THAT'S A FIRST

Qatari Investment Fund May Buy Stake in Washington Wizards, Capitals

Should the deal go through, it will be the first time a sovereign fund has invested in a major North American sports team.

Qatar’s sovereign wealth fund is reportedly close to buying a minority stake in Monumental Sports and Entertainment, the parent company of the Washington Wizards, Washington Capitals, and Washington Mystics. The proposed deal between Monumental and the Qatari Investment Authority valued the company at around $4 billion, sources close to the deal told The Athletic. Outside of the pro teams, Monumental also owns Monumental Sports Network and Capital One Arena, where the Wizards and Capitals play their home games. Should the deal go through, it will be the first time a sovereign fund has invested in a major North American sports team. Sovereign wealth funds can not own more than 20 percent of an NHL, NBA or WNBA team—a new rule for the latter two, both of which only opened the door for these kinds of investments last year.