Kevin Durant is building up his business portfolio.
Durant purchased a minority stake in the MLS soccer team The Philadelphia Union, according to Sports Business Daily’s Mark J. Burns. Burns reports that Durant’s stake is somewhere between 1-5% of the team.
The Union was founded in 2008 and began to play in MLS in 2010. They are owned primarily by Keystone Sports and Entertainment LLC.
Durant tried to purchase a small percentage of his hometown MLS team, DC United but that deal fell through.
It seems soccer ownership is becoming a growing theme for NBA players. Just last year, James Harden bought a 3.5 percent of the Houston Dynamo, while LeBron James went across the pond and bought a minority stake into the very popular Liverpool for an estimated $6.5 million.
Nothing is wrong with diversifying your portfolio. Black wealth is something we all should be striving for. While this is just a minority ownership role for Durant, It surely could someday set up a possible run at an NBA team ownership opportunity.