Washington, D.C. - Monumental Sports & Entertainment Founder, CEO and Majority Owner Ted Leonsis announced that Laurene Powell Jobs, Founder and President of Emerson Collective, will join the Monumental ownership group as a minority investor. The NBA and the NHL have approved the transaction, which takes effect immediately.
"Through her work at Emerson Collective, Laurene has been a longtime leader in areas of education, immigration, social justice and the environment," Leonsis said. "She shares my belief in a double bottom line philosophy: that the companies that do best are those that do good in their communities, and that sports offers a global platform that unites people and lifts up communities. I am thrilled to welcome her to the Monumental family and to one of the most dynamic, diverse and innovative partnerships in sports and entertainment."
Leonsis announced the news in an email to all Monumental Sports & Entertainment staff. The full text of the email is below.
TEXT OF EMAIL FROM TED LEONSIS TO MONUMENTAL SPORTS & ENTERTAINMENT STAFF:
Monumental Sports & Entertainment family,
I have some exciting and important news to share with you today - news that continues to bolster our status as one of the most dynamic and valuable sports and entertainment partnership in the country. Today, I am announcing that Laurene Powell Jobs, Founder and President of Emerson Collective, is joining the Monumental Sports & Entertainment ownership group as a minority investor.
Many of you may already be familiar with Laurene's impressive work on community development and social responsibility issues, both here in the DMV region and across the country. From her work founding College Track to her XQ: The Super School Project championing improved high schools, she is a relentless advocate for access to opportunity for people in all corners of our society. It is our shared belief in the double-bottom line, and in the power of sports to be a force for good in our society, that first made me certain she was the right fit to join our ownership group. At Monumental, a commitment to making our community stronger is a core value for us, and each of you live that every day through the work you do with the Monumental Foundation, with local partners around the region and in our schools. During the 2016-2017 season, the Monumental family alone volunteered more than 1,100 hours with partnering organizations D.C. Central Kitchen, Capital Area Food Bank, Everybody Wins! DC, Martha's Table, Fort Dupont, Playworks DC and Anacostia Waterfront Trust. Our philanthropic work throughout Washington, Baltimore and the entire region is central to who we are as a company.
Laurene also shares our commitment to the economic development of the region we call home. We live in a dynamic city that offers global platforms and direct connections to decision-makers who no other city in this country can offer. Our global influence is almost unparalleled -- and that creates economic opportunity, too. So at Monumental, we continue to work toward a world where every neighborhood in our region gets to benefit from that economic success. I believe that Capital One Arena is the gold standard for this kind of economic investment - the arena has completely changed the trajectory of Chinatown over the past two decades, contributing to redevelopment estimated at $9.2 billion within a seven-block radius, and creating more than 58,000 jobs since it broke ground in October 1995. And we are committed to bringing the same economic opportunity to Anacostia and Ward 8 by bringing the Mystics, our new G League team and the Wizards practices to the city's new facility at St. Elizabeths.
Today's news doesn't change any of our day-to-day operations here at MSE, so if you're wondering whether this announcement will have specific impact on your department or your job - it won't. And it won't change mine, either. I will remain majority owner, managing partner and CEO of the company.
At Monumental, you have built one of the most valuable, fastest-growing sports and entertainment properties in the country. Today's news is simply the latest validation of that fact.
As evidence: in the past calendar year, we have purchased two Arena Football League teams, the Washington Valor and the Baltimore Brigade; invested in one of the biggest esports franchises, Team Liquid; became an equity stake holder in NBC Sports Washington; launched Monumental Sports Network, a first-of-its-kind, over-the-top, direct-to-consumer sports network that allows fans to watch games and original content wherever they are; and purchased an NBA G League team that will start play in the fall of 2018 at the city's new facility at the St. Elizabeths campus in Ward 8. The Washington Capitals, Mystics and Wizards and Baltimore Brigade advanced to the playoffs. All our teams are committed to the goal of winning a championship for our community.
Put simply, the work you are doing is monumental.
I am thrilled and proud to welcome Laurene to our team. But I am just as proud to introduce all of you to her.