Qatar’s sovereign wealth fund is seeking to acquire a stake in the group that owns the NBA’s Washington Wizards.
The proposed deal would see the Qatar Investment Authority buy a minority stake in Monumental Sports & Entertainment, the group led by Ted Leonsis that owns the Wizards, the WNBA’s Mystics and the NHL’s Washington Capitals and would represent a groundbreaking move by a sovereign wealth fund into US pro team sports.
It was reported that the state-owned Qatari fund was seeking to acquire a 5% stake in Monumental Sports & Entertainment.
Bass noted that the NBA had adjusted its rules in November 2022 to “permit passive, non-controlling, minority investments in NBA teams by institutional investors, including university endowments, foreign and domestic pension funds, and sovereign wealth funds, subject to a set of policy guidelines adopted at that time.
In one of his public appearances and guesting stints NBA commissioner Adam Silver spoke about state investment in sports and when discussing the financial deal between the PGA Tour and the Saudi Arabian Public Investment Fund, which backed the breakaway LIF Golf circuit.
Qatar has made heavy investments in global sport over the past decade. Qatar Sports Investments, owners of French champions Paris Saint-Germain, are in negotiations over acquiring a stake in Italian football club Sampdoria, a source told AFP last month.
QSI has owned the French club since 2011, transforming it from a struggling outfit into one of the most powerful in Europe with QSI president Nasser al-Khelaifi also serving as president of PSG.
It also owns a 22% stake in top Portuguese club Braga.
With additional report: AGENCE FRANCE-PRESSE
