Laurene Powell Jobs is buying a significant stake in Monumental Sports & Entertainment, which owns the Washington Wizards and Washington Capitals.
The investment from Powell Jobs is believed to be in the hundreds of millions of dollars. Her stake will be approximately 20 percent and the second-largest after Ted Leonsis.
“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 is estimated to be worth approximately $20 billion as she holds a significant amount of Apple stock and approximately four percent of Disney.
Powell Jobs was part of a group that unsuccessfully bid on the Los Angeles Clippers a few years ago.