Qatar Investment Authority buys 5% of NBA’s Washington Wizards owner

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.