Kevin Durant Buys Five Percent Stake In Philadelphia Union
Kevin Durant officially joined the ranks of sports team owners on Monday with the announcement that he purchased a stake in the Philadelphia Union of Major League Soccer.
Durant acquired 5 percent of the Union, with an option to purchase an additional 5 percent at a later date.
The deal also includes a partnership with Thirty Five Ventures, the business and philanthropic entity run by Durant and sports business executive Rich Kleiman.
\"I\'ve been a fan of the sport, and then seeing how fast the popularity of the league was growing, seeing more fans pop up in different cities around the country, and then seeing how these franchises impact the city\'s businesses and people individually was very intriguing,\" Durant told ESPN in an exclusive interview.
The franchise is valued at over $325 million.
\"Having Kevin and his team joining in a really significant capacity gives us something special, something unique,\" Union majority owner Jay Sugarman told ESPN. \"He\'s a champion and a sports icon, but he\'s also a philanthropist and a community icon. He brings exactly what we need, that champion mentality on the field, but also that impact off the field.\"