Laurene Powell Jobs to Divest Stake in Monumental Sports & Entertainment
Laurene Powell Jobs, known for her philanthropy and as the widow of Apple co-founder Steve Jobs, is poised to divest her minority interest in Monumental Sports & Entertainment. Details surfaced on Wednesday indicating that her stake will be acquired by the Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, and the private equity firm, Arctos Partners.
Ownership Details
Having held a share in the organization since 2017, Powell Jobs’ ownership encompasses major franchises, including:
- NBA’s Washington Wizards
- WNBA’s Washington Mystics
- NHL’s Washington Capitals
- G League’s Capital City Go-Go
- Monumental Sports Network
As of now, the exact percentage of her stake that will be taken by the QIA and Arctos remains undisclosed. The official announcement regarding this transaction is anticipated later today.
Recent Developments
Monumental’s representatives did not immediately provide comments when approached by The Athletic, nor did an email sent to Powell Jobs’ Emerson Collective receive a response.
This merger comes shortly after the QIA acquired a 5 percent stake in Monumental earlier in 2023, marking a significant entry following recent NBA rule changes that now allow sovereign wealth funds to invest in teams.
Investment Landscape
Arctos Partners, recognized as a key player in sports private equity, has a track record of investing in multiple professional sports teams, including partnerships in the NBA where they own parts of:
- Golden State Warriors
- Utah Jazz
- Sacramento Kings
- Philadelphia 76ers
In terms of ownership guidelines, individual sovereign wealth funds and private equity entities are restricted to a maximum stake of 20 percent per team, with a total cap of 30 percent for combined sales. However, these investors are limited to passive roles without decision-making powers over team governance.
Originally covered by The Athletic, this development highlights the continued expansion of investment in professional sports franchises by wealth funds and private equity firms alike.
