Qatari wealth fund acquires 5% stake in Washington sports empire

Overview

• 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.