A report by the Financial Times has said that the country’s sovereign wealth fund, Qatar Investment Authority (QIA), has taken a stake in the owner of Washington’s professional basketball and hockey teams in US sport.
As per the report, the fund is paying $200mn for a 5% stake in Monumental Sports and Entertainment (MSE) in a deal that values the owner of the National Basketball Association’s Washington Wizards, the Women’s National Basketball Association’s Washington Mystics and the National Hockey League’s Washington Capitals at $4.05bn.
The report also mentions that the investment from QIA, at an estimated $450bn in assets, comes less than a year after the NBA amended its bylaws to allow sovereign wealth funds to invest in clubs.
The QIA said, “As one of the largest integrated sports and entertainment companies in the country, MSE’s platform provides unique opportunities and scalability for growth and partnerships”.
As per the report, people familiar with the Monumental deal said that the QIA was taking a stake in the group as a financial transaction to gain exposure to a company with a diverse range of assets. As per reports, QIA will not gain board representation as part of the transaction.
Source: Financial Times
Cover image credit: www.sportingnews.com
source/content: iloveqatar.net (headline edited)
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