Egyptian businessman Nassef Sawiris has purchased a 5% stake in New York-based Madison Square Garden Sports Corp. The US company owns New York Knicks.
Sawiris Extends Fortune
Sawiris is the wealthiest Egyptian businessman, with a net worth of about $6.4 billion, according to the Bloomberg Billionaires Index.
He already has stakes in German sport retail company Adidas AG as well as Premier League side Aston Villa.
He has decided to expand his investments in the sports industry, after buying stakes in the Madison Square Garden Sport Corp. that owns NBA side New York Knicks and the New York Rangers who compete in the NHL.
He becomes one of the three largest owners of the stock, with his stock expecting to grow to 6.3% by March, according to Bloomberg.
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