Months After Showing Interest in Buying Cristiano Ronaldo’s Ex-team, $475,000,000,000 Worth Company Takes Over $2.5 Billion Worth NBA Team

The NBA has some of the most valuable sports teams in the world. Naturally, it attracts a lot of attention from wealthy foreign companies. A few months ago, NBA commissioner Adam Silver had talked about foreign investors trying their hand in the NBA world after proving to be highly successful in other sports like soccer. It looks like Silver’s prophecy came true after just a couple of months.

According to the latest update, the Washington Wizards, their NHL counterpart and other organizations will be under new management and ownership very soon.

Wealthy Qatari investment group makes inroads into the NBA

The sports world has undergone massive changes in the past few months. A huge number of superstars of the soccer world joined the Saudi Arabian league, ditching European football. This was right after soccer billionaire Cristiano Ronaldo joined Al Nassr in December.

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It’s not just soccer that is experiencing an enormous change. The NBA will see its first Qatari owners as reports confirmed a massive $4.5 billion deal that has gone down in the past few days.

The Qatar Investment Authority, which is the Qatar State Fund, is buying about 5% of Monumental. This effectively gives them control over the Washington Mystics, Capital One Arena, and NBC Sports Washington. It will also potentially be the Washington Wizards.

A few months ago, Adam Silver gave his thoughts on sovereign state funds investing in NBA teams. According to the current rules, no fund can own more than 20% of a franchise. Moreover, only passive stakes are allowed to institutional investors according to Sportico.

The entry of sovereign state funds into the NBA is not unprecedented. Thanks to the immense popularity of the league and its superstars, almost every NBA team has a valuation above $2 billion. For this reason, it becomes tough for even the richest of people to make an investment. As for the Wizards, who have Stephen Curry’s former teammate Jordan Poole in their lineup, have a value of $2.5 billion.

The QIA had expressed their interest in Cristiano Ronaldo and his ex-team

Prior to joining Al Nassr, soccer legend Cristiano Ronaldo played for Manchester United in England. The team is currently owned by the Glazers Family and there have been talks of a sale for quite some time now.

Although there hasn’t been any major breakthrough, the QIA were clearly interested in a takeover. According to verified reports around the world, the QIA were ready to put a bid back in February. The Glazers had put the club for sale with a whopping $5 billion price tag. 

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What are your thoughts on the QIA’s inroads in the NBA? Let us know in the comments below.