Qatar to buy stake in Washington Wizards, Capitals: reports

Qatar to buy stake in Washington Wizards, Capitals: reports

June 22, 2023









Qatar’s sovereign wealth fund is buying a stake in three US sports teams, according to reports on Thursday, in a significant move that could signal further Gulf investment in American sports, and marks the first Qatari investment in a National Basketball Association (NBA) team.

The US sports news outlet Sportico reported that the Qatar Investment Authority is buying a “passive minority stake” in Monumental Sports & Entertainment. The company owns the Washington Wizards in NBA, the Washington Mystics in the Women’s National Basketball Association (WNBA) and the Washington Capitals in the National Hockey League (NHL).

A spokesperson for Monumental Sports & Entertainment declined to issue a statement but described the Sportico report as “accurate” to Al-Monitor.

The Associated Press reported that the Qatar Investment Authority is buying a roughly 5% stake in Monumental Sports & Entertainment as part of a $4.05 billion deal.

Why it matters: Qatar acquiring a stake in the Wizards and the Capitals could indicate the start of significant Gulf investment in US sports teams. Last November, the NBA approved a rule change to allow sovereign wealth funds to buy minority stakes in teams. The NHL, on the other hand, has never prohibited