QIA makes offer to Washington Wizards

Qatar’s sovereign wealth fund has expressed interest in acquiring a minority stake in Monumental Sports & Entertainment, the parent company of various sports teams in Washington, D.C., including the Washington Wizards, according to a statement from the National Basketball Association (NBA) on Thursday.

The NBA is currently reviewing the proposal put forward by the Qatar Investment Authority (QIA), as confirmed by league spokesperson Mike Bass in a statement to CNBC.

Sources familiar with the matter revealed that the QIA has offered to purchase approximately 5% of Monumental as part of a deal worth $4.05 billion.

This potential agreement marks Qatar’s first foray into investing in U.S. professional sports, as reported by Sportico.

In November, the NBA introduced a new policy allowing sovereign wealth funds and institutional investors to acquire non-controlling stakes in NBA teams. Under this policy, foreign funds can purchase up to 20% of an NBA team.

Should the deal be approved, the QIA’s investment would be a passive, minority stake in the team, with no involvement in operational or decision-making aspects, stated Bass in the NBA’s official statement. Monumental Sports & Entertainment also owns the Washington Capitals of the National Hockey League, the Washington Mystics of the Women’s National Basketball Association, the Capital City Go-Go of the NBA G League, and recently acquired the media outlet formerly known as NBC Sports Washington, now rebranded as Monumental Sports Network.

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