In a first for US sports, Qatar’s sovereign wealth fund has struck a deal to buy a stake in a company that owns a trio of franchises, including the National Basketball League’s Washington Wizards, according to a person familiar with the situation.
The Qatar Investment Authority plans to acquire 5% of Monumental Sports and Entertainment, according to the person, who asked not to be identified because negotiations were private. Sportico reported the deal earlier and said the transaction would value Monumental, which also owns the National Hockey League’s Washington Capitals and the Women’s National Basketball Association’s Washington Mystics, at about $4 billion.
NHL owners have already approved the transaction, but the NBA Board of Directors must vote on it, the website said. A spokesperson for Monumental declined to comment.
The investment by QIA underscores the ambitions of Gulf states to buy into the world’s most prestigious sports leagues. It’s seen as a potentially profitable investment that can offer autocratic governments an opportunity to launder their reputations through what’s known as sports-washing.
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