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Durant's PSG stake explained: Why has he bought in? Does he have a say?

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Durant's PSG stake explained: Why has he bought in? Does he have a say?

Kevin Durant has become the latest American sports star to invest in European soccer.

On Monday, The Athletic reported that the two-time NBA champion and Phoenix Suns forward had bought a minority share of French soccer giants Paris Saint-Germain. According to sources with knowledge of the agreement — who, like all spoken to for this piece, were granted anonymity to protect relationships — Durant’s investment firm Boardroom has bought a shareholding through a separate financial vehicle created by Arctos Sports Partners, which has invested in PSG.

Durant was in Paris for the Olympic Games, where he secured his fourth gold medal. Last week, while competing at the competition, Durant and Rich Kleiman, who is the co-founder of Boardroom and Durant’s manager, visited PSG’s new training centre at Poissy, west of Paris. They met with PSG president Nasser Al-Khelaifi. According to sources with knowledge of his visit, the two sides “presented” to each other regarding the agreement.

So what does this agreement mean and how did it come about? The Athletic has the rundown.


First, who are PSG and what is Boardroom?

Paris Saint-Germain are one of the leading football clubs in both the men’s and women’s game in Europe. Their men’s team are the most successful football club in France. They have won 12 domestic league titles, more than any other team, and they are the reigning champions.

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PSG became a dominant force after Qatar Sports Investments, a Qatari state-funded investment vehicle, bought the club for €70million in 2011. Since then, they have won 32 trophies and signed international star players including Lionel Messi, Kylian Mbappe, Neymar and Zlatan Ibrahimovic. They have also developed an increasingly prominent global brand, with more than 200 million followers on social media. According to Deloitte’s Football Money League, they received the third-most commercial revenue of any football club in Europe in the 2022-23 season. PSG also have multiple sports teams beyond men’s and women’s soccer, including handball, judo and esports.


PSG previously had Messi, Neymar and Mbappe on the books (Franck Fife/AFP via Getty Images)

Boardroom, meanwhile, is a sports, media and entertainment brand co-founded by Durant and Kleiman. It is the sister company to Boardroom Sports Holding LLC, which features investments in multiple emerging sports teams and leagues, including PSG. 

Durant needs little introduction. The 35-year-old is regarded as one of the greatest basketball players of all time. He is a 14-time All-Star and his gold medal collection is now a record for men’s basketball. He is also the leading U.S. scorer in Olympic competition for either men or women. He will enter his 17th NBA season this year with the Phoenix Suns.


So does Durant have a say at PSG?

Durant has become a minority shareholder through Boardroom Sports Holdings LLC, but he has not invested directly. He has bought a stake in the Arctos Sports Partners fund that has invested in PSG. Arctos, a U.S.-based private investment firm, bought 12.5 per cent of Paris Saint-Germain last year, which at the time was valued at €4.25billion (£3.64bn, $4.58bn). 

The amount of Durant’s stake is undisclosed, but sources close to the deal have told The Athletic that, in U.S. dollars, it is in “single-digit millions”.

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This is not the first time Durant has invested in sports. He bought a five per cent ownership stake in MLS side Philadelphia Union in 2020, with an option to purchase an additional five per cent, while in 2022 he became a minority owner of NY/NJ Gotham National Women’s Soccer League franchise. He is also a co-owner of the Brooklyn Aces in Major League Pickleball, among multiple other investments with his manager Kleiman, who is a co-founder of Boardroom, sister company to Durant’s investment arm Thirty Five Ventures.


Why has he invested in PSG?

This is the start of what is expected to be a broader collaboration between Boardroom and PSG, covering areas including “content and strategy”. PSG are known to be exploring a variety of collaborations to enhance and develop their brand. They want to enhance their status and footprint in the United States, with the Club World Cup in 2025 and the World Cup in 2026 both on the horizon.

PSG sources say they hope Durant will bring a multi-sport and U.S. market perspective to the club and its brand. The club see this as the start of a relationship that has now been formalised financially. They expect, through Arctos, that Durant will have a voice in the business’s development and the club want to broaden those influences beyond just majority shareholder QSI. 


Durant won Olympic Gold in Paris (Paul Ellis/AFP via Getty Images)

One source with knowledge of Durant’s visit to PSG said the NBA star underlined the attractiveness of the club and brand, noting the club’s unique positioning on culture and community, while also expressing a commitment to the future of women’s sports.


