Kevin Durant Buys 5% Ownership Stake in Philadelphia Union

Hoping to grow the Union footprint while developing community programs in Pennsylvania.

By
Sports
2,350 Hypes 0 Comments

Today, Brooklyn Nets’ Kevin Durant joins the Philadelphia Union of Major League Soccer as an investor and community partner. Durant acquired 5 percent of the Union, with an option to purchase an additional 5 percent in the future. He joins Houston Rockets guard James Harden and Seattle Seahawks quarterback Russell Wilson as investors in MLS teams.

The deal includes a partnership with Thirty Five Ventures — a business startup run by Durant and sports business executive Rich Kleiman — which will focus on growing the Union footprint in the sports world and expanding the Union’s community outreach in conjunction with the Kevin Durant Charity Foundation. The pair have committed to developing programs that tackle racial and social injustice in their communities and beyond, address COVID-19-related needs and support youth sports programming. “We set out to create a different type of partnership that isn’t simply a passive ownership stake, but real involvement across marketing and business development from the whole Thirty Five Ventures team,” Kleiman explained.

“I’m excited to partner with the Philadelphia Union for years to come,” Durant said. “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 KDCF has been able to in my hometown of Prince George’s County.” With the team valued at over $325 million USD, the valuation of Durant’s stake is at least $16.25 million USD.

In other news, Kyrie Irving and Dwight Howard have publicly voiced concerns about returning to the court due to COVID-19 and #BlackLivesMatter protests.

Read Full Article

What to Read Next

Vintage-Style T-Shirts Pay Homage to Classic Studio Ghibli Films
Fashion

Vintage-Style T-Shirts Pay Homage to Classic Studio Ghibli Films

Inspired by ‘My Neighbor Totoro,’ ‘Spirited Away’ and more.

Skyzoo Celebrates Father's Day With "A Song For Fathers”
Music

Skyzoo Celebrates Father's Day With "A Song For Fathers”

From the rapper’s upcoming ‘Milestones’ EP out Friday, June 19.

Kadir Nelson Creates Powerful Portrait of George Floyd For 'The New Yorker'
Arts 

Kadir Nelson Creates Powerful Portrait of George Floyd For 'The New Yorker'

A work that “embodies the history of violence inflicted upon Black people in America.”


Medhane Returns With New "No Cap" Animated Music Video
Music

Medhane Returns With New "No Cap" Animated Music Video

From the Brooklyn emcee’s ever-solid ‘Cold Water’ project.

February James Explores Black Identity and Sexuality at Luce Gallery
Arts

February James Explores Black Identity and Sexuality at Luce Gallery

In recent years, she’s worked on collaborations with Solange and Diplo.

Explaining the PlayStation 5’s Divisive Design
Gaming

Explaining the PlayStation 5’s Divisive Design

An industrial designer breaks down the console that has drawn comparisons to a Zaha Hadid building and a wifi router.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.