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Qatar sovereign wealth fund buys stake in NBA, NHL, WNBA: Reports

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Qatar sovereign wealth fund buys stake in NBA, NHL, WNBA: Reports

Fund is buying a roughly 5 percent stake in Washington sports teams as part of a $4bn deal, the Associated Press and Bloomberg report.

Qatar’s sovereign wealth fund is buying a roughly 5 percent stake in the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA’s Washington Mystics as part of a $4bn deal, news reports say.

Bloomberg News and The Associated Press quoted sources speaking on condition of anonymity because the agreement between the Qatar Investment Authority and Monumental Sports & Entertainment had not been officially announced.

It is believed to be the first time the government of Qatar is investing in US professional sports. Sportico first reported the transaction, saying it is the first time any sovereign wealth fund has bought into ownership of an American team.

It is not Qatar’s first big foray into major sport. The Middle Eastern country last year hosted football’s World Cup for the first time, helping FIFA reach a record revenue level because of booming ticket and hospitality sales.

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Qatar Sports Investments, a subsidiary of the state-run fund, has owned majority control of French football club Paris Saint-Germain since 2011. The same group agreed in October to buy a 22 percent stake in Portuguese club Braga.

Getting into a top US market, even as a minority partner, is further expansion of Qatari reach into the sports world.

NBA spokesperson Mike Bass said the league’s Board of Governors decided in November to allow “passive, non-controlling, minority investments in NBA teams by institutional investors, including university endowments, foreign and domestic pension funds and sovereign wealth funds, subject to a set of policy guidelines adopted at that time”. All investments fitting that bill require league review and NBA Board approval.

“The NBA Board is currently reviewing a potential investment by QIA [Qatar Investment Authority] in Monumental Sports & Entertainment, the parent company of the Washington Wizards, among other sports properties,” Bass said. “In accordance with the policy, if approved, QIA would have a passive, minority investment in the team, with no involvement in its operations or decision-making.”

NHL Deputy Commissioner Bill Daly said the league had already approved the investment.

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An expert in such transactions said sports are part of Qatar’s nation-branding and public diplomacy strategy and the move aligns with that strategy.

“Part of that strategy includes purchasing, sponsoring or buying equity in international sports organizations in Western markets, especially in central cities,” said Yoav Dubinsky, instructor of sports business in the Lundquist College of Business at the University of Oregon.

“From a political standpoint, it means further legitimising Qatar as a business partner in the West, including in the heart of American politics.”

Dubinsky added the size of the stake would likely limit the impact Qatar can have on the teams, unlike the control of Paris Saint-Germain. That would fit with the NBA’s definition of a passive, minority investment.

Neighbouring Saudi Arabia has also moved into US sports. Its sovereign wealth fund, which funded the upstart LIV Golf series, has agreed to a business partnership with the PGA Tour.

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Ted Leonsis, who has owned the Capitals since 1999 and been majority owner of the Wizards since 2010, is the founder, managing partner and CEO of Monumental. The company lists 20 other partners on its website, including Laurene Powell Jobs and Washington Nationals owner Mark Lerner.

Monumental also owns the Capital City Go-Go of the G League and Capital One Arena in Washington and recently took over the media outlet formerly known as NBC Sports Washington, now Monumental Sports Network.

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Biden and the first lady bring holiday cheer to patients and families at a children's hospital

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Biden and the first lady bring holiday cheer to patients and families at a children's hospital

WASHINGTON (AP) — President Joe Biden and his wife, Jill, brought some Christmastime cheer to patients and their families at a children’s hospital on Friday but a toddler in a light blue jumper entertained, too.

The president and first lady visited privately with patients and their families for photos at Children’s National Hospital before Jill Biden read “‘Twas the Night Before Christmas” to a group of patients in the atrium. As she read, the president, seated beside her in a matching red chair, played a game of catch with the toddler. Biden made faces at the child and at one point briefly got him to sit up on his chair.

“Reading and entertainment,” Jill Biden said after she finished reading. The audience laughed.

The president then asked permission to make a brief statement and sought to lift the children’s spirits, saying he knows it’s a “tough time” for them to be in the hospital.

“Keep the hope,” he said. “You’re in our prayers, you’re in our thoughts, and thank you for letting us join you.”

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The visit continued a tradition, dating back to first lady Bess Truman, of presidents’ wives bringing holiday cheer to children who are too ill to be at home for Christmas.

President Biden has joined his wife on all four of her annual visits. It has not gone unnoticed.

“We’ve never had a president join for four years in a row straight, so you have set a high bar,” Michelle Riley-Brown, president and CEO of the hospital, told him.

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Justin Trudeau looks set to lose power after key ally vows to topple him

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Justin Trudeau looks set to lose power after key ally vows to topple him

Canadian Prime Minister Justin Trudeau on Friday looked set to lose power early next year after a key ally said he would move to bring down the minority Liberal government and trigger an election.

New Democratic Party leader Jagmeet Singh, who has been helping keep Trudeau in office, said he would present a formal motion of no-confidence after the House of Commons elected chamber returns from a winter break on Jan. 27.

NEWT GINGRICH SAYS TRUMP MAY HAVE ‘BROKEN’ TRUDEAU GOVERNMENT DURING HISTORIC TRANSITION PERIOD

If all the opposition parties back the motion, Trudeau will be out of office after more than nine years as prime minister and an election will take place.

