An NBA spokesman has confirmed that Qatar's sovereign wealth fund is seeking to acquire a stake in the group that owns the NBA's Washington Wizards.
The proposed deal would see the Qatar Investment Authority (QIA) buy a minority stake in Monumental Sports & Entertainment, the group led by Ted Leonsis that owns the Wizards, the WNBA's Mystics and the NHL's Washington Capitals and would represent a groundbreaking move by a sovereign wealth fund into US pro team sports.
"The NBA Board is currently reviewing a potential investment by QIA in Monumental Sports & Entertainment, the parent company of the Washington Wizards, among other sports properties," NBA spokesman Mike Bass said in a statement.
The Washington Post, citing a person familiar with the terms, reported that the state-owned Qatari fund was seeking to acquire a 5 per cent stake in Monumental Sports & Entertainment.
Bass noted that the NBA had adjusted its rules in November 2022 to "permit 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 set of policy guidelines adopted at that time.
"All such investments require league review, NBA Board approval and compliance with the policy," he added.
Victor Wembenyama at the NBA Draft 2023 in pictures
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Victor Wembanyama during introductions before the NBA basketball draft, Thursday, June 22, 2023, in New York. AP Photo -
French basketball player Victor Wembanyama looks on before being picked by the San Antonio Spurs during the NBA Draft at Barclays Center in New York city, on June 22, 2023. AFP -
Victor Wembanyama speaks to the media after being drafted first overall pick by the San Antonio Spurs during the first round of the 2023 NBA Draft. AFP -
Fans of French basketball player Victor Wembanyama in the stands before the start of the 2023 NBA Draft. EPA -
French basketball player Victor Wembanyama shakes hands with NBA commissioner Adam Silver after being picked by the San Antonio Spurs during the NBA Draft. AFP -
A fan displays a French basketball player Victor Wembanyama jersey after his selection as San Antonio Spurs's No 1 pick during an NBA Draft Watch Party at the AT&T Center in San Antonio, Texas. AFP -
San Antonio Spurs head coach Gregg Popovich speaks after the Spurs picked Victor Wembanyama. EPA -
A fan holds a photo of Victor Wembanyama during an NBA basketball draft watch party at the AT&T Center in San Antonio. AP Photo -
French basketball player Victor Wembanyama celebrates after being picked by the San Antonio Spurs during the NBA Draft at Barclays Center in New York city. AFP -
French basketball player Victor Wembanyama on stage with NBA commissioner Adam Silver. EPA -
French basketball player Victor Wembanyama claps after being picked by the San Antonio Spurs during the NBA Draft. AFP
