Is “Ownership” a Scrabble word?

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Yes
OWNERSHIP
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Valid

Meaning of Ownership

noun
  1. 1.The state of having complete legal control of something; possession; proprietorship.

  2. 2.Responsibility for something.

    The successful candidate will take ownership of all internal design projects.