Qatar looking to buy stake in NBA team Washington Wizards

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Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), is seeking to acquire a stake in the group that owns the NBA’s Washington Wizards, an NBA spokesman confirmed on Thursday.

“The NBA Board is currently reviewing a potential investment by QIA in Monumental Sports & Entertainment, the parent company of the Washington Wizards, among other sports properties,” NBA spokesman Mike Bass said in a statement.

The proposed deal would see the QIA buy a minority stake in Monumental Sports and Entertainment, the group that owns the Wizards. The Ted Leonsis-led group also owns the WNBA’s Mystics and the NHL’s Washington Capitals. Ted Leonsis,has owned the Capitals since 1999 and been majority owner of the Wizards since 2010, is the founder, managing partner and CEO of Monumental.

Bass noted the NBA had adjusted its rules in November 2022 to “permit passive, non-controlling, minority investments in NBA teams by institutional investors, including university endowments, foreign and domestic pension funds, and sovereign wealth funds, subject to a set of policy guidelines adopted at that time. If the deal goes through, this would represent new inroads by a sovereign wealth fund into US professional team sports.

“All such investments require league review, NBA Board approval and compliance with the policy,” he added.

“In accordance with the (NBA) policy, if approved, QIA would have a passive, minority investment in the team, with no involvement in its operations or decision-making,” Bass said.

Qatar’s stake in professional football

Qatar has become a sizeable player in global sports over the past decade. Qatar Sports Investments (QSI) owns the French football club, Paris Saint-Germain. QSI has owned the French club since 2011. The club has become one of the top ranked clubs in European football with QSI president Nasser al-Khelaifi also serving as president of PSG.

It also owns a 22 per cent stake in top Portuguese club Braga.

Qatar’s Sheikh Jassim Bin Hamad Al Thani has offered to buy English Premier League club Manchester United. The deal is under review by the current owners.

Qatar’s foray into soccer saw it successfully host the 2022 FIFA World which was won by Argentina.