The trend for Mena-based sovereign wealth funds to invest in international sports is continuing with reports that the Qatar Investment Authority (QIA) has bought a stake in the parent company of a US basketball team.
The QIA has acquired a 5% share in Monumental Sports & Entertainment for US$4 billion, according to a Bloomberg report.
The purchase gives Qatar a route into popular US sports, given that Monumental owns the NBA team Washington Wizards as well as the ice hockey team Washington Capitals and the WNBA team Washington Mystics.
It is the first time that Qatar has invested in US professional sports, having already spent heavily to sponsor football teams like Paris St Germain and Barcelona.
Qatar also hosted the 2022 Fifa World Cup.
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