WASHINGTON — Qatar’s sovereign wealth fund is close to acquiring a stake in three US sports teams in a significant move that will potentially alter US sports, increase Qatari influence in Washington and more.
The US news outlet Sportico reported on June 22 that the Qatar Investment Authority is buying a roughly 5% stake in Monumental Sports & Entertainment as part of a $4.05 billion deal. Monumental is the parent company of the Washington Wizards, Capitals and Mystics in the National Basketball Association (NBA), the National Hockey League (NHL) and the Women’s National Basketball Association (WNBA), respectively.
The news followed the NBA approving last November a rule change to allow sovereign wealth funds to acquire minority stakes in teams. An NBA spokesman told The Associated Press that it is reviewing the Qatari investment, per their policy. The NHL has already approved the investment, according to the outlet.
The NBA did not respond to Al-Monitor’s request for an update on the Qatari investment.
