Kevin Durant’s venture capital firm invests in Premier Lacrosse League
Bbasketball star Kevin Durant expands its footprint in sports ownership. According Bloombergthe two-time NBA champion’s venture capital firm has invested in the Premier Lacrosse League.
The league, which had its inaugural season in 2019, was started by a professional lacrosse player Paul Rabil and his brother mike rabil. The Premier Lacrosse League is the first lacrosse league to use a touring model that brings the sport’s best players to different cities with the aim of introducing lacrosse to new markets. The Premier Lacrosse League is made up of eight teams. Since its inception in 2018, the league has received capital from major companies that sit at the intersection of entertainment and sports, including the Creative Artists Agency, Arctos Sports Partners, The Chernin Group, Blum Capital and The Raine Group.
Latest investor collective includes Durant’s Thirty Five Ventures, which he co-founded with a businessman Rich Kleiman— and World Wrestling Entertainment Inc. The investments will be instrumental in supporting the expansion of the league.
“Our goal, in addition to growing the business, is to seize the opportunity to grow the sport internationally,” Paul said in a statement, according to Bloomberg.
News of Thirty-Five Ventures’ investment in the Premier Lacrosse League comes months after it was announced that Durant had acquired a stake in National Women’s Soccer League team Gotham FC. This comes two years after he and Kleiman joined the Philadelphia Union ownership group of Major League Soccer. Adweek reported that Thirty-Five Ventures’ investment portfolio includes more than 100 companies across sports, technology and other industries.
“When you combine the experiences of two people and their vision is the same, it’s very powerful,” Kleiman explained when discussing his business partnership with Durant. “Because we each had our own experiences, both in life and in business, we both had a vision of what we wanted to do.”
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