Connect with us

World

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

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

World

What to know about Linda McMahon, Trump’s pick for Education secretary

Published

on

What to know about Linda McMahon, Trump’s pick for Education secretary

WASHINGTON (AP) — Linda McMahon has been a constant presence in Donald Trump’s tumultuous orbit, serving in his first administration and supporting his presidential campaigns. Now he’s chosen her to serve as Education secretary.

Here’s a look at McMahon’s background, from business to politics.

McMahon went from wrestling to politics

McMahon is married to Vince McMahon, whose father was a prominent professional wrestling promoter. They followed him into the business, founding their own company that’s now known as World Wrestling Entertainment, or WWE. It became a juggernaut in the industry and American culture.

When Trump was the star of the reality show “The Apprentice,” he made an appearance at Wrestlemania in 2007. The billionaire entertainment mogul participated in an elaborately scripted feud that ended with Trump shaving off Vince McMahon’s hair in the middle of the ring.

Linda McMahon stepped down from her position as WWE’s chief executive to enter politics. She ran twice for a U.S. Senate seat in Connecticut, but lost in 2010 to Richard Blumenthal and in 2012 to Chris Murphy.

Advertisement

Shifting gears, she focused on providing financial support to candidates. McMahon provided $6 million to help Trump’s candidacy after he secured the Republican presidential nomination in 2016.

What to know about Trump’s second term:

Follow all of our coverage as Donald Trump assembles his second administration.

Teaching was an initial career goal

McMahon served on the Connecticut Board of Education for a year starting in 2009. She told lawmakers at the time that she had a lifelong interest in education and once planned to become a teacher, a goal that fell aside after her marriage.

She also spent years on the board of trustees for Sacred Heart University in Connecticut.

Advertisement

McMahon is seen as a relative unknown in education circles, though she has expressed support for charter schools and school choice.

McMahon was part of Trump’s first presidency

A month after defeating Hillary Clinton, Trump chose McMahon as leader of the Small Business Administration. The agency gives loans and disaster relief to companies and entrepreneurs, and it monitors government officials’ compliance with contract laws.

When McMahon was chosen, she was praised by Blumenthal and Murphy, the two Connecticut Democrats who defeated her in Senate campaigns. Blumenthal called her “a person of serious accomplishment and ability,” while Murphy said she was a “talented and experienced businessperson.”

Unlike other members of Trump’s first administration, McMahon was not shadowed by scandal or controversy. She frequently promoted his trade and tax policies.

“She has been a superstar,” Trump said when she left the administration in 2019. “The fact is, I’ve known her for a long time. I knew she was good, but I didn’t know she was that good.”

Advertisement

She kept supporting Trump after leaving the administration

McMahon didn’t leave Trump’s orbit. She chaired America First Action, a super PAC that backed Trump’s reelection campaign in 2020. He lost to Democrat Joe Biden, and McMahon helped start the America First Policy Institute to continue advocating for Trump’s agenda and prepare for a potential return to the White House.

When Trump ran for president this year, McMahon was the co-chair of his transition team along with Howard Lutnick, the chief executive of financial services company Cantor Fitzgerald. As part of that role, McMahon has been helping to plan Trump’s new administration.

Once he takes office, perhaps McMahon’s biggest task will be to eliminate the agency she was hired to oversee. Trump has promised to close the Education Department and return much of its powers to states. Trump has not explained how he would close the agency, which was created by Congress in 1979 and would likely require action from Congress to dismantle.

Advertisement
Continue Reading

World

Brazil's first lady aims explicit joke at key target of husband's administration: 'F–k you, Elon Musk'

Published

on

Brazil's first lady aims explicit joke at key target of husband's administration: 'F–k you, Elon Musk'

The first lady of Brazil turned heads when she dropped an f-bomb directed at Tesla CEO Elon Musk during an official event over the weekend.

At the time, Brazil’s first lady, Janja Lula da Silva, was speaking about misinformation on social media during a pre-G20 social event on Saturday. The G20 summit began on Monday in Rio de Janeiro.

Lula, who is married to Luiz Inácio Lula da Silva, stopped mid-speech when she heard a ship’s horn blaring in the distance.

“I think it’s Elon Musk,” the first lady joked in Portuguese. “I’m not afraid of you, by the way.”

ELIZABETH WARREN GETS SARCASTIC AFTER TRUMP TAPS MUSK, RAMASWAMY FOR DOGE: ‘YEAH, THIS SEEMS REALLY EFFICIENT’

Advertisement

Janja Lula da Silva told an explicit joke about Elon Musk over the weekend ahead of the G20 summit. (Getty Images)

“F–k you, Elon Musk,” Lula added in English, prompting cheers from the audience.

