Laurene Powell Jobs is in the process of acquiring 20 percent stake in multiple Washington sports teams.
On Tuesday afternoon, billionaire entrepreneur Laurene Powell Jobs of Emerson Collective reportedly purchased one-fifth of Monumental Sports & Entertainment — the holding company of the Washington Wizards, Washington Mystics and Washington Capitals. Monumental announced they had reached an agreement with Powell Jobs and the purchase is final, pending league approval.
No Washington-based sports franchise has won a championship in the last quarter of a century. The Mystics, Wizards and Capitals presumably hope that Powell Jobs’ impressive resume will bring a new, championship culture to Washington.
Unlike with most franchise purchases, multiple teams were packaged together in the sale through the parent company, Monumental. Thus, Powell Jobs has the opportunity to exert influence over a substantial share of the Washington sports world. Her 20 percent stake in Monumental will give her the second most shares after majority owner Ted Leonsis. The size of Powell Jobs’ share will allow her to operate a decent amount of control over the teams as well as the numerous sports-related entities and properties associated with Monumental. Of the three franchises Powell Jobs acquired, the Wizards won a championship most recently — as the Washington Bullets in 1978.
Laurene Powell Jobs is one of the wealthiest women in the world and dedicates an enormous amount of her resources to philanthropic efforts. According to the Washington Post, Powell Jobs wants to use her new platform to improve quality and access to education in the Washington D.C. area. She is currently the President of the Emerson Collective, a non-profit organization. This is their mission statement:
This is their mission statement:
We are an organization dedicated to removing barriers to opportunity so people can live to their full potential. Established and led by Laurene Powell Jobs, we center our work on education, immigration reform, the environment, and other social justice initiatives. We use a wide range of tools and strategies– partnering with entrepreneurs and experts, parents and policymakers, advocates and administrators– to develop and execute innovative solutions that will spur change and promote equality.
This is not Powell Jobs’ first attempt at purchasing a sports franchise. She unsuccessfully bid as part of a group on the Los Angeles Clippers when they were for sale in 2014. Powell Jobs is also the widow of former Apple CEO Steve Jobs.
Here’s to hoping Powell can help bring a championship to the Nation’s capital.