Tuesday October 3, 2023

Wizards and Capitals Jump in Value After New Investment

  • Former eBay president and billionaire Jeff Skoll has become an investor in Monumental Sports & Entertainment.
  • The company owns the Washington Wizards, Capitals, and Mystics.
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A group of professional sports teams in Washington, D.C., have a new investor. 

Former eBay president and billionaire Jeff Skoll — whose net worth is $4.3 billion, per Forbes — has become a minority investor in Monumental Sports & Entertainment, a holding company created by Ted Leonsis that owns the Washington Wizards, Capitals, and Mystics.

  • Skoll has invested roughly $300 million in MSE.
  • The minority stake is less than 10%.
  • The investment gives MSE an enterprise value of $4.1 billion — up 23% since January.
  • MSE also owns the NBA G League’s Capital City Go-Go and 2K League’s District District Gaming.

Skoll’s investment in MSE not only provides team ownership, but an investment in media. 

In September, MSE closed its acquisition for a 67% stake in NBC Sports Washington sold by Comcast’s NBCUniversal, making it the controlling owner of NBC Sports Washington — it acquired a 33% stake in the regional sports network in 2016. The network is the exclusive local-TV rights holder for Wizards and Capitals games and will rebrand in 2023. 

Expanding Portfolio

Leonsis has emerged as a frontrunner to purchase the Washington Nationals — the 12th-most-valuable team in MLB at $2 billion. 

He is working with Carlyle Group co-founder David Rubenstein on a potential bid, but a sale by current owners the Lerner family isn’t imminent.

Rubenstein and Leonsis have also expressed interest in the Baltimore Orioles if the team becomes available.

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