Qatar’s investment fund purchases minority stake in Wizards, Capitals and Mystics
The Qatari Investment Authority will not have a board seat or any voting power in the Wizards’ ownership group
Qatar’s national investment fund has purchased a minority ownership stake of the Washington Wizards.
The Qatar Investment Authority, purchased about 5% of Monumental Sports & Entertainment, according to Sportico on Thursday afternoon. Monumental is the ownership group that includes the Wizards, the NHL’s Washington Capitals, the WNBA’s Washington Mystics, the G League’s Capital City GoGo, Capital One Arena and NBC Sports Washington, among other things.
Specific terms of the investment are not yet known, though the deal now values the group at about $4.05 billion, per the report. NHL owners have already approved the transaction, though the NBA Board of Governors has yet to make it official. Owner and CEO Ted Leonsis will still maintain full control of the organization, and the Qatar Investment Authority will not have a board seat or any voting power whatsoever.
The Wizards were valued at about $2.5 billion by Forbes last fall, which made them the 14th most valuable team in the league. The Golden State Warriors led that list at $7 billion. The Capitals were the NHL’s ninth most valuable team at about $1.2 billion, a full $1 billion behind the leading New York Rangers.
The investment by Qatar’s state fund marks just the latest by a foreign government into American sports in recent years. The NBA allowed sovereign wealth funds to start investing into teams as part of the latest CBA earlier this year.
Saudi Arabia’s Public Investment Fund has made the biggest moves worldwide, especially when it comes to golf. Saudi Arabia funded LIV Golf and launched a battle with the PGA Tour before the Tour announced earlier this month that the two leagues, along with the DP World Tour, planned to form a partnership funded largely by the PIF. That deal has drawn plenty of criticism throughout the golf world, as many see it as Saudi Arabia’s latest attempt at “sportswashing” its alleged human rights abuses, crimes and more. That partnership announcement has led to multiple investigations. Saudi Arabia has also invested heavily into Formula 1, the English Premier League and more.