A string of polls over the last 18 months show the Liberals, suffering from voter fatigue and anger over high prices and a housing crisis, would be badly defeated by the official opposition right-of-center Conservatives.

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The New Democrats, who like the Liberals aim to attract the support of center-left voters, complain Trudeau is too beholden to big business.

Canadian Prime Minister Justin Trudeau addresses the Liberal party caucus meeting in Ottawa, Ontario, Canada December 16, 2024.  (REUTERS/Blair Gable/File Photo)

“No matter who is leading the Liberal Party, this government’s time is up. We will put forward a clear motion of non-confidence in the next sitting of the House of Commons,” said Singh.

The leader of the Bloc Quebecois, a larger opposition party, promised to back the motion and said there was no scenario where Trudeau survived. The Conservatives have been calling for an election for months.

A few minutes after Singh issued his letter a smiling Trudeau, under growing pressure to quit after the shock resignation of his finance minister this week, presided over a cabinet shuffle.

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Trudeau’s office was not immediately available for comment.

Votes on budgets and other spending are considered confidence measures. Additionally, the government must allocate a few days each session to opposition parties when they can unveil motions on any matter, including non-confidence.

Before Singh made his announcement, a source close to Trudeau said the prime minister would take the Christmas break to ponder his future and was unlikely to make any announcement before January.

Liberal leaders are elected by special conventions of party members, which take months to arrange.

Singh’s promise to act quickly means that even if Trudeau were to resign now, the Liberals could not find a new permanent leader in time for the next election. The party would then have to contest the vote with an interim leader, which has never happened before in Canada.

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So far around 20 Liberal legislators are openly calling for Trudeau to step down but his cabinet has stayed loyal.

The timing of the crisis comes at a critical time, since U.S. President-elect Donald Trump is due to take office on Jan. 20 and is promising to impose a 25% tariff on all imports from Canada, which would badly hurt the economy.

The premiers of the 10 provinces, seeking to create a united approach to the tariffs, are complaining about what they call the chaos in Ottawa.

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Italy's Deputy PM Salvini found not guilty in Open Arms migrants case

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Italy's Deputy PM Salvini found not guilty in Open Arms migrants case

The leader of Italy’s right-wing Lega Party and Giorgia Meloni’s ally, Matteo Salvini, had been accused of kidnapping and dereliction of duty over his refusal to let a migrant rescue boat dock in Italy in 2019.

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A court in Sicily found Italy’s Deputy Prime Minister Matteo Salvini not guilty of kidnap for detaining 100 migrants aboard a humanitarian rescue ship in 2019 incident when he was interior minister.

“I am happy. After three years, Lega has won, Italy has won. Defending the homeland is not a crime but a right. I will go forward with more determination than before,” Salvini said following the verdict.

In August 2019, an NGO ship called Open Arms was carrying 147 migrants from the Libyan coast when Salvini prevented it from docking on the Italian island of Lampedusa.

The Open Arms remained at sea for almost three weeks, with the NGO reporting those on board endured dire circumstances leading to medical emergencies and deteriorated mental health. Some threw themselves overboard, and several minors were evacuated during the standoff.

Eventually, the prosecutor in the Sicilian city of Agrigento, Luigi Patronaggio, ordered the vessel to be preventively seized after inspecting it. The remaining 89 people onboard were allowed to disembark.

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Salvini, who leads the anti-migrant, Euroskeptic Lega party, has argued that the then-government of Giuseppe Conte backed him fully in his mission to “close the ports” of Italy to rescue ships carrying migrants found at sea.

Arriving at the courthouse on Friday morning, he said it was a beautiful day “because I am proud to have defended my country. I would do what I did again.”

Last week, he told a rally that “defending the borders, the dignity, the laws, the honour of a country cannot ever be a crime.”

Open Arms’ Italian lawyer, Arturo Salerni, has argued Salvini failed in his duty as a public official to protect the human rights of those on board the ship. Prosecutors during the trial say that those stranded at sea should have had their human rights protected over “state sovereignty.”

“A person stranded at sea must be saved and it is irrelevant whether they are classified as a migrant, a crewmember or a passenger,” Prosecutor Geri Ferrara told the court in September.

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Meloni’s support

Salvini had said he would be unlikely to step down in the case of a guilty verdict over five years, which would have automatically barred him from office.

He has the support of Italian Prime Minister Giorgia Meloni, who earlier this year said in a post on X that “turning the duty to protect Italy’s borders from illegal immigration into a crime is a very serious precedent.”

She never indicated she would expect his resignation, but on Wednesday, she told the Italian Senate that Salvini has the “solidarity of the entire government”.

Meloni has moved to crack down on migration since taking power in 2022, striking deals with northern African countries in a bid to prevent migrants from departing and setting up a landmark scheme with Albanian leader Edi Rama to process asylum applications in so-called “return hubs” away from Italian soil.

The deal has gained traction across European member states, although it has since become a legal nightmare for Meloni after 24 asylum seekers who were sent to Albania were promptly sent back to Italy after a Roman court declared the scheme unlawful.

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The standoff between Open Arms and Salvini was one of over 20 during his tenure as interior minister from 2018 to 2019, where he took a hardline stance against migration. At the time, he repeatedly closed Italian ports to humanitarian rescue ships and accused NGOs that rescued migrants of effectively encouraging human traffickers.

In one incident, now-MEP Carola Rackete entered the port of Lampedusa against Salvini’s orders after declaring a state of emergency on her boat.

She was soon arrested on charges of illegal migration that were eventually dropped.

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