Kevin Durant Purchases Minority Stake in the Philadelphia Union
Kevin Durant is diversifying his portfolio.
Back in December, Kevin Durant told Forbes that he hopes to own an NBA team one day. While that idea may need to be placed on the back burner until after his playing days are over, Durant made a big business investment on Thursday in purchasing a minority stake in a MLS team, the Philadelphia Union.
The price remains unknown but it is believed that the stake is between one to five percent.
Durant is not the first NBA star to venture into the soccer market. James Harden owns approximately 3.5 percent of the Houston Dynamo, while LeBron James purchased two percent of Liverpool back in 2011 for an estimated $6.5 million. Durant has also previously attempted to a purchase a stake in D.C. United, but was unable to come to terms.
While the stake is incredibly minuscule, it provides players with an opportunity to learn the ins and outs of owning and managing a sports team, knowledge that will come in handy once the likes of James and Durant look to operate their own NBA team at a greater stake.
An excellent investment!