Russell Westbrook, who played for the Washington Wizards within the 2020-21 NBA season, reacts prior to playing against the Denver Nuggets at Capital One Arena in Washington, D.C., February 17, 2021.
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Qatar’s sovereign wealth fund has offered to purchase 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 Thursday.
The NBA continues to be reviewing the take care of the Qatar Investment Authority, league spokesperson Mike Bass said in an announcement to CNBC.
The fund offered to purchase a roughly 5% stake in Monumental as a part of a $4.05 billion deal, an individual acquainted with the matter told CNBC.Â
The proposed agreement was first reported by Sportico. It’s believed to be the primary time the federal government of Qatar is investing in U.S. skilled sports.Â
The NBA in November began to permit sovereign wealth funds and other institutional investors to purchase noncontrolling stakes within the league’s teams. Under a latest policy, a foreign fund should purchase as much as 20% of an NBA team.
“In accordance with the policy, if approved, QIA would have a passive, minority investment within the team, with no involvement in its operations or decision-making,” Bass said within the league’s statement.Â
Along with the Wizards, Monumental owns the National Hockey League’s Washington Capitals and the Women’s National Basketball Association team, the Washington Mystics.Â
The corporate also owns the Capital City Go-Go of the NBA G League and recently took over the media outlet formerly often known as NBC Sports Washington, now Monumental Sports Network.
Monumental declined to comment.
