Culture
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.
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”.
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.
“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.
“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?”
GO DEEPER
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.
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.
GO DEEPER
How Michael Jordan helped make brand Paris Saint-Germain cool
(Top photos: Getty Images)
Where do you turn when you need advice? A chatbot? A life coach? A wise and trusted friend?
How about a poet? Poets may not be famous for making the best life choices, but because they subject the mess of human existence to the discipline of language, they can be as helpful as any therapist or mentor.
Good poets know the rules and when to break them, which is something they can teach the rest of us.
To wit:
Giving advice is a peculiar literary undertaking. It flourishes in certain popular genres — graduation speeches, newspaper columns, country and western songs and poems like this one — but what, in these contexts, is it really for?
I’m thinking of situations when you don’t urgently need help but nonetheless enjoy reading answers to questions you may not have thought to ask. What interests you isn’t the content of the advice — you could get all the life hacks you want from A.I. — so much as the voice of the person dispensing it.
Wendy Cope is an English poet, born in 1945, who has been a fixture of her country’s literary scene since the 1980s. More recently, her short, buoyant poem “The Orange” has been widely memed online, bringing her to the attention of new readers beyond Britain.
Cope favors rhyme, meter, brisk jokes and tart aperçus. She addresses romance, friendship and the petty absurdities of modern life with disarming good humor. The last line of “The Orange” is “I love you. I’m glad I exist.” Somehow she makes it the opposite of cringe.
This isn’t the kind of poetry you would describe as “confessional.” And yet …
Question 1/7
Stop, if the car is going “clunk”
Or if the sun has made you blind.
Don’t answer e–mails when you’re drunk.
Tap a word above to fill in the highlighted blank.Want to learn this poem by heart? We’ll help.
Fill in the missing words below. You can always refer to the reading by A.O. Scott and full
text above.Let’s start with the first stanza.
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 places where authors were born (or lived) that later became locations in their books. To play, just make your selection in the multiple-choice list and the correct answer will be revealed. At the end of the quiz, you’ll find links to the works if you’d like to do further reading.
AMERICA, U.S.A.: How Race Shadows the Nation’s Anniversaries, by Eddie S. Glaude Jr.
For those of us in the national memory-keeping business, anniversaries hold near-totemic power. Satisfyingly round units of time, ideally bearing fancy, Latin-derived names, serve as the overburdened pegs on which to hang think pieces and museum exhibits, revisionist documentaries and maudlin public ceremonies. The arbitrary nature of such occasions is precisely what gives them their charge, inviting us to set aside complacency and submit to a comprehensive check-in.
In his new book, “America, U.S.A.,” Eddie S. Glaude Jr. presents an intriguing variation on the genre, seeing the country’s 250th birthday as an anniversary of anniversaries: 50 years since the malaise-ridden, schlock-heavy Bicentennial. A century since the subdued Prohibition-era Sesquicentennial. A century and a half since telegraphed reports of George Armstrong Custer’s defeat by the Lakota and Cheyenne at Little Bighorn rudely interrupted the Gilded Age Republic’s 100th birthday party.
If an anniversary offers a snapshot of a moment, the core of Glaude’s book is an old-timey photo album, a collection of notable episodes from earlier national reckonings, long-ago glances in the mirror. An estimable scholar of Black history, politics and religion at Princeton — best known for “Begin Again,” his 2020 meditation on James Baldwin’s relevance for our times — Glaude focuses, as his subtitle puts it, on “how race shadows the nation’s anniversaries.”
Such celebrations, he contends, have never really been the moments for honest self-reflection they are often advertised to be. Instead, the nation usually shatters the mirror, refusing to accept what it prefers not to see. “American anniversaries are often moments to turn a blind eye to the evils of the past and the present,” Glaude writes, “to suppress the fact of America’s divided soul.”
It’s a clever concept, and, needless to say, perfectly timed. Last year, Glaude notes, the Trump administration executed a hostile takeover of the government’s studiously bipartisan 250th anniversary planning. It is now preparing a program that is certain to conceal more than it reveals about the country ostensibly being celebrated.
Glaude, in no mood for celebration, argues that such omissions and evasions also defined commemorations in the past. In 1875, Frederick Douglass predicted “one grand Centennial hosannah of peace and good will to all the white race of this country.” He was right: The nation reached 100 years old at a crucial moment in the post-Civil War fight over racial equality, with white Northerners ready to give up on Southern Reconstruction. The occasion would help the once-warring sections to reunite around a shared commitment to white supremacy. On May 10, 1876, at the opening of the Centennial Exposition in Philadelphia, the police tried to bar Douglass from the grandstand, until a white politician vouched for him.
The 150th anniversary came soon after a resurgent Ku Klux Klan successfully pushed for a restrictive immigration law aimed at keeping America a “Nordic” nation. At the lavishly funded, lightly attended celebrations in Philadelphia, Black veterans of World War I were excluded from marching in the opening parade. A writer with The Associated Negro Press wondered “what was in the breast of those black men who fought to make America safe for Democracy and on Monday stood on the sidelines, forgotten, as the Nordic strode by in all his vain pride.”
By 1976, when the nation marked its Bicentennial, the violence of the ’60s had destroyed any semblance of consensus. Vietnam and Watergate had eroded trust in the government. The commission initially tasked with organizing the anniversary was disbanded amid reports of corruption. Corporations filled the vacuum, Glaude explains, with “star-spangled whoopee cushions; patriotic toilet seats; Liberty hamburgers; red, white and blue beer cans.” The author, around 8 years old at the time, dimly remembers donning a pair of tricolor trousers.
A half-century later, Glaude is refreshingly honest about the depths of his despair. “I do not love America, and never have, especially now,” he writes in one of the more startling opening sentences I’ve read in some time. He dismisses this year’s Semiquincentennial as reaching back “to a storybook America that requires either the banishment of Black people from view or the reduction of our role in the country’s history, so as to affirm America’s ongoing quest to be a more perfect union.”
Undoubtedly true. But Trump doesn’t own the country, at least not yet, nor the 250th anniversary of one of the most radically liberatory and confusingly contradictory events in world history — an inspiration, as Glaude shows, even to critical observers of the American experiment, like Douglass. Far from the revanchist MAGA-palooza in Washington, I suspect this summer’s unasked-for invitation to national soul-searching may surprise us yet.
Despite his despair, Glaude concludes that “the past still offers resources for us to freedom-dream.” So, too, does this book.
AMERICA, U.S.A.: How Race Shadows the Nation’s Anniversaries | By Eddie S. Glaude Jr. | Crown | 270 pp. | $31
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