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Qatar's sovereign wealth fund is planning to buy roughly 5 per cent stake in US basketball and ice hockey teams based in the US capital Washington DC.
According to reports by AP and Bloomberg, citing an anonymous source, the Qatari Investment Authority (QIA) will be acquiring a minority stake in the NBA's Washington Wizards, the WNBA's Washington Mystics and the NHL's Washington Capitals, as part of a $4 billion deal with Monumental Sports & Entertainment.
In a statement on Thursday, the National Basketball Association (NBA) confirmed the offer made by the QIA and said it is currently under review.
"The NBA Board is currently reviewing a potential investment by QIA in Monumental Sports & Entertainment, the parent company of the Washington Wizards, among other sports properties," NBA spokesperson Mike Bass said.
"In accordance with the policy, if approved, QIA would have a passive, minority investment in the team, with no involvement in its operations or decision-making."
READ: Qatar in talks with Egypt Wealth Fund over hotels investment
If the deal goes ahead, it will represent the first time that the Qatari government has invested in US professional sports, and the first time any sovereign wealth find has bought into ownership of a US team, according to Sportico.
The NBA Board of Governors began allowing sovereign wealth funds to buy into its teams late last year, although those funds cannot own more than 20 per cent of a team, according to ESPN. The Athletic citing a senior NHL source also noted that the National Ice Hockey League follows similar rules to the NBA, with fund capped at 20 per cent of a team.
The Qataris are already prolific investors in international sports, in particular the world of football having hosted the FIFA World Cup last year. In 2011, Qatar Sports Investments (QSI) became the majority owner of the French football team Paris Saint-Germain (PSG), and secured a 22 per cent stake in the Portuguese side, Braga, in October last year. Qatari investors are also speculated to be the next owners of England's Manchester United.
In April, Qatar was awarded the men's International Basketball Federation (FIBA) Basketball World Cup in 2027, the first time that a basketball world cup will be held in the Middle East with all games to be played in Doha.
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