Qatari wealth fund acquires 5% stake in Washington sports empire

The Qatari Investment Authority is buying a minority stake in Monumental Sports & Entertainment, 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 investment is the first time a foreign sovereign wealth fund has taken a stake in major U.S. sports teams.
The NBA and NHL have approved the deal, but the NBA board of governors is still reviewing it.
Qatar has invested heavily in sports to boost its global influence, including majority ownership of Paris Saint-Germain football club.
The passive investment in Monumental will give Qatar no operational control or voting power in the company.