What have both sides said?

PSG have not said anything formally on the matter since news broke of Durant’s investment, but speaking after Durant visited the club’s €300million training centre last week, where the NBA star met the men’s first team head coach Luis Enrique and consultant sporting advisor Luis Campos among others, club president Nasser Al-Khelaifi said: “It was an honour to welcome Kevin Durant to the campus today and to witness his passion for Paris Saint-Germain and his recognition of the excellent sports facilities at our new PSG Campus training centre.

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“Kevin is an inspirational athlete, investor and all-round role model, both on and off the pitch. We are extremely proud of his connection to the Paris Saint-Germain family as we share the same values and vision. We look forward to strengthening our ties and working together with Kevin and Boardroom to bring the best in sport and entertainment to fans around the world.”

On Monday, Boardroom said in a post shared on social media: “Earlier this month, Paris Saint-Germain president Nasser Al-Khelaifi welcomed Durant and his long-time business partner, entrepreneur Rich Kleiman, to the Paris Saint-Germain Campus to kick off the partnership with a visit to the club’s state-of-the-art training facility and education centre.⁠ ⁠They witnessed first-hand how the club’s values of innovation and excellence are embodied in this new environment, where Paris Saint-Germain is nurturing the stars of tomorrow.

“They also spent time with Paris Saint-Germain’s professional football teams, with a particular focus on the women’s and youth academy teams — areas of strong interest for him both in terms of sport and investment.⁠ Durant and Kleiman’s sports and entertainment media network Boardroom will work with Paris Saint-Germain to develop a multi-faceted collaboration that spans content and strategy.”

Arctos has been approached for comment.


Is he the first U.S. star to invest in soccer?

Durant follows a well-trodden path of American sports stars and other famous faces investing in soccer clubs in Europe. LeBron James became a minority shareholder at Liverpool in 2011, but since then, more have followed. Last year, in England, former NFL star JJ Watt and his wife Kealia, an ex-USWNT player, bought a stake in Burnley, Tom Brady did similar at Birmingham City, while Leeds United can count on Atlanta Hawks forward/centre Larry Nance Jr — as well as Russell Crowe, Dustin Hoffman, Will Ferrell, Jordan Spieth and Russell Westbrook — as co-owners.

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“Many are attracted by the passion fans have for football here — I don’t think they see the same passion for teams in the U.S.,” Andrew Umbers, a partner at Oakwell Sports Advisory, a London-based strategic and financial advisor in the sports sector, told The Athletic last month.


JJ Watt owns a stake in Burnley (James Gill/Getty Images)

“It is also an opportunity to grow their personal brands outside the U.S. and the same thing works in reverse.

“If you can bring in an American superstar like LeBron James or Tom Brady, who can give you massive reach in the U.S. for a small amount of equity, why wouldn’t you?”

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Why are U.S. athletes buying stakes in English football clubs?


Is this PSG’s first link-up with basketball?

PSG are currently partnered with Michael Jordan’s brand, Jordan, an agreement that is now in its sixth year. That collaboration has proven to be transformative for the club and its brand, enabling it to expand globally. “It’s the one thing that gets talked about the most, everywhere we go in the world,” said Marc Armstrong, PSG’s chief revenue officer, told The Athletic in December.

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Basketball is one of the most commonly played sports in France. While PSG do not have a basketball team, sources have not ruled out the possibility of establishing a PSG basketball side in the future.

A major focus for the club in the short term will be on the construction of their new stadium, which is anticipated to be a multi-sport and multi-purpose venue. PSG’s revenues are constrained by low television rights deals in France and the limited capacity of their ground, the Parc des Princes. The stadium is seen as a way to further grow the club, which is a key focus of new investors Arctos.

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How Michael Jordan helped make brand Paris Saint-Germain cool

(Top photos: Getty Images)

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Try to Match These Snarky Quotations to Their Novels and Stories

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Try to Match These Snarky Quotations to Their Novels and Stories

Welcome to Literary Quotable Quotes, a quiz that challenges you to match a book’s memorable lines with its title. This week’s installment is focused on bold observations made by characters from assorted novels and short stories. In the five multiple-choice questions below, tap or click on the answer you think is correct. After the last question, you’ll find links to the books themselves if you want to get a copy and see that quotation in context.

