Sports
Qatar’s Wealth Fund to Buy Stake in NBA’s Washington Wizards
- Part of push by US pro leagues to lure funds as investors
- Gulf states’ sports shopping spree now extending into US
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 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.