Russell Westbrook, who performed for the Washington Wizards within the 2020-21 NBA season, reacts previous to enjoying towards the Denver Nuggets at Capital One Enviornment in Washington, D.C., February 17, 2021.
Will Newton | Getty Pictures
Qatar’s sovereign wealth fund has presented to shop for a minority stake in Huge Sports activities & Leisure, the mother or father corporate of the Washington Wizards and different Washington, D.C., sports activities groups, the Nationwide Basketball Affiliation mentioned Thursday.
The NBA continues to be reviewing the handle the Qatar Funding Authority, league spokesperson Mike Bass mentioned in a observation to CNBC.
The fund presented to shop for a more or less 5% stake in Huge as a part of a $4.05 billion deal, an individual aware of the topic informed CNBC.
The proposed settlement was once first reported by way of Sportico. It’s believed to be the primary time the federal government of Qatar is making an investment in U.S. skilled sports activities.
The NBA in November started to permit sovereign wealth price range and different institutional buyers to shop for noncontrolling stakes within the league’s groups. Below a brand new coverage, a overseas fund should purchase as much as 20% of an NBA staff.
“In keeping with the coverage, if licensed, QIA would have a passive, minority funding within the staff, without a involvement in its operations or decision-making,” Bass mentioned within the league’s observation.
Along with the Wizards, Huge owns the Nationwide Hockey League’s Washington Capitals and the Girls’s Nationwide Basketball Affiliation staff, the Washington Mystics.
The corporate additionally owns the Capital Town Cross-Cross of the NBA G League and just lately took over the media outlet previously referred to as NBC Sports activities Washington, now Huge Sports activities Community.
Huge declined to remark.