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16 Mayors on What It’s Like to Run a U.S. City Now Under Trump

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16 Mayors on What It’s Like to Run a U.S. City Now Under Trump

It is no ordinary time to lead a city. Budgets are in flux. Divisions are deepening. Political violence and misinformation are growing concerns. And as President Trump aggressively pursues his agenda, national politics are becoming an inescapable reality in city halls.

The New York Times sat down last month with 16 mayors at a meeting of the U.S. Conference of Mayors in Tampa, Fla. We asked them many of the same questions. Their answers revealed deep, bipartisan uncertainty over federal funding and concerns about rising incivility. Mayors of some of the nation’s largest cities, including New York and Los Angeles, did not attend.

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Some Republican mayors spoke hopefully about this new Trump era. Many others, especially Democrats, who hold the majority of big-city mayoral jobs, voiced alarm about how the administration’s policies were playing out.

Here’s what we heard.

Across party lines, this one issue was a persistent concern.

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Americans have been telling their mayors that they are worried about everyday costs and struggling to afford a place to live.

With home prices rising and supply limited, several mayors said they were trying to build more units and meet demand. It was a challenge playing out in nearly every city, with young professionals struggling to buy their first houses and growing homeless populations straining city services.

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Mayors told us what else was keeping them up at night.

They described spending significant time outside the office worrying about local and national problems. As the mayor of Noblesville, Ind., put it: “My job is not nine to five. I’m mayor regardless of where I am.”

Some described the fear of receiving a phone call with news of another shooting. Others spoke about wanting to fix endemic issues like homelessness and drug addiction.

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Governing a city feels different under President Trump, most mayors said.

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Mayor Chris Jensen (R)

Noblesville, Ind.

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Mayor Donna Deegan (D)

Jacksonville, Fla.

Mayor Jerry Dyer (R)

Fresno, Calif.

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Mayor Regina Romero (D)

Tucson, Ariz.

Mayor Kathy Sheehan (D)

Albany, N.Y.

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Mayor Alyia Gaskins (D)

Alexandria, Va.

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Mayor Mattie Parker (R)

Fort Worth

With the Trump administration seeking to rapidly overhaul parts of the federal government, mayors from both parties described uncertainty over the fate of federal grants and other programs that Republicans in Washington have targeted.

Many Democrats said they had strong relationships with former President Joseph R. Biden Jr.’s staff members and had not yet built those same connections with Mr. Trump’s team. Mayor Brandon Johnson of Chicago, whose city has been singled out for criticism by Mr. Trump, said that “the very basic fundamental rights of our democracy are under siege.”

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Some Republicans described optimism about working with the new president, and not all of them had seen major changes. Mayor D.C. Reeves of Pensacola, Fla., said that “it’s probably too early to say that there’s a distinct difference.” Mayor Acquanetta Warren of Fontana, Calif., said it was “not at all” different. “We work with anyone,” she said.

We also asked whether mayors had changed their routines because of political violence.

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Several mayors said they had taken additional steps to ensure their safety since the killing of a Minnesota lawmaker and her husband in June and other recent attacks. But political violence, many of them noted, was not new. Mayor Regina Romero of Tucson, a Democrat, pointed to the attempted assassination of Representative Gabby Giffords in her city in 2011.

And Mayor Indya Kincannon of Knoxville, a Democrat, said she had been inside a local church with her young daughters when a gunman opened fire in 2008, killing two people, in an attack linked to hatred of liberals and gay people. She remembered escaping with her daughters. “I picked them up and left as soon as the gunman was tackled,” she said.

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Mayor Todd Gloria (D)

San Diego

“It’s a difficult time for people in public office, and when we see the tragedy that just happened in Minnesota, you always have to wonder, you know, am I next?”

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portrait of Brandon Johnson

Mayor Brandon Johnson (D)

Chicago

“No. But what I can say is with the political violence that has been promulgating, there’s no place for it.”

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Mayor Alyia Gaskins (D)

Alexandria, Va.

“I have. I would say in light of recent violence, I’m much more aware of my surroundings and also those of my family.”

portrait of Kathy Sheehan

Mayor Kathy Sheehan (D)

Albany, N.Y.

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“For those of us who are elected officials, it is an uneasy time.”

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Mayor Jerry Dyer (R)

Fresno, Calif.

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“As a former police chief and spending 40 years in law enforcement, I’m keenly aware of the fact that there’s always a potential for a threat of violence against you, but it doesn’t mean that we’re always constantly aware of that threat. But I have become much more alert as of late in terms of my surroundings.”

