newton | Getty Photos
Qatar’s sovereign wealth fund has equipped to aquire a minority stake in Monumental Sports activities & Entertainment, the parent company of the Washington Wizards and other Washington, D.C., sports activities teams, the National Basketball Association said Thursday.
The NBA is serene reviewing the deal with the Qatar Funding Authority, league spokesperson Mike Bass said in a press unlock to CNBC.
The fund equipped to aquire a roughly 5% stake in Monumental as segment of a $4.05 billion deal, a particular person conscious of the topic informed CNBC.
The proposed settlement became as soon as first reported by Sportico. It is believed to be the significant time the authorities of Qatar is investing in U.S. professional sports activities.
The NBA in November began to enable sovereign wealth funds and other institutional investors to aquire noncontrolling stakes within the league’s teams. Below a fresh coverage, a international fund can aquire as a lot as twenty% of an NBA team.
“Primarily based fully on the coverage, if well-liked, QIA would come by a passive, minority investment within the team, without a involvement in its operations or decision-making,” Bass said within the league’s recount.
As well as to the Wizards, Monumental owns the National Hockey League’s Washington Capitals and the Ladies folk’s National Basketball Association team, the Washington Mystics.
The company furthermore owns the Capital Metropolis Scurry-Scurry of the NBA G League and now now not too prolonged ago took over the media outlet previously recognized as NBC Sports activities Washington, now Monumental Sports activities Network.
Monumental declined to recount.
