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.
Powell Jobss 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 Washingtons 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. Very few womens names stand atop the ownership list of the NBAs 30 franchises: Jeanie Buss of the Los Angeles Lakers, Ann Walton Kroenke of the Denver Nuggets and Gail Miller of the Utah Jazz.
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. 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.
The investment by Powell Jobs increases her presence in the Washington community after her business and philanthropic arm, Emerson Collective, bought a majority interest in The Atlantic magazine from its owner David Bradley in July.
Powell Jobs investment is part of a trend in which deep-pocketed financiers and Silicon Valley billionaires are buying stakes in professional sports properties, helping drive franchise prices to even greater heights.
Monumental has expanded under Leonsis and now includes the WNBA Mystics, the Washington Valor and Baltimore Brigade Arena Football League teams, investments in a variety of e-sports ventures, a sports facility in Northern Virginia and a new, 5,000-seat Wizards practice facility planned to open in Southeast Washington in 2018.
Powell Jobs and her vast wealth will likely enhance stability to Monumentals 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.
Powell Jobs is investing in a league that is flush with cash, thanks to a $24 billion television deal with ESPN and TNT. It also enjoys relative labor peace with its players.
