Billionaire executive Laurene Powell Jobs is set to purchase a substantial stake in Monumental Sports & Entertainment, the holding company that controls the Washington Wizards, Capital One Arena, and the NHL’s Washington Capitals. According to Thomas Heath of The Washington Post, Powell Jobs’ investment is expected to give her approximately a 20% stake in the company.
Powell Jobs, the widow of Apple co-founder Steve Jobs, is one of the wealthiest women in the world, with an estimated net worth of approximately $20 billion, per Heath. In addition to her shares in Apple, Powell Jobs also owns 4% of the Walt Disney Company, according to the Post’s report.
Powell Jobs’ investment in Monumental Sports & Entertainment will give her one of the biggest shares of the 19-member company, but Wizards owner Ted Leonsis will retain the largest share. Leonsis controls about 40% of the company, according to Heath. However, Powell Jobs’ investment should add some stability to the operation, as she has the resources to eventually purchase a controlling interest in the Wizards – and Capitals – if Leonsis wants to sell or retire.
“Leonsis retains the largest share, is majority owner, and remains chief executive,” a person close to the deal tells Heath. “Laurene was brought in for the growth and the future of the clubs. Ted will take Laurene’s counsel, and he will work to use the teams to benefit the city and the causes we all hold dear.”
The amount of money required for Powell Jobs to purchase a 20% stake in Monumental isn’t known, but it figures to be significant. Forbes’ most recent NBA valuations estimated the Wizards are worth $1 billion, but those numbers are often low — Forbes valued the Rockets at $1.65 billion and the team recently sold for $2.2 billion. Additionally, Powell Jobs isn’t purchasing just a 20% stake in the Wizards, but in Capital One Arena and the Capitals as well, so that would have to be taken into account for the sale price.
NHL is Washington capitols
That is incorrect.
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