A Qatari fund has purchased a minority stake in Monumental Sports & Entertainment, according to a report from Sportico. Monumental is the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and the WNBA’s Washington Mystics.
The Qatari Investment Authority will buy 5% of Monumental, per the report. The deal will value the company at roughly $4.05 billion and is another step toward foreign investment funds getting involved with professional sports in America.
In November 2022, the NBA approved a rule change that allowed sovereign wealth funds to purchase up to a 20% stake in teams. For now, those funds cannot become controlling owners, but their influence in the United States is growing quickly.
Monumental denied a request for comment from Reuters, and the QIA did not respond to the request.
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