Published 12:04 IST, June 16th 2020
Kevin Durant acquires a 5% stake in MLS franchise Philadelphia Union
Brooklyn Nets star Kevin Durant has purchased a stake in MLS side Philadelphia Union. Durant acquired a 5% stake in the franchise with an option for another 5%.
Brooklyn Nets star Kevin Durant has now officially purchased a stake in Major League Soccer (MLS) side Philadelphia Union. Durant acquired a 5 percent stake in the franchise with an option to purchase another 5 percent in the future. The deal also includes a partnership with Kevin Durant's Thirty Five Ventures, which is run by the Nets star's business partner, Rich Kleiman.
"The deal also features a unique and expanded partnership with Durant and sports business executive Rich Kleiman’s Thirty Five Ventures that will focus on growing the Union footprint in the sports world, working closely with the Union on marketing opportunities, and expanding the Union’s community outreach in conjunction with the Kevin Durant Charity Foundation (KDCF)," a statement from Philadelphia Union read. The priority of the partnership between KDCF and the Union will be to work in the communities to "empower youth" to face social injustices. It will then look to address the COVID-19 pandemic situation and the support needed in the area. Lastly, the development of a youth sports programme in the area will also be a goal for the Kevin Durant Charity Foundation.
With his acquisition of a stake in Philadelphia Union, Kevin Durant joins former teammate and Houston Rockets star James Harden, and Seattle Seahawks quarterback Russell Wilson as investors in MLS franchises. James Harden owns a minority stake in Houston Dynamo while Wilson has invested in the Seattle Sounders. "I’m excited to partner with the Philadelphia Union for years to come," Kevin Durant told Union's media team. "My team and I connected instantly with the Union coaching staff and leadership, as well as the team’s story." Durant further said this partnership would allow him to work in the communities of Chester and Philadelphia like the KDCF has been able to in his hometown of Prince George's County.
According to reports, Philadelphia Union is currently valued at just over $325 million. This potentially means Kevin Durant paid a little over $16 million for his stake in the Union. The two-time NBA champion says he has been a fan of the MLS and was impressed with the rapid growth in the popularity of the league among fans. Per Durant, the business opportunity to work with the Union will be "intriguing".
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Being one of the most recognised NBA stars globally, Durant's experience and popularity will help the MLS team both on and off the pitch, per Union chairman, Jay Sugarman. Last season, the Union finished third in the Eastern Conference and reached the conference semifinals.
Kevin Durant return ahead of NBA restart?
Last week, Durant confirmed his NBA season is over and he does not plan on playing for the Nets this season. Durant ruptured an Achilles tendon during Game 5 of the 2019 NBA Finals. After assessing the severity of his injury, Durant noted he does not plan on returning to basketball this season. Durant's Brooklyn Nets, however, will travel to Walt Disney World in Orlando to take part in the NBA restart.
Image Courtesy: Philadelphia Union Twitter
Updated 12:04 IST, June 16th 2020