Basketball star Kevin Durant buys stake in PSG

Posted by Admin August 13, 2024 Basketball

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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.