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Mayor Quentin Hart (D)

Waterloo, Iowa

“One of the things that we’ve done immediately was to take more precautions within City Hall.”

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Mayor Brett Smiley (D)

Providence, R.I.

“I haven’t made changes to how I interact with my community, but I will admit that my stress and anxiety level is up a little bit higher.”

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Mayor D.C. Reeves (R)

Pensacola, Fla.

“Nothing permanent yet, but I’m certainly watching it.”

Immigration enforcement is creating fear in many cities, too.

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Mayors from both parties called on the federal government to overhaul the nation’s immigration laws.

“You couldn’t talk to a mayor who doesn’t want immigration reform,” said Mayor Kathy Sheehan of Albany, a Democrat. “We want Washington to fix this.”

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But as the Trump administration works to increase deportations and remove legal status for some immigrants, mayors said that some in their cities were living in constant fear of raids by Immigration and Customs Enforcement officers.

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Mayor Brandon Johnson (D)

Chicago

Mayor Acquanetta Warren (R)

Fontana, Calif.

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Mayor Brett Smiley (D)

Providence, R.I.

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Mayor D.C. Reeves (R)

Pensacola, Fla.

Mayor Quentin Hart (D)

Waterloo, Iowa

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Mayor Jerry Dyer (R)

Fresno, Calif.

Mayor Regina Romero (D)

Tucson, Ariz.

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Mayor Mattie Parker (R)

Fort Worth

Mayors also pointed to local programs that could be national models.

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portrait of Chris Jensen

Mayor Chris Jensen (R)

Noblesville, Ind.

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“I had a local therapist approach me and ask, ‘Hey, would you go on Facebook and do a live therapy session to talk about what it’s like to be a leader during Covid?’ Of course, my initial answer was, ‘Absolutely not, I don’t want to go share my emotions with my community.’”

“But I ended up relenting and doing it. It was one of the best things I ever did. It was literally an hourlong therapy session talking about my feelings, about being a leader during such an uncertain time. That project has morphed into, now, a monthly program called ‘Mental Health Monday.’”

He added: “We have now comforted a community and a city and shown that it’s OK to not be OK.”

portrait of Acquanetta Warren

Mayor Acquanetta Warren (R)

Fontana, Calif.

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“Right now, the biggest challenge in our city is homelessness. That’s what our public is looking to see us resolve, so we’re on steroids doing that. We just bought a hotel last year, which allows us to put people off the street in an environment where they can get major assistance to transform their lives.”

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Mayor Regina Romero (D)

Tucson, Ariz.

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“We’ve planted more than 150,000 trees in the last six years. We created a heat tree map where we take a look at the areas of our city that have less canopy. Because trees are a nature-based solution to heat and climate.”

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Mayor Todd Gloria (D)

San Diego

“Last year, despite high interest rates and high inflation, we permitted about 8,800 new homes in my city, more than double what we’ve been doing historically. The reforms that we’re putting in place to make it possible to build more homes for less and to build them faster is working.”

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We wanted to know what policy change under Trump was having the biggest impact, too.

We spoke to the mayors before Congress passed Mr. Trump’s sweeping domestic policy bill. They told us they had spent months bracing for severe cuts to federal funding for local programs, though many of their worst-case fears had not materialized at that point.

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Some described the pausing of grants while the Trump administration re-evaluated previously approved projects, leaving cities in limbo. In places where the local economy is highly dependent on international trade, mayors voiced concern about the uncertainty around tariffs.

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Mayor Brandon Johnson (D)

Chicago

Mayor Todd Gloria (D)

San Diego

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Mayor Alyia Gaskins (D)

Alexandria, Va.

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Mayor Brett Smiley (D)

Providence, R.I.

Mayor Chris Jensen (R)

Noblesville, Ind.

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Mayor D.C. Reeves (R)

Pensacola, Fla.

Mayor Cavalier Johnson (D)

Milwaukee

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And mayors told us what they had learned about the United States in the last year.

Both Republicans and Democrats said the depth of the country’s political divisions had become even more clear in recent months. Some Democrats said they were still processing Mr. Trump’s return to power and what it means for the country’s future.

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Mayor Todd Gloria (D)

San Diego

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Mayor Daniel Rickenmann (R)

Columbia, S.C.

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Mayor Regina Romero (D)

Tucson, Ariz.

Mayor Jerry Dyer (R)

Fresno, Calif.

