July 11, 2023
The Qatar Investment Authority (QIA) has taken a 5% stake in the company that owns Washington’s professional hockey and basketball teams, which includes the National Basketball Association (NBA)’s Washington Wizards.
It marks the first investment by a sovereign wealth fund in a US sport and the latest move by a Gulf state to take part ownership in a sports franchise.
The sovereign wealth fund is paying $200 million for a 5% stake in Monumental Sports & Entertainment (MSE), in a deal that values the company — which also owns WNBA’s Washington Mystics and the National Hockey League’s Washington Capitals — at $4.05 billion, The Financial Times reported Monday, citing two sources familiar with the matter.
“As one of the largest integrated sports and entertainment companies in the country, MSE’s platform provides unique opportunities and scalability for growth and partnerships,” the QIA, which has assets worth around $450 billion, said in a statement on Monday.
Al-Monitor has contacted the NBA, QIA and MSE for further comment.
Reports first emerged in mid-June that the sovereign wealth fund was planning to buy a stake in Monumental, which also owns the NBC Sports Washington television network, which owner Ted Leonsis purchased last year and rebranded as Monumental Sports Network. The company also owns six venues and another media network, which was launched by Monumental in 2016. The business also owns radio stations, as well as a content creation studio.
Qatar and other Gulf states, flush with oil and energy revenues, have been increasing their investments in sports in recent years.
Qatar hosted the 2022 FIFA World Cup and Qatar’s Sheikh Jassim bin Hamad Al Thani is interested in buying the Manchester United soccer club.
The Gulf state also acquired French soccer club Paris Saint-Germain in 2011 through its Qatar Sports Investments fund.
Saudi’s Public Investment Fund (PIV), the kingdom’s sovereign wealth fund with around $650 billion in assets, has also heavily invested in sports, including taking over Newcastle United soccer club in October 2021.
Last month, the Saudi PIV’s LIV Golf merged with the rival PGA Tour, in a shock move that turned the sport on its head.
Qatar Investment Authority buys 5% of NBA’s Washington Wizards owner
Recent Comments
Iowa State starting RB Jirehl Brock among latest college football players charged in gambling probe
on
The Rev. Al Sharpton to lead protest after Florida governor’s ban of African American studies course
on
Sports World Hails ‘Superwoman’ Lindsey Vonn for Her Grand Comeback Despite Career-Changing Injury
on
San Mateo County Community College District sues five companies over role in ‘pay to play’ scandal
on
Saipan, placid island setting for Assange’s last battle, is briefly mobbed – and bemused by the fuss
on
‘Pokémon Scarlet’ and ‘Violet’ Fan Theories Suggest Legendary Time Travel, Alternate Dimension Plot
on
Joe Manchin and Tommy Tuberville introduce bill on name, image and likeness rules for college sports
on
Inside the Michael Jordan ‘Air’ movie, plus why NFL, others are buying into the sports film industry
on
If you’re a frequent traveler, these wrap tops from Aday will revolutionize your on-the-go wardrobe
on
How Does Jack Nicklaus Travel? Exploring the Private Jets Owned by the ‘Golden Bear’ Over the Years
on
Hollywood Reporter: Tom Cruise negotiated with movie studios over AI before the actors strike began
on
Ford Blue Cruise: US regulators investigate fatal crashes involving hands-free driving technology
on
Dozens of boats cruise the Seine in a rehearsal for the Paris Olympics’ opening ceremony on July 26
on
Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on
Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on
David and Victoria Beckham so ‘Charmed’ by Tom Cruise They Have His Photos on Display at Their Home
on
CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on
CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on
Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on
Boise State vs. Air Force live stream, odds, channel, prediction, how to watch on CBS Sports Network
on
Biden to tout bill’s prescription drug prices, energy provisions in pitch to Americans, aide says
on
After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on
2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on
‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on
2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on
“Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on
CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on
“Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on
CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on
Carlos Sainz’s Soccer Fanboy Emerges as Spaniard Shares Defining Moment With This Real Madrid Legend
on
Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on
‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on
Ahead of big sports weekend, dispute with Disney leaves millions of cable subscribers in the dark
on
A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on
2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on
2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on
Army vs. Coastal Carolina live stream, how to watch online, CBS Sports Network channel finder, odds
on
AL Rookie of the Year Julio Rodriguez Spreads Joy and Sportsmanship to the Youth of Loma de Cabrera
on
After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on
Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on
Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on
Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on
Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on
CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on
“Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on
CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on
Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on
Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on
Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on
A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
on