The Qatar Investment Authority is close to acquiring a minority stake in the group that owns Washington’s teams in the NBA, WNBA and NHLin the first entry of a sovereign wealth fund in American professional sports, according to media reports on Thursday.
The Washington Post was one of the US media outlets that reported the interest of the Qatari state fund in obtaining a 5% stake in Monumental Sports & Entertainment.
This group, chaired by Ted Leonsisis the owner of the Washington Wizards Men’s Basketball League (NBA) Mystics women’s (WNBA) and the Capitals of the ice hockey (NHL).
If the operation goes ahead, the Qatar Investment Authority (QIA) it would become the first sovereign wealth fund to own a stake in a major American sports club.
The report of Washington Post He cites a person familiar with the talks as a source as the NBA confirmed that it is reviewing the investment, which has not yet been approved.
Last year, the nba modified its rules to allow this type of foreign investment, which cannot exceed 20% of the total in any franchise.
“The NBA Board is reviewing a potential QIA investment in Monumental Sports & Entertainment, the parent company of the Washington Wizards, among other sports properties.”NBA spokesman Mike Bass said in a statement cited by the media.
“According to the regulation, if approved, QIA would have a passive and minority investment in the equipment, without participating in its operations or decision-making”Bass noted.
Last week, the commissioner of the NBA, Adam Silverreferred during an interview to state investment in the sport when commenting on the agreement in the world of golf between the PGA and the Public Investment Fund of Saudi Arabia, a financial source of the dissident LIV Golf circuit.
“When the Saudis invest in sport, attention skyrockets”Silver said on “The Dan Patrick Show.” “I don’t want to complain about that, because we want a lot of attention. On the other hand, someone might look further down the list. They are investors in some of our biggest American companies.”.
Qatar has invested heavily in world sport over the past decade. Qatar Sports Investments, which owns French league champions Paris Saint-Germain, has been in talks to acquire a stake in Italian club Sampdoria, a source told AFP last month.
The country also hosted the 2022 soccer World Cup, where complaints about the human rights situation and the treatment of migrant workers dominated the headlines leading up to the tournament.
Source: Ambito
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