Kevin Durant buys minority stake in Paris Saint-Germain, partners with QSI
PARIS (AP) — NBA star Kevin Durant has purchased a minority stake in Champions League winner Paris Saint-Germain, the French club said Friday.
Qatar Sports Investments, PSG's majority shareholder, signed an investment and strategic partnership agreement with Durant, the club said in a statement. Financial terms of the deal were not disclosed.
'Under the terms of the partnership, Durant — via his media and investment company Boardroom, co-founded with long-time business partner Rich Kleiman — will acquire a direct minority stake in the club,' PSG's statement said.
The 36-year-old Phoenix Suns forward is a two-time NBA champion and one of the league's elite shot makers.
Durant became the first four-time men's gold medalist in Olympic basketball history when the U.S. took gold at last summer's Paris Olympics.
'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," Durant said in comments provided by PSG. '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 announcement comes amid talks between the NBA, FIBA and other entities about the process of adding a new league in Europe.
As part of the deal, Boardroom Sports Holdings — Durant's personal investment vehicle, which holds stakes in a number of major sports teams and leagues — and QSI will join forces on a wide range of commercial, investment and content production initiatives.
PSG added that Durant will support the club's diversification and growth strategy, as well as the development of the club's development in the U.S. and other international markets. He will also provide expertise on the club's multi-port strategy, including future plans in basketball.
'Together with Kevin, we look forward to developing ambitious initiatives that will drive the continued global growth of Paris Saint-Germain and QSI,' said PSG president Nasser Al-Khelaïfi.
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