Qatar’s investment fund purchases minority stake in Wizards, Capitals and Mystics | Canada News Media
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Qatar’s investment fund purchases minority stake in Wizards, Capitals and Mystics

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1 year ago

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Qatar’s national investment fund has purchased a minority ownership stake of the Washington Wizards.

The Qatar Investment Authority, purchased about 5% of Monumental Sports & Entertainment, according to Sportico on Thursday afternoon. Monumental is the ownership group that includes the Wizards, the NHL’s Washington Capitals, the WNBA’s Washington Mystics, the G League’s Capital City GoGo, Capital One Arena and NBC Sports Washington, among other things.

Specific terms of the investment are not yet known, though the deal now values the group at about $4.05 billion, per the report. NHL owners have already approved the transaction, though the NBA Board of Governors has yet to make it official. Owner and CEO Ted Leonsis will still maintain full control of the organization, and the Qatar Investment Authority will not have a board seat or any voting power whatsoever.

The Wizards were valued at about $2.5 billion by Forbes last fall, which made them the 14th most valuable team in the league. The Golden State Warriors led that list at $7 billion. The Capitals were the NHL’s ninth most valuable team at about $1.2 billion, a full $1 billion behind the leading New York Rangers.

Qatar’s investment arm will not have a board seat or any voting power in the Wizards’ ownership group. (Scott Taetsch/Getty Images)

The investment by Qatar’s state fund marks just the latest by a foreign government into American sports in recent years. The NBA allowed sovereign wealth funds to start investing into teams as part of the latest CBA earlier this year.

Saudi Arabia’s Public Investment Fund has made the biggest moves worldwide, especially when it comes to golf. Saudi Arabia funded LIV Golf and launched a battle with the PGA Tour before the Tour announced earlier this month that the two leagues, along with the DP World Tour, planned to form a partnership funded largely by the PIF. That deal has drawn plenty of criticism throughout the golf world, as many see it as Saudi Arabia’s latest attempt at “sportswashing” its alleged human rights abuses, crimes and more. That partnership announcement has led to multiple investigations. Saudi Arabia has also invested heavily into Formula 1, the English Premier League and more.

 

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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4 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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