Qatar Investment Authority buys stake in Wizards, Capitals, Mystics

The Qatar Investment Authority is buying a minority stake in Monumental Sports & Entertainment, the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA's Washington Mystics, according to a person with knowledge of the sale.

The person spoke to The Associated Press on condition of anonymity Thursday because the agreement had not been announced.

It is believed to be the first time the government of Qatar is investing in U.S. professional sports. Sportico first reported the transaction, saying it is the first time any sovereign wealth fund has bought into ownership of an American team.

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Qatar hosted soccer’s World Cup for the first time last year, helping FIFA reach a record revenue level because of booming ticket and hospitality sales.

Ted Leonsis is managing partner and chairman of Monumental, which lists 20 other partners on its website, including Laurene Powell Jobs and Washington Nationals owner Mark Lerner. The company also owns the Capital City Go-Go of the NBA G League and recently took over the media outlet formerly known as NBC Sports Washington, now Monumental Sports Network.

Reporting by The Associated Press.