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Laurene Powell Jobs to acquire 20 percent of Monumental Sports & Entertainment

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The multi-billionaire investor and philanthropist is set to take on a sizable stake of the franchise.

TechCrunch Disrupt SF 2017 - Day 3 Photo by Steve Jennings/Getty Images for TechCrunch

Laurene Powell Jobs is a multi-billionaire entrepreneur, philanthropist, advocate for social change as the founder and owner of Emerson Collective, the majority owner of the American magazine The Atlantic and the widow of the late Apple CEO Steve Jobs.

Now to add to her list of superlatives is the purchase of a 20 percent stake in Monumental Sports & Entertainment, the company that owns the Washington Wizards, Washington Mystics, Washington Capitals and Capital One Arena.

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

According to The Washington Post, “Powell Jobs’s investment, estimated to be worth hundreds of millions of dollars, will give her the second-largest stake — about 20 percent — in Monumental.”

When this move is approved by the NBA and NHL, Powell Jobs will become one of the leading women in sports business. The only other women to have major ownership stakes in the NBA are the Los Angeles Lakers’ Jeanie Buss, Ann Walton of the Denver Nuggets and Gail Miller of the Utah Jazz.

Powell Jobs has already made a name for herself as one the greatest business minds that the United States of America has to offer and has accrued a net worth of $19.8 billion, according to Forbes.

In addition to the Emerson Collective and The Atlantic, she co-founded College Track, which is a nonprofit program to help disadvantaged students to prepare for and graduate from college. The Laurene Powell Jobs Trust owns 2.5 percent of Disney, after selling 5.3 percent of her original 7.8 percent share of the company, which she inherited after her husband’s death.

Her work in the Washington D.C. area could also mean much more community outreach within the organization.

Powell Jobs’ commitment to the city is welcome within the ownership of Monumental Sports Entertainment. Paired with her care for students and commitment to education with “XQ: The Super School Project”, which included a $50 million investment to create high schools with new approaches to education, she makes MSE become a true agent of change within the community.