Qatar quake in the NBA?
Money from Qatar? NBA Boss Adam Silver © GETTY IMAGES/AFP/SID/Sarah Stier
This development should change some things in US sports: Qatari investors are becoming apparent in the NBA, and the bosses are examining an offer that affects the Washington Wizards, among others.
In the NBA, there are signs of Qatari investors getting involved. The bosses of the North American professional basketball league are examining the offer from the Qatari sovereign wealth fund for a minority stake in the Washington Wizards.
The Qatar Investment Authority (QIA) is seeking a stake in the group, which includes the Wizards, the WNBA’s Washington Mystics and the Washington Capitals NHL ice hockey club. This was confirmed by a spokesman for the NBA on Thursday. A stake would be a game-changer for a sovereign wealth fund in US professional team sports — and could also be groundbreaking for Saudi Arabia’s similar sovereign wealth fund.
Qatar fund has Washington in its sights
The Washington Post, citing an unnamed source, reported that the Qatar sovereign wealth fund is looking to acquire a 5 percent stake in Monumental Sports & Entertainment, the parent company of the Washington professional clubs mentioned. “All such investments require league review, NBA Board approval and policy compliance,” said NBA spokesman Mike Bass.
The official noted that the NBA amended its rules in November 2022 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,” Bass said.
2023-06-23 06:04:13
#Momentous #Qatar #earthquake #NBA