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Mayor Brandon Johnson (D)

Chicago

Mayor D.C. Reeves (R)

Pensacola, Fla.

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Mayor Indya Kincannon (D)

Knoxville, Tenn.

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Mayor Alyia Gaskins (D)

Alexandria, Va.

We also asked some lighter questions, like which TV or streaming show they liked best.

Mayors also revealed their favorite after-work beverages.

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Many mayors were eager to plug local craft breweries. Mayor Daniel Rickenmann of Columbia gave a shout-out to the Kentucky distillery that he cofounded. Others preferred a particular soft drink.

We asked them to brag about their cities’ signature dishes, too.

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They boasted about a Friday night fish fry in Milwaukee, fish tacos in San Diego and Mexican food in Fresno and Fontana. Knoxville’s mayor suggested “meat and three,” the local term for meat and three side dishes, while Pensacola’s mayor highlighted his city’s seafood.

Two mayors shared different theories on hot dogs. And two Midwestern mayors boasted about their pork tenderloins.

Their bookshelves are also as varied as their cities.

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When asked about the best book they had read recently, mayors shared a range of fiction and nonfiction titles.

Mayor Alyia Gaskins of Alexandria said much of her reading time was spent with her young children, who enjoy “Little Blue Truck” and “Goodnight, Goodnight Construction Site.” The mayors of Fontana, Knoxville and San Diego all praised “Abundance” by Ezra Klein and Derek Thompson.

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portrait of Jerry Dyer

Mayor Jerry Dyer (R)

Fresno, Calif.

“One Blood” by John M. Perkins

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Mayor Kathy Sheehan (D)

Albany, N.Y.

“A Gentleman in Moscow” by Amor Towles

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Mayor Donna Deegan (D)

Jacksonville, Fla.

“The Wisdom Pattern” by Richard Rohr

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Mayor D.C. Reeves (R)

Pensacola, Fla.

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“A Land Remembered” by Patrick D. Smith. “It’s a novel, but it’s kind of on the history of Florida.”

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Mayor Brandon Johnson (D)

Chicago

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“Locking Up Our Own” by James Forman Jr. “I recommend that people across America take a look at it, particularly at a time in which the carceral state is something that’s being enacted, especially by this federal government.”

portrait of Daniel Rickenmann

Mayor Daniel Rickenmann (R)

Columbia, S.C.

“Rockets’ Red Glare” by William Webster and Dick Lochte

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Mayor Quentin Hart (D)

Waterloo, Iowa

“The 1619 Project” by Nikole Hannah-Jones, who is from Waterloo. Also “Anesa, No Skola Today” by Anesa Kajtazovic, a children’s book about growing up during the Bosnian War.

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portrait of Chris Jensen

Mayor Chris Jensen (R)

Noblesville, Ind.

“The Circle Maker” by Mark Batterson. “It’s all about big prayers, big bold ideas.”

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Mayor Brett Smiley (D)

Providence, R.I.

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“A Little Life” by Hanya Yanagihara. “Probably the saddest book I’ve ever read, but it was really, really, really well written and wonderful.”

portrait of Regina Romero

Mayor Regina Romero (D)

Tucson, Ariz.

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“The Teenage Brain” by Dr. Frances E. Jensen. “That really has helped me understand my teenagers and why they do the things they do.”

portrait of Mattie Parker

Mayor Mattie Parker (R)

Fort Worth

“On Leadership” by Tony Blair. “It’s incredibly thought provoking as a leader. I probably should have read it at the beginning of my administration, but I’ve learned quite a bit.”

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Mayor Cavalier Johnson (D)

Milwaukee

I’m reading it right now: ‘A Promised Land’ by Barack Obama. I’m a little behind because I’m mayor and I’ve got three kids, but I’m making up for it now.”

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Finally, we wanted to know what gave mayors hope for the United States.

Across party lines, mayors spoke about frightening political divisions, seemingly intractable problems and serious fears about the future. But most also voiced optimism about the country, drawing hope from America’s history and especially from the people they meet in their own cities.

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Match Five International Cities to Popular Book Titles

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Match Five International Cities to Popular Book Titles

A strong sense of place can deeply influence a story, and in some cases, the setting can even feel like a character itself. This week’s literary geography quiz highlights fictional works with the names of real international cities in their titles. To play, just make your selection in the multiple-choice list and the correct answer will be revealed. Links to the books will be listed at the end of the quiz if you’d like to do further reading.

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