Laurene Powell Jobs to Divest Monumental Sports Stake to QIA and Arctos
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Billionaire executive Laurene Powell Jobs has agreed to sell her remaining interest in Monumental Sports & Entertainment (MSE), owner of the NBA’s Washington Wizards, according to Sportico.
Powell Jobs reached separate agreements with two buyers: the Qatar Investment Authority (QIA) and private-equity firm Arctos Partners. The exact percentage each group will acquire was not disclosed. When Powell Jobs first invested in 2017, she controlled roughly 20% of MSE, though she reduced that position in 2022.
The pending transactions value the entire MSE portfolio at $7.2 billion. In addition to the Wizards, the company owns the NHL’s Washington Capitals, the WNBA’s Washington Mystics, Capital One Arena and Monumental Sports Network.
Sportico’s most recent NBA valuations, released in October, pegged the Wizards at $4.78 billion, making the basketball franchise MSE’s largest single asset.
QIA previously purchased a 5% stake in MSE in 2023, becoming the first sovereign wealth fund to invest directly in a major U.S. sports team. Arctos holds minority interests in several American franchises, including the Golden State Warriors.
Ted Leonsis remains MSE’s controlling owner. Other minority shareholders include billionaire Jeffrey Skoll, BET co-founder Sheila Johnson and Washington Nationals owner Mark Lerner.
Source: Hoops Rumors
