WASHINGTON (AP) - Billionaire executive Laurene Powell Jobs has agreed to buy a 20 percent stake in Ted Leonsis' Monumental Sports & Entertainment.
A spokeswoman for Monumental confirmed to The Associated Press that there is an agreement in place with Powell Jobs pending approval from the NBA and NHL. Monumental owns the NBA's Washington Wizards and NHL's Washington Capitals.
Powell Jobs, widow of former Apple co-founder and CEO Steve Jobs, is a philanthropist and entrepreneur and president of the Emerson Collective.
She'll have the second-largest stake in the 19-person Monumental group, behind only Leonsis, who remains majority owner, chairman and CEO. She joins the Los Angeles' Jeanie Buss, Denver's Ann Walton Kroenke, Utah's Gail Miller, Anaheim's Susan Samueli, Buffalo's Kim Pegula and Detroit's Marian Ilitch as women with significant stakes in pro teams.