Qatari fund buys passive stake in Wizards parent - Sportico

[June 23, 2023]  (Reuters) - The Qatar Investment Authority (QIA) is buying a passive minority stake in Monumental Sports & Entertainment, the parent of the Washington Wizards and the Washington Capitals, Sportico reported on Thursday, citing people familiar with the matter.  

Apr 7, 2023; Washington, District of Columbia, USA; Washington Wizards center Jay Huff (34) dunks the ball against the Miami Heat in the fourth quarter at Capital One Arena. Mandatory Credit: Geoff Burke-USA TODAY Sports/File Photo

QIA would be buying 5% of Monumental, which owns the Women's National Basketball Association's Washington Mystics, Capital One Arena and the NBC Sports Washington, the report said, adding that the deal would value the group at $4.05 billion.

Monumental declined to comment, while QIA did not respond to a Reuters request for comment.

The report comes weeks after another deal in the sporting world that involved a Middle Eastern country.

In June, the PGA Tour, DP World Tour and rival Saudi-backed LIV circuit, which have been involved in a bitter fight that has split the sport, announced a shock agreement to merge and form one unified commercial entity.

(Reporting by Granth Vanaik in Bengaluru; Editing by Maju Samuel)

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