QIA buys a minority stake in Wizards / News - Basketnews.com

QIA bought a minority stake for $4 billion in Monumental Sports that owns the Washington Wizards, Mystics, and Capitals.

Credit: AP Photo/Jess Rapfogel Credit AP Photo/Jess Rapfogel

The Qatari Investment Authority (QIA) became the first sovereign wealth fund that made an investment in the North American professional sports league.

QIA bought a minority share in Monumental Sports and Entertainment – the owners of the Washington Wizards (NBA), Washington Capitals (NHL), and Washington Mystics (WNBA), Mike Vorkunov from The Athletic reports.

According to a report, QIA sealed a deal for $4 billion.

"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. In accordance with the policy, if approved, QIA would have a passive, minority investment in the team, with no involvement in its operations or decision-making," NBA spokesperson Mike Bass told The Athletic before the full agreement was reached.

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