Kevin Durant and MLS' Philadelphia Union announced Monday that the Nets star has officially purchased a 5% stake in the club, with an option to purchase an additional 5% at a later date.
“I’m excited to partner with the Philadelphia Union for years to come," Durant said in a statement. "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 deal, which also includes a partnership with Durant's Thirty Five Ventures, helps the Nets forward join the ranks of a number of non-soccer professional athletes who have an ownership stake in a league participant. Rockets guard James Harden and Seahawks quarterback Russell Wilson have stakes in the Houston Dynamo and Seattle Sounders, respectively.
Union majority owner Jay Sugarman told ESPN that he expects Durant to provide the organization with a valuable perspective on how to grow the organization.
Durant, who is finishing his rehab on a torn Achilles tendon and plans on missing the remainder of the 2019-20 NBA season, told ESPN he dreams of owning an NBA team.
"I would love to. [Owning an NBA team] is the goal, that's the plan," he said. "But who knows? It's a tough business to get into obviously. You need a lot of capital to do it. But I'm just learning the business, learning the sport, really keeping my love for the sport. I think that will lead me in the right direction. We'll see what happens."
The Nets were 30-34 and No. 7 in the Eastern Conference when the NBA stopped play on March 11. The league is expected to return on July 30.
The Philadelphia Union is coming off its most successful season to date in 2019 with the most wins, record-setting attendances and the team’s first playoff win. It had one loss and one tie in its two games in the 2020 season.