Brooklyn Nets Forward Kevin Durant Takes 5% Ownership Stake In Philadelphia Union
PHILADELPHIA (CBS)- Brooklyn Nets forward Kevin Durant can now add partial soccer team owner to his title as the Philadelphia Union announced Monday that Durant has bought a 5% ownership stake in the team.
The 31-year-old Durant joined the team as an investor and community partner and, according to the release, has the option to buy an additional 5% stake in the team in the future. The deal also includes the opportunity for the Union to work with Durant and Rich Kleiman's Thirty Five Ventures on growing the team's footprint, new marketing opportunities and working with the Kevin Durant Charity Foundation on community outreach.
"I'm excited to partner with the Philadelphia Union for years to come. My team and I connected instantly with the Union coaching staff and leadership, as well as the team's story," said Durant. "Off the pitch, I'm looking forward to working in the Chester and Philadelphia communities and making an impact in the same way that the KDCF has been able to in my hometown of Prince George's County."
The partnership between the Union and Thirty Five Ventures is expected to focus on three areas in particular in the Chester and Philadelphia areas. They aim to empower you to tackle social and racial injustice in their communities, address needs that have arisen due to COVID-19, and supporting youth sports.
"The partnership between Kevin and the Philadelphia Union is based on a set of shared values and philosophies," said Jay Sugarman, Principal Owner of the Union. "We want to be known as an innovator in our league and a team that is never satisfied with the status quo. Kevin brings us unique perspectives as a person, as a champion, and as a sports icon. His work with the Kevin Durant Charity Foundation has shown he has a community-first mindset that resonates with our club's DNA. Combined with his competitive drive and forward-thinking mentality, we believe Kevin adds a key piece in reaching our ambitions for the club."
The Union's announcement comes just a few weeks ahead of MLS returning to play in Orlando for the MLS Is Back tournament on July 8.
