“Laurene Powell Jobs, a billionaire philanthropist, entrepreneur and president of the Emerson Collective, is buying a significant stake in Monumental Sports & Entertainment, a sprawling $2.5 billion complex that includes the NBA Wizards, NHL Capitals and Capital One Arena, people familiar with the deal said,” Thomas Heath reports for The Washington Post. “Powell Jobs’s investment, estimated to be hundreds of millions of dollars, will give her the second-largest stake — about 20 percent — in Monumental, the 19-member, Ted Leonsis-led holding company that is one of Washington’s highest-profile enterprises, the people said, speaking on condition of anonymity because the deal has not been approved by the NBA and NHL.”
“Through her sizable investment, Powell Jobs instantly commands an influential position in the male-dominated ownership circles of the ‘Big Four’ professional sports leagues,” Heath reports. “Leonsis will remain the chief executive and largest stakeholder. He will continue to run the teams and affiliated enterprises under the Monumental umbrella, the people said. ‘We have an agreement with Laurene Powell Jobs, founder and president of Emerson Collective, to join the Monumental Sports & Entertainment ownership group,’ according to a statement that Monumental issued to The Washington Post. ‘The process is underway and is pending league approvals.'”
“Powell Jobs, 53, is one of the wealthiest women in the world, estimated to be worth about $20 billion,” Heath reports. “Much of that comes from her stock in Apple, the iconic company co-founded by her late husband Steve Jobs, who died in 2011. She also owns 4 percent of the Walt Disney Company… Powell Jobs and her vast wealth will likely enhance stability to Monumental’s ownership group. If Leonsis, 60, retired, Powell Jobs has the resources to assume his shares. Leonsis has long been the lead shareholder, with around 40 percent. Most contracts with a stake of this size include language that allows the buyer, in this case Powell Jobs, the option of a path to ownership.”
Read more in the full article here.
MacDailyNews Take: Washington Wizards vs. Los Angeles Clippers* takes on a whole new meaning!
*Saturday, December 9, 2017 @ Clippers and Friday, December 15, 2017 @ Wizards
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[Thanks to MacDailyNews Readers “Fred Mertz” and “David G.” for the heads up.]