Russell Westbrook, who plays for the Washington Wizards during the 2020-21 NBA season, reacts before their game against the Denver Nuggets at Capital One Arena on February 17, 2021 in Washington, DC.
Will Newton | Getty Images
Qatar sovereign wealth fund offers to buy minority stake in company Monumental Sports and RecreationThe National Basketball Association, the parent company of the Washington Wizards and other sports teams in Washington, D.C., 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 about 5 percent of Monumental as part of the $4.05 billion deal, a person familiar with the matter told CNBC.
The proposed agreement begins with report by sports. It is believed to be the first time the Qatari government has invested in American professional sports.
The NBA began allowing sovereign wealth funds and other institutional investors to buy non-controlling stakes in league teams in November.Next new policyforeign funds can buy up to 20% of an NBA team’s shares.
“As a matter of policy, if approved, QIA will make a passive minority investment in the team and have no involvement in its operations or decision-making,” Bass said in a league statement.
In addition to the Wizards, Monumental also owns the National Hockey League’s Washington Capitals and the Women’s National Basketball Association’s Washington Mystics.
The company also owns the NBA G League’s Capital City Go-Go and recently took over the media outlet formerly known as NBC Sports Washington and now known as Monumental Sports Network.
Monument declined to comment.