"QIA bought a 5 percent passive minority stake in Monumental in June 2023, making it the first and only sovereign wealth fund to invest directly in a major US sports team, which remains true now. As a sovereign wealth fund, QIA is entirely owned by the government of Qatar, which has increasingly invested in sports over recent years. The Qatari government has been accused of using its increased presence in sports as sportswashing, an effort to help improve the nation's outward-facing reputation,"
"For example, the country hosted the 2022 World Cup amidst significant controversy, winning the bid through bribes of FIFA officials, according to the US Justice Department. Most of Qatar's population and almost all of its workforce consist of migrant workers who are regularly unpaid or underpaid and cannot leave their jobs or the country without their employer's permission. Between 2010 and 2021, more than 6,500 migrant workers died in the country."
Laurene Powell Jobs is selling her minority stake in Monumental Sports & Entertainment, owner of the Washington Capitals, Wizards, and Mystics. The stake is being purchased by the Qatar Investment Authority and Arctos Partners. Powell Jobs bought the roughly 20 percent stake in 2017, initially valued at $500 million, and is selling at an enterprise value of $7.2 billion. Neither buyer is acquiring board seats or governance rights. QIA is entirely owned by the government of Qatar and has increased sports investments. Qatar faces accusations of sportswashing, bribery related to the 2022 World Cup bid, and severe migrant worker rights abuses.
#monumental-sports--entertainment #laurene-powell-jobs #qatar-investment-authority #arctos-partners #qatar-human-rights
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