Russell Westbrook, a former player for the Washington Wizards in the 2020-21 NBA season, showed his reaction before a game against the Denver Nuggets at Capital One Arena in Washington, D.C. on February 17, 2021.
Photograph by Will Newton | Getty Images
The National Basketball Association (NBA) announced on Thursday that Qatar’s sovereign wealth fund has made an offer to acquire a minority stake in Monumental Sports & Entertainment, the parent company of the Washington Wizards and other sports teams based in Washington, D.C.
The proposed deal, worth $4.05 billion, is currently under review by the NBA, according to Mike Bass, the league spokesperson.
A person familiar with the matter revealed that the Qatar Investment Authority has offered to purchase approximately 5% of Monumental.
News of the potential agreement was first reported by Sportico and would mark the government of Qatar’s first venture into U.S. professional sports.
In November, the NBA implemented a new policy allowing sovereign wealth funds and institutional investors to acquire noncontrolling interests in its teams. Under this policy, foreign funds can own up to 20% of an NBA team.
“If approved, QIA’s investment in the team will be passive and minority, with no involvement in its operations or decision-making,” stated Bass in the NBA’s official statement.
In addition to the Washington Wizards, Monumental owns the Washington Capitals of the National Hockey League and the Washington Mystics of the Women’s National Basketball Association.
The company also possesses the NBA G League’s Capital City Go-Go and recently took over the media outlet formerly known as NBC Sports Washington, now named Monumental Sports Network.
Monumental declined to comment on the matter.
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