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Russell Westbrook, who played for the Washington Wizards in the 2020-2021 NBA season, reacts before playing against the Denver Nuggets at Capital One Arena in Washington, DC, February 17, 2021.
Will Newton | Getty Images
Qatar’s sovereign wealth fund offered to buy a minority stake in it Huge sports and entertainmentthe parent company of the Washington Wizards and other Washington, D.C.-based sports teams, the National Basketball Association said Thursday.
NBA spokesman Mike Bass said in a statement to CNBC that the NBA is still reviewing the deal with the Qatar Investment Authority.
The fund offered to buy nearly 5% of Monumental’s shares as part of a $4.05 billion deal, a person familiar with the matter told CNBC.
The proposed agreement was first mentioned by Sportico. It is believed that this is the first time that the government of Qatar has invested in American professional sports.
In November, the NBA began allowing sovereign wealth funds and other institutional investors to buy non-controlling interests in league teams. under new policythe foreign fund can buy up to 20% of the NBA team.
“According to the policy, if approved, the Qatar Investment Authority will have a minority in the team, without interference in its operations or decision-making,” Bass said in the association’s statement.
In addition to the Wizards, Monumental owns the Washington Capitals of the National Hockey League and the Women’s National Basketball Association team, the Washington Mystics.
The company also owns the Capital City Go-Go of the NBA G League and recently acquired the media outlet formerly NBC Sports Washington, now the Monumental Sports Network.
Monumental declined to comment.
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