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Washington Wizards: Steve Jobs’ Widow Purchases 20% Stake in Wizards

By Ben Palmer

SAN FRANCISCO, CA - MARCH 9: Laurene Powell Jobs, widow of late Apple founder and CEO Steve Jobs, is seen among the crowd after an Apple special event at the Yerba Buena Center for the Arts on March 9, 2015 in San Francisco, California. Apple Inc. announced the new MacBook as well as more details on the much anticipated Apple Watch, the tech giant's entry into the rapidly growing wearable technology segment as well (Photo by Stephen Lam/Getty Images)
SAN FRANCISCO, CA - MARCH 9: Laurene Powell Jobs, widow of late Apple founder and CEO Steve Jobs, is seen among the crowd after an Apple special event at the Yerba Buena Center for the Arts on March 9, 2015 in San Francisco, California. Apple Inc. announced the new MacBook as well as more details on the much anticipated Apple Watch, the tech giant's entry into the rapidly growing wearable technology segment as well (Photo by Stephen Lam/Getty Images) /
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Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs, has purchased a 20% stake in Monumental Sports & Entertainment, who owns the Washington Wizards

Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs, has purchased a 20 percent stake in Monumental Sports & Entertainment, the company that owns the Washington Wizards, as well as the Washington Capitals, Washington Mystics, and Capital One Arena.

According to the Washington Post, the only person with a larger individual stake in the company is Ted Leonsis, the chief executive of the 19-member holding company.

“We have an agreement with Laurene Powell Jobs, founder and president of Emerson Collective, to join the Monumental Sports & Entertainment ownership group,” Monumental Sports & Entertainment told the Post. “The process is underway and is pending league approvals.”

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Powell Jobs is estimated to be worth $19.8 billion, according to Forbes, and has been looking into purchasing an NBA team for some time now. She previously was interested in purchasing the Brooklyn Nets and was also part of a team that bid on, and ultimately failed to acquire the Los Angeles Clippers.

Powell Jobs is hoping to be able to use her stake in the Washington Wizards and other teams with Monumental as a way to champion the social goals she believes in, like improved education. “Laurene and Ted [Leonsis] share the same commitment to a double bottom line, that the best companies are those that do good in their communities,” a source familiar with the deal told the Post.

Forbes valued the Washington Wizards at $1 billion, the 18th-most valuable NBA franchise, however, the Washington Wizards’ value has increased thanks to recent sales within the NBA.

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Powell Jobs’ investment in the Washington Wizards puts her in rarified air with few other women named as owners of NBA franchises, including Denver Nuggets owner Ann Walton Kroenke, Los Angeles Lakers owner Jeanie Buss, and Utah Jazz owner Gail Miller.

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