Qatar Investment Authority Has Invested $200 Million in NBA, WNBA & NHL
According to a Financial Times report, Qatar Investment Authority (QIA), the nation’s sovereign wealth fund, has acquired a share in the company that owns Washington’s professional hockey and basketball teams.
According to the report, the fund is investing $200 million for a 5% stake in Monumental Sports and Entertainment (MSE), valuing the company at $4.05 billion.
MSE is the owner of the Washington Wizards of the National Basketball Association, the Washington Mystics of the Women’s National Basketball Association, and the Washington Capitals of the National Hockey League.
The QIA said, “As one of the largest integrated sports and entertainment companies in the country, MSE’s platform provides unique opportunities and scalability for growth and partnerships.”
The investment from QIA, with its estimated $450 billion in assets, comes less than a year after the NBA changed its regulations to permit sovereign wealth funds to invest in clubs, according to the newspaper.
People acquainted with the Monumental deal, according to the newspaper, claimed that the QIA was buying a stake in the group as a financial move to increase its exposure to a business with a wide variety of assets. According to sources, the acquisition will not include board participation for QIA.
