Qatar’s sovereign wealth fund wants to buy shares in a company that owns NBA, WNBA and NHL franchises. The basketball league announced an examination.
The sovereign wealth fund Qatar Investment Authority (QIA) is striving for a stake in the group via its subsidiary Qatar Sports Investments (QSi), which includes the basketball players of the Washington Wizards also the Washington mystics from the women’s league WNBA and the ice hockeyNHL-Club Washington Capitals belong. This was confirmed by a spokesman for NBA on Thursday (06/22/2023, local time).
A stake would be a game-changer in US professional team sports. The “Washington Post” citing an unnamed source, reported that the Qatar sovereign wealth fund has a 5 percent stake in Monumental Sports & Entertainment, the parent company of the Washington professional clubs mentioned, intends to acquire. The volume of the deal is said to be around four billion euros.
“Not on decision making involved”
“All such investments require league review, NBA Board approval, and policy compliance.”, said NBA spokesman Mike Bass. The official pointed out that the NBA adjusted its rules in November 2022 to “To allow passive, non-controlling minority investments in NBA teams by institutional investors, including university endowments, foreign and domestic pension funds and sovereign wealth funds, subject to a number of regulations”.
In accordance with (NBA) policy, if approved, QIA would have “a passive minority interest in the team and would not be involved in its operation or decision-making”according to Bass.
PSG owner
Qatar Sports Investments already owns French soccer champions Paris Saint-Germain. The fund is also apparently considering entering the English Premier League. The takeover of Manchester United is said to be imminent. QSi also holds 21.67 percent of the shares in the Portuguese club Sporting Braga.