Qatar Investment Authority buys 5% of NBA's Washington Wizards owner
It is the first investment by a sovereign wealth fund in a US sport and the latest move by a Gulf state to increase its influence in sports.
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.
