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Sources: Laurene Powell Jobs Buying "Significant Stake" In Monumental Sports

Laurene Powell Jobs, widow of the late Steve Jobs, is "buying a significant stake in Monumental Sports & Entertainment," which includes Capital One Arena, the Wizards, Capitals, WNBA Mystics and other properties, according to sources cited by Thomas Heath of the WASHINGTON POST. Powell Jobs’ investment, "estimated to be hundreds of millions of dollars, will give her the second-largest stake -- about 20 percent" -- in the 19-member, Ted Leonsis-led holding company. Through her "sizable investment, Powell Jobs instantly commands an influential position in the male-dominated ownership circles of the 'Big Four' professional sports leagues." Leonsis will remain as Monumental Chair, Majority Owner & CEO, as well as its "largest stakeholder." Sources said that Leonsis also will "continue to run the teams and affiliated enterprises under the Monumental umbrella." Powell Jobs is "one of the wealthiest women in the world," estimated to be worth about $20B. She also owns 4% of Disney and was "part of a group that unsuccessfully bid" on the Clippers a few years ago. At that time, her brother, Brad Powell, told Monumental Vice Chair Raul Fernandez that the family "had an interest in sports ownership." The two "began talking about bringing Powell Jobs into the group." Her 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." 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%. Sources said that "none of the current shareholders is expected to leave Monumental, but some may be selling shares to Powell Jobs" (WASHINGTONPOST.com, 10/3). Powell Jobs joins the Lakers' Jeanie Buss, the Nuggets' ann Walton Kroenke, the Jazz' Gail Miller, the Ducks' Susan Samueli, the Sabres' Kim Pegula and the Red Wings' Marian Ilitch "as women with significant stakes" in NBA or NHL teams (AP, 10/3). Boston Globe Managing Dir Linda Pizzuti Henry tweeted this is a "great partnership." Powell Jobs is "expanding in DC" and partnering with Leonsis, the "most thoughtful owner in sports" (TWITTER.com, 10/3).

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