Laurene Powell Jobs buys stake worth around $500 million in DC sports empire

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Emerson Collective Founder and President Laurene Powell Jobs speaks in San Francisco, California on September 20, 2017.

Billionaire entrepreneur Laurene Powell Jobs took a 20 percent stake in Washington sports empire Monument Sports and Entertainment, according to The Washington Post on Tuesday.

People familiar with deal said Jobs’ stake would be the second largest in Monument, behind only CEO Ted Leonsis, the Washington Post reported. Jobs’ portion of Monument, with a total value of more than $2.5 billion according to the Post, represents an investment of around $500 million by Jobs.

Monument confirmed the deal was underway in statement to CNBC, saying Jobs’ work in philanthropy represents a shared view with Leonsis that “companies that do best are those that do good in their communities.” The deal is pending approval of the NBA and NHL.

The deal adds Jobs to a short list of female NBA owners, according to the Washington Post. She joins Jeanie Buss, Ann Walton Kroenke and Gail Miller, the owners of the Los Angeles Lakers, Denver Nuggets and Utah Jazz, respectively.

Jobs, with a personal net worth estimated about $20 billion, is one of a growing list of wealthy tech entrepreneurs with investments in sports franchises. Leonsis, a former tech mogul, told CNBC last year that part of his interest in sports ownership came from trying to reach younger audiences through livestreaming.

Much of Jobs’ net worth comes from her holdings in Apple stock, which was co-founded by her late husband Steve Jobs.

Read the full report by The Washington Post here.