Billionaire philanthropist Laurene Powell Jobs is becoming a 20 percent shareholder in Monumental Sports & Entertainment, the corporation that owns the Washington Wizards, Washington Capitals, and Capital One Arena.
Philanthropist Laurene Powell Jobs to buy 20 percent ownership stake in Wizards and Capitals
Ted Leonsis will retain control, but the move could mean more community outreach.
Photo by Steve Jennings/Getty Images for TechCrunch
James Dator has been covering a wide range of sports for SB Nation for over a decade, with a special focus on the NFL.
Powell Jobs, widow of late Apple CEO Steve Jobs, will be the second-largest shareholder in the teams, behind Ted Leonsis — who The Washington Post reports will retain the controlling interest in the company.
“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 declined to comment for this story.
The investment puts Powell Jobs in rare company as one of the few women to have significant ownership stakes in professional sports in the U.S. She joins Jeanie Buss of the Lakers, Ann Walton of the Nuggets, and Gail Miller of the Jazz as the only female owners in the NBA.
Powell Jobs is one of the wealthiest women in the world, and a renowned philanthropist in the D.C. area. A source told The Washington Post that the leadership role can serve as a vehicle to do more work in the community through outreach with the teams.
“Laurene and Ted share the same commitment to a double bottom line, that the best companies are those that do good in their communities,“ according to one of the people familiar with the deal.
Powell Jobs will continue to run Emerson Collective, a Palo Alto-based organization with a mission statement to spur change and promote equality through innovation.
