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Qatari government makes first U.S. sports investment in Wizards, Capitals group

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As soon as the NBA amended its bylaws in December to allow sovereign wealth funds to buy minority shares of teams, it was obvious there had to be a buyer.

As soon as the NBA amended its bylaws in December to allow sovereign wealth funds to buy minority shares of teams — a decision rife with implications — it was always obvious there had to be an interested buyer.

Qatar’s royal family has three townhouses on the Upper East Side, including one bought for $41 million in 2017 just for their servants.NBAE via Getty Images Ted Leonsis is the founder, manager partner and CEO of Monumental Sports, which also owns the NHL’s Washington Capitals and WNBA’s Washington Mystics, as well as Capital One Arena and the NBA G League’s Capital City Go-Go.With NBA team valuations increasing rapidly, this just widens the pool of potential investors — such as the Saudis.

 

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Qatari Investment Fund May Buy Stake in Washington Wizards, CapitalsQatar’s sovereign wealth fund is reportedly close to buying a minority stake in Monumental Sports and Entertainment, the parent company of the Washington Wizards, Washington Capitals, and Washington Mystics.
Source: thedailybeast - 🏆 307. / 63 Read more »