Basketball star Kevin Durant buys stake in PSG

Posted by Admin August 13, 2024 Basketball

Kevin Durant will be leaving Paris with more than just an Olympic gold medal, as an announcement on Monday confirmed his investment in PSG.

Basketball star Kevin Durant has become a minority shareholder in Paris Saint-Germain, his media brand Boardroom confirmed on Monday.

The announcement comes just days after Durant clinched a gold medal in Paris, his third gold in as many Olympic participations with the US basketball team.

Durant joined the PSG ownership through the U.S. based private investment firm Arctos, a 12.5 per cent shareholder of the Ligue 1 champions.

Arctos bought the stakes in 2023, valuing the Qatar Sports Investment-owned club at $4.58 billion.

Boardroom, a media brand that Durant co-founded with Rich Kleiman, will now own a portion which is worth “single-digit millions” of Arctos’ total shares.

The two time NBA Champion has invested “a few million dollars of his own money” in the deal, according to reports.

The 35-year-old power forward took his time out of the Olympics to visit the club’s facilities on August 6 and was welcomed by PSG President Nasser Al Khelaifi.

Boardroom wrote on X that the visit aimed to “kick off the partnership” and to witness the Qatari-owned club’s “values of innovation and excellence” first-hand.

Al Khelaifi later said that the club looked forward to working closely with Durant’s Boardroom.

“We are extremely proud that he [Durant] is becoming closer to the PSG family and shares our same values and vision,” he said in a statement released last week.

The agreement also aims to promote and develop PSG’s brand in the US before the 2026 World Cup.

“Boardroom will work with Paris Saint-Germain to develop a multi-faceted collaboration that spans content and strategy,” Boardroom’s announcement added.

This is PSG’s first official collaboration with an NBA star, despite having a long-standing collaboration with Jordan, basketball legend Michael Jordan’s brand.

It is, however, not Durant’s first investment in football.

The current Phoenix Suns player is understood to be a big football fan and is a part owner of Major League Soccer side Philadelphia Union.

Durant’s other investments in sports include NJ/NY Gotham FC in the National Women’s Soccer League (NWSL) and Brooklyn Aces in Major League Pickleball.