Qatar Investment Authority is buying a stake in Monumental Sports & Entertainment, AP source says
A person with knowledge of the sale tells The Associated Press the Qatar Investment Authority is buying a roughly 5% stake of Monumental Sports & Entertainment as part of a $4.05 billion deal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A person with knowledge of the sale says the Qatar Investment Authority is buying a roughly 5% stake of Monumental Sports & Entertainment, the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA's Washington Mystics, as part of a $4.05 billion deal.
The person spoke to The Associated Press on condition of anonymity Thursday because the agreement had not been announced.
It is believed to be the first time the government of Qatar is investing in U.S. professional sports. Sportico first reported the transaction, saying it is the first time any sovereign wealth fund has bought into ownership of an American team.
Qatar last year hosted soccer’s World Cup for the first time, helping FIFA reach a record revenue level because of booming ticket and hospitality sales.
Ted Leonsis is managing partner and chairman of Monumental, which lists 20 other partners on its website, including Laurene Powell Jobs and Washington Nationals owner Mark Lerner. The company also owns the Capital City Go-Go of the NBA G League and recently took over the media outlet formerly known as NBC Sports Washington, now Monumental Sports Network.
___
AP sports: https://apnews.com/hub/sports and https://twitter.com/AP_Sports