Nets' Kevin Durant purchases minor stake in MLS side Philadelphia Union: Report

Brooklyn Nets star Kevin Durant has purchased a minor stake in MLS outfit Philadelphia Union. The NBA star has been keeping a close eye on the Major League Soccer (MLS) for quite some time and reports claim that the Kevin Durant minor stake investment in Philadelphia Union is primarily due to his affection for sports. Although the exact value of the Kevin Durant minor stake investment is still unknown, reports claim that two-time NBA star has purchased a stake between 1-5 percent at Philadelphia Union.

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Kevin Durant minor stake in Philadelphia Union: Kevin Durant investments

According to Mark J Burns of Business Sports Daily, Kevin Durant became a minor stakeholder at Philadelphia Union on Thursday. The value of the stake still remains unclear but it's estimated that the Nets forward will have a minority stake in the range between 1-5 percent at Eastern Conference side Philadelphia Union. Last season, Philadephia Union finished in third place on the Eastern Conference table.

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However, it remains unclear whether Kevin Durant has made the purchase through a personal investment or if the funds have come through his company, 'Thirty Five Ventures'. Kevin Durant co-founded Thirty Five Ventures with sports agent Rick Kleiman in 2017. In 2016, Kevin Durant invested in Acorns, an app that allows users to keep up with their daily purchases and automatically invests the left-over funds into an exchange-traded fund. 

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Kevin Durant initially wanted to purchase stake at DC United

In December 2019, Kevin Durant revealed to Forbes that he wanted to own an NBA team in the future. However, before purchasing the minor stake at MLS club Philadelphia Union, Durant had initially attempted for an investment deal near his hometown with DC United. The 31-year-old met up with chiefs at DC United on two occasions but reports from The Athletic claimed that the two parties were unable to strike a favourable deal.

Durant joins Houston Rockets star James Harden in the category of NBA stars that are stakeholders at MLS clubs. Harden owns an estimate 3.5 percent of Western Conference club Houston Dynamo when he purchased the stake in July 2019.  Although the stakes in football clubs come without any degree of managerial control, it does give Durant and Harden an insight into how a sports team operates. In 2011, LA Lakers superstar LeBron James purchased a stake worth two percent at Premier League club, Liverpool, at $6.5 million. The value of that stake has reportedly grown significantly. 

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