Qatar Investment Authority offers to buy minority stake in Washington Wizards parent company

Qatar's sovereign wealth fund has offered to buy a minority stake in Monumental Sports & Entertainment, the parent company of the Washington Wizards and other Washington, D.C., sports teams, the National Basketball Association said on Thursday.The fund offered to buy a roughly 5% stake in Monumental as part of a $4.05 billion deal, a person familiar with the matter told CNBC.

The NBA is still reviewing the deal with the Qatari Investment Authority, league spokesperson Mike Bass said in a statement to CNBC. The NBA in November began to allow sovereign wealth funds and other institutional investors to buy noncontrolling stakes in the league's teams. Under a"In accordance with the policy, if approved, QIA would have a passive, minority investment in the team, with no involvement in its operations or decision-making," Bass said the league's statement.

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