Kevin Durant buys minority stake in Paris Saint-Germain, will advise club on basketball expansion
Associated Press
PARIS (AP) — NBA star Kevin Durant has purchased a minority stake in Champions League winner Paris Saint-Germain, the French soccer 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 were not disclosed.
The announcement comes amid talks between the NBA, FIBA and other entities about the potential of adding a new league in Europe.
Durant will provide expertise on the PSG's multi-port strategy, including potential expansion into basketball, the club said.
'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 Phoenix Suns forward is a two-time NBA champion and became the first four-time men's gold medalist in Olympic basketball history when the U.S. took gold at last summer's Paris Games.
'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," the 36-year-old 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.'
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 club's development in the U.S. and other international markets.
'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.
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AP soccer: https://apnews.com/hub/soccer
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