The Arab money generated from the extraction of oil has reached multiple sports leagues, such as the English Premier League or the French Ligue 1, through the sovereign wealth funds of the countries of the Arabian peninsula and its expansion seems to be endless.
The Qatar Sovereign Investment Fund (QIA) had shown interest in reaching the NBA in February of this year, according to Bloomberg, and has finally succeeded by investing in Monumental Sports & Entertainment.
According to Sportico, the QIA has bought a minority portion of the liabilities of Monumental, the company that owns the Wizards of the NBA, the Capitals of the NHL, the GO-Go of the G-League and the Mystics of the WNBA. .
Monumental also has media involvement with CBS Sports Washington. In terms of its roots, Ted Leonsis’s company owns the Capital One Arena, the EagleBank Arena at George Mason University, the MedStar Capitals Iceplex and the MedStar Health Performance Center.
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How much can the QIA of an NBA team own?
NBA rules state that no fund can own more than 20 percent of a franchise, but they are allowed to invest in a maximum of five teams in the league.
In contrast, the NFL prohibits the investment of foreign money. In the case of the MLB, the funds can own 15 percent of an organization and have no limits to define their participation in terms of number of teams.
2023-06-22 20:57:32
#Arab #money #reaches #NBA #Washington #Wizards
