Kevin Durant Buys Minority Stake In Philadelphia Union
After what seems like a year in the making, the Philadelphia Union have a new minority owner. NBA superstar, Kevin Durant, has bought a stake in the Philadelphia Union.
Last year, rumors started to swirl when Kevin Durant was seen at a Union game. This lead to further reports surfacing that Durant was interested in buying a stake in the Union.
Today, the Union announced that Kevin Durant became a 5% owner of the team.
“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. 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 [Kevin Durant Charity Foundation] has been able to in my hometown of Prince George’s County.”
Kevin Durant making an investment means a couple things for the Union. All having to do with recent growth and project-ability into future growth and success. It is also close to Durant’s current team, the Brooklyn Nets, which allows for easy communication & watch on his investment.
It may be a small investment now, but with the rising Union & MLS league success means a potential for big return. Compare his 5% stake to other teams in the league & it could be huge.
With Durant in New York, his 5% stake in the Union could be worth only 1-2% with the New York Red Bulls or New York City FC. Which is a better value for his investment.
This has been a common occurrence over the past 5 years in the MLS. Celebrities across all platforms & sports have been investing into the MLS. Look at the owners of Miami FC, LAFC, & Nashville FC to name a few.
Off the field, Durant’s foundation, Thirty Five Ventures, will play a big part in the Chester community through the Union. The foundation released a few details on their role in the Chester community.
1-Developing programs in the Chester and Philadelphia areas to empower Chester’s youth to tackle social and racial injustice in their community and beyond via social justice programs and resources.
2-Address needs related to COVID-19, with support for food banks and local small business recovery efforts.
3-Support youth sports programming and development in Chester and surrounding areas.
Whether or not this leads into future expansion of team ownership or just a money-making investment for Durant remains to be seen. However, having another multi-millionaire owner and a celebrity of Durant’s caliber in the fold of the Union ownership, could lead to bigger & more expensive players coming to the Union.
Don’t be surprised if you see Kevin Durant in the Sons Of Ben for a couple games a season. He loves soccer & this investment makes him an owner like Mark Cuban, passionately cheering on his team.