Kevin Durant becomes part-owner of Champions League winner PSG amid trade talks
NBA All-Star Kevin Durant has purchased a stake in French football club Paris Saint-Germain. After acquiring 5% of MLS club Philadelphia Union in 2020, the Phoenix Suns superstar is strengthening his business portfolio by becoming a part-owner of the recently crowned Champions League winners.
On Friday, PSG announced that Qatar Sports Investment, its majority shareholder, had signed a strategic partnership agreement with Durant. The details of the deal were not revealed.
"Under the terms of the partnership, Durant — via his media and investment company Boardroom, co-founded with longtime business partner Rich Kleiman — will acquire a direct minority stake in the club," PSG's statement read.
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In a comment released by PSG, Durant said, "It is an honor to partner with QSI and be a shareholder in Paris Saint-Germain — a club and city that is deeply close to my heart.
"This club has big plans and I look forward to being part of the next phase of growth and exploring new investment opportunities with QSI."
The club noted that the two-time NBA champion will be helping with its diversification, growth strategy and development in the United States and international markets. Durant will also use his expertise in PSG's multi-sport strategy, which includes plans around basketball. PSG currently has soccer, handball and eSports programs.
Durant and Rich Kleiman's investment vehicle, Boardroom Sports Holdings, and QSI will collaborate on commercial, investment and content production efforts with the new partnership. Boardroom holds stakes in Major League Pickleball's Brooklyn Aces and NWSL's Gotham City FC.
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Durant's investment comes as the NBA, FIBA and other entities are in talks about establishing a new basketball league in Europe.
"Together with Kevin, we look forward to developing ambitious initiatives that will drive the continued global growth of Paris Saint-Germain and QSI," PSG president Nasser Al Khelaïfi said.
Apart from proving their European supremacy with a 5-0 win over Inter Milan in the UCL final, PSG convincingly won the French Ligue 1 with a 26-6-2 (W-D-L) record and a 19-point lead over second-place Marseille.
Durant finished his third season with the Suns and is in the heat of trade discussions after the team missed the postseason. The former MVP averaged 26 points and six rebounds per game before ending the season with a left ankle sprain.
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