The Qatar Investment Authority has agreed to purchase a 5% share in Monumental Sports & Entertainment, the parent company of the NBA’s Washington Wizards, the WNBA’s Washington Mystics, and the NHL’s Washington Capitals, from owner Ted Leonsis for a reported enterprise value of more than $4 billion.
Why it matters: This would be the first time a sovereign wealth fund has purchased a stake in an NBA franchise, but the league has yet to approve the deal.
What they have to say:The NBA claimed in a statement to Axios that its board is “currently reviewing” the deal, adding:
“In November 2022, the NBA Board of Governors decided to allow institutional investors, including university endowments, foreign and domestic pension funds, and sovereign wealth funds, to make passive, non-controlling minority investments in NBA teams, subject to a set of policy guidelines adopted at the time.”
JUST IN: Qatar agree $4 billion mind blowing deal to buy NBA Washington wizards
What is unknown are the contents of those policy standards, as well as whether a Qatari sovereign wealth fund would qualify.
One potential stumbling block could be that homosexual actions are prohibited in Qatar and punished by severe jail sentences.
The NBA canceled its All-Star Game in Charlotte in 2017 because to North Carolina’s so-called “bathroom bill,” which mandated transgender persons to use public toilets that corresponded to the sex on their birth certificates.
The bill was later repealed, and the NBA All-Star Game was reinstated.
Thought bubble: Leonsis must be aware of the policy rules, hence this agreement is likely to be accepted.
Furthermore, while formally opposing new transgender legislation in Utah, the NBA recently sponsored an All-Star Game in Salt Lake City. It also admitted Jimmy and Dee Haslam to the ownership club, despite the fact that they just handed a record amount of money to a sportsman who had 25 sexual harassment charges filed against him.
Bottom line: This is yet another increase in the value of pro sports franchises, and Middle Eastern sovereigns offer a significant source of future money for club owners.
The heat wave that has scorched most of Mexico, Texas, and New Mexico is expected to increase and linger into the week of July 4, according to prediction models and National Weather Service (NWS) guidance.
Why it matters: Extreme heat is the leading cause of death in the United States, and long-duration heat with minimal overnight reprieve makes this event especially dangerous.
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