After Spending $200 Billion on the FIFA World Cup, Qatar Planning to Enter the NBA as a Part of $3 Billion Bid

In 2010, FIFA chose Qatar to host the FIFA World Cup 2022. The host nation faced severe criticism in the build-up to the World Cup for their treatment of thousands of workers. Qatar also faced criticism over other human rights issues, mainly LGBTQ+ rights. Despite all the criticism, the Qatar World Cup was so entertaining that the FIFA chief labeled it the best in history. 

The host nation invested around $200 billion over the last twelve years to make the tournament a tremendous success. Qatar also invests heavily in sports and has now set its sights on basketball with a bid for NBA. 

Qatar Investment Authority has made a bid for the NBA team after the FIFA World Cup success

QIA is a Qatar State-owned sovereign wealth fund formed back in 2005 to increase investments throughout the world. As per the reports, QIA is part of a $3 billion bid to buy the US basketball teams Phoenix Suns and Phoenix Mercury, teams. Theil Capital and Shasta Ventures are also part of the bid.

Basketball still holds popularity in the United States over soccer. Qatar sees it as the right opportunity to enter the US sports scene after the FIFA World Cup’s success. 

The owner of the Phoenix franchise, Robert Sarver, was slammed with a $10 million fine over harassment and racism charges. Sarver, after a few weeks, decided to put the Suns and Mercury for sale. The Suns are yet to win a title, while Mercury is a three-time WNBA champion.

It will be interesting to see whether the bid gets accepted. The Middle-East nation’s bid with two other venture capitals for the NBA franchise is not only the first in sports. They also own soccer teams and a sports apparel brand. 

QIA subsidiary owns French soccer giants PSG

Qatar Sports Investment (QSI), a subsidiary of QIA, completely owns Paris Saint-Germain. QSI purchased PSG in 2011, making it one of the wealthiest clubs across the globe. Since the 2011-12 season, PSG has won the French league, Ligue1 eight times. It is a dominant force in European soccer, with World Champion Lionel Messi, Kylian Mbappe, and Neymar Jr in the squad. 

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Apart from PSG, they also own 21.67 stocks in Portuguese club SC Braga, which sits third in the top-division soccer league. Apart from soccer investments, they also own the Qatari brand BURRDA. It is a sports equipment manufacturer and a sponsor of Al Sadd Sports Club of Qatar. 

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By successfully hosting the biggest soccer tournament, Qatar looking to seize the opportunity to enter the United States with a bid for a basketball franchise. Let us know whether they will be successful with the bid and also share opinions on the entry of Qatar into US sports.