The clip, which was posted on X, drew the attention of Musk, who responded with laughing emojis.

“They will lose the next election,” the entrepreneur wrote.

‘FIRST BUDDY’: ELON EARNS FAMILY STATUS IN TRUMP WORLD AS MUSK EXPANDS POLITICAL FOOTPRINT

Advertisement
Lulas with Erdogan

Turkish President Recep Tayyip Erdoğan and his wife, Emine Erdoğan, are welcomed by Brazilian President Luiz Inácio Lula da Silva and his wife, Janja Lulu da Silva, as they pose for a photo during the G20 Leaders Summit in Rio de Janeiro on Nov. 17, 2024. (Turkish Presidency/Handout/Anadolu via Getty Images)

Brazil banned X in September, prompting outrage across the world. Brazilian Supreme Court’s Justice Alexandre de Moraes imposed the ban, citing misinformation on X, which the judge felt was not adequately moderated on the platform.

The country lifted the ban a month later, and de Moraes wrote that the decision “was conditioned, solely, on [X’s] full compliance with Brazilian laws and absolute observance of the Judiciary’s decisions, out of respect for national sovereignty.”

“X is proud to return to Brazil,” X said in a statement at the time. “Giving tens of millions of Brazilians access to our indispensable platform was paramount throughout this entire process. We will continue to defend freedom of speech, within the boundaries of the law, everywhere we operate.”

Janja Lula da Silva smiling

Janja Lula da Silva speaks to supporters during a gathering with artists, politicians and other personalities one week before the presidential elections at Auditório Celso Furtado on Sept. 26, 2022, in São Paulo, Brazil. (Alexandre Schneider/Getty Images)

CLICK TO GET THE FOX NEWS APP

The Brazilian first lady’s joke took place two days before the G20 summit officially began. President Biden was present at the summit, though he did not appear during the annual family photo with fellow world leaders and missed the photo-op “for logistical reasons,” the White House said.

Advertisement

Reuters and the Associated Press contributed to this report.

Continue Reading

World

G20 Summit: Brazil's president calls for more action on climate change

Published

on

G20 Summit: Brazil's president calls for more action on climate change

President Luiz Inácio Lula da Silva’s comments came the day after representatives of the G20 nations endorsed a joint statement that called for a pact to combat hunger, more aid for Gaza, an end to the war in Ukraine and other goals.

ADVERTISEMENT

Brazil’s president opened the second day of the G20 Summit by calling for more action to slow global warming, saying developed nations must speed up their initiatives to reduce harmful emissions.

Luiz Inácio Lula da Silva focused Tuesday’s session on environmental challenges, saying developed nations should consider moving their 2050 emission goals forward to 2040 or 2045.

“The G20 is responsible for 80% of greenhouse effect emissions,” Lula said. “Even if we are not walking the same speed, we can all take one more step.”

During the summit, which was held at Rio de Janeiro’s Modern Art Museum, G20 leaders gathered to discuss changes in the world order from heightened global tensions to changes on the international political stage.

The agenda focused on working to reinforce multilateral cooperation before US President-elect Donald Trump assumes office in January.

Advertisement

EU leaders also took the opportunity to hold bilateral meetings on the sidelines of the summit.

In a meeting with Chinese President Xi Jinping, French President Emmanuel Macron reaffirmed France’s commitment to strengthening relations with China and insisted that the two countries shared the same views on promoting peace in Ukraine.

“The world in which we live, as you just reminded us, is made up of instabilities, tensions and growing wars. And I believe that we truly share a common vision in upholding the United Nations Charter and promoting a peace agenda,” Macron told Jinping.

“We meet again on the 1000 day of the War of Aggression launched by Russia against Ukraine, and I know that you share, as we do, the desire for a lasting peace, respectful of the United Nations Charter, and that you share, as we do, the same concern after Russia’s bellicose and escalating declarations of nuclear doctrine,” he added.

A joint statement signed by representatives of the G20 nations on Monday night called for urgent humanitarian assistance and better protection of civilians caught up in conflicts in the Middle East, plus affirmed the Palestinian right to self-determination.

Advertisement

It also included Brazil’s proposal to tax billionaires’ income by 2%, focused on ways to eradicate world hunger and pledged to work for ‘transformative reform’ of the UN Security Council.

Continue Reading
Advertisement

Trending