Qatari Wealth Fund Acquires Majority Stake in Wizards Parent for $4.05B

The Qatar Investment Authority is buying a 5% passive minority stake in Monumental Sports & Entertainment, the parent company of the Washington Wizards and Capitals, for $4.05 billion, marking the first time a sovereign fund has invested in major U.S. team sports. The investment will be used to fuel growth in the group’s existing properties and future acquisitions. The NBA has approved private equity investments, including endowments, family offices, and sovereign wealth funds. The deal must still be approved by the NBA Board of Governors.