NBA Superstar Kevin Durant Joins the Philadelphia Union’s Ownership Group as a Minority Owner
The Philadelphia Union have officially announced today June, 15 that Brooklyn Nets Forward Kevin Durant has joined the clubs ownership group as an investor and community partner.
Durant purchased a 5% ownership stake in the club, with the option to purchase an additional 5% in the near future.
Durant will now join the ownership group of majority owner Jay Sugarman, minority owners Richard Leibovitch, Joseph Greco, Richie Graham, David Seltzer, Dave Pollin, Robert Buccini and Christopher Buccini.
Durant’s stake with the Union comes less than a year after Pablo Maurer of “The Athletic” reported that the 10-time All-Star twice attempted to buy a stake in his hometown D.C. United, once in 2012 and again in 2018.
Back on December 28, 2019 Pablo Maurer of “The Athletic” also reported that Thirty Five Ventures met with the Philadelphia Union in Chester.
The deal features a unique and expanded partnership with Durant and sports business executive Rich Kleiman’s Thirty Five Ventures. It will focus on growing the Union’s footprint in the sports world, working closely with the Union on marketing opportunities, and expanding the Union’s community outreach in conjunction with the Kevin Durant Charity Foundation (KDCF).
The Union and Thirty Five Ventures have committed to developing programs in the Chester and surrounding Philadelphia areas with three main focuses.
First, they will work to empower Chester’s youth to tackle social and racial injustice in their community and beyond via social justice programs and resources.
Second, they will address needs related to COVID-19, with support for food banks and local small business recovery efforts.
Finally, they will support youth sports programming and development in Chester and surrounding Philadelphia areas.
Kevin Durant said, “I’m excited to partner with the Philadelphia Union for years to come. 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.”
“The partnership between Kevin and the Philadelphia Union is based on a set of shared values and philosophies,” said Jay Sugarman, Principal Owner of the Union.
Sugarman went onto add, “We want to be known as an innovator in our league and a team that is never satisfied with the status quo. Kevin brings us unique perspectives as a person, as a champion, and as a sports icon. His work with the Kevin Durant Charity Foundation has shown he has a community-first mindset that resonates with our club’s DNA. Combined with his competitive drive and forward-thinking mentality, we believe Kevin adds a key piece in reaching our ambitions for the club.”
Rich Kleiman partner of Thirty Five Ventures said, “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 also 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.”
Durant joins fellow NBA star James Harden in MLS ownership. In July 2019, Harden joined the ownership group of the Houston Dynamo and NWSL’s Houston Dash. Seattle Seahawks quarterback Russell Wilson is also an MLS minority stake holder of the Seattle Sounders.
With the Union bringing in NBA superstar Kevin Durant to the ownership group along with sports business executive Rich Kleiman of Thirty Five Ventures, this brings a ton of expertise to the club. This move will help the club grow as a whole tremendously over the years to come.
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