NBA star Kevin Durant becomes minority shareholder at PSG
According to an official club communiqué, NBA icon Kevin Durant has become a minority shareholder in Paris Saint-Germain. While Durant had previously held an indirect stake in the club through Arctos Partners he has now taken on a direct equity role.
Durant, a two-time NBA champion and Olympic gold medallist, is expected to play an active part in PSG's basketball project, which includes plans to launch a professional franchise. The percentage of club ownership remains unchanged for now, as Durant's new role represents a transfer of shares from Arctos to him personally.
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According to a report from The Athletic, QSI revealed that it had been approached about the possibility of launching a basketball franchise in Paris back in March – with the NBA looking to expand into Europe. Adam Crafton reports that the 36-year-old had previously invested a single-digit million share in PSG made via Arctos Sports Partners.
This latest deal sees Durant exit the stake acquired via Arctos, with his exit taken up via other money from the fund. 'It is an honour to partner with QSI and be a shareholder in Paris Saint-Germain — a club and a city that is so close to my heart,' said in a communiqué. 'This club has big plans ahead and I can't wait to be a part of the next phase of growth; and to explore new investment opportunities with QSI.'
GFFN | George Boxall
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