Kevin Durant, one of the NBA’s top stars, is now an investor and community partner with the Philadelphia Union, as the team revealed Monday that he has purchased a 5% ownership share and has the option to buy another 5% in the near future.
The agreement includes a stronger cooperation between Durant and sports business executive Rich Kleiman’s Thirty Five Ventures. It will assist the Union expand its presence in the sports world and achieve community outreach in collaboration with the Kevin Durant Charity Foundation (KDCF).
“I’m thrilled to be collaborating with the Philadelphia Union for years to come. “My team and I immediately connected with the Union coaching staff and leadership, as well as the team’s story,” Durant said in a statement. “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.”
Durant, who currently plays for the Brooklyn Nets, is a two-time NBA champion and NBA Finals MVP. He also earned the NBA MVP title in 2014, is a 10-time All-Star, and has two Olympic gold medals with the United States.
“The partnership between Kevin and the Philadelphia Union is based on a set of shared values and philosophies,” Jay Sugarman, the Union’s major owner, explained. “We want to be known as an innovator in our league, a team that never settles for the status quo. Kevin offers us fresh viewpoints as a person, champion, and sports hero. His work with the Kevin Durant Charity Foundation has demonstrated that he has a community-first approach, which is consistent with our club’s DNA. We feel Kevin’s competitive drive and forward-thinking approach will help us achieve our club’s goals.
The Union play at Subaru Park in Chester, Pennsylvania, and the cooperation includes the development of activities in the community and the Philadelphia area. They will focus on addressing social and racial injustice, meeting COVID-19 needs, and supporting youth sports programs.
“We are excited to bring our expertise to this partnership and help expand the Philadelphia Union’s footprint not only in soccer, but the sports world as a whole,” Kleiman stated. “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.”
Philadelphia joined MLS as an expansion team in 2010, and they’re coming off their most successful season yet, with 55 points and their first home playoff victory. The club has also reached the U.S. Open Cup final three times.