Kevin Durant has made a new investment to advance another area of sports.
Bloomberg reports Durant’s Thirty Five Ventures was a part of an investment round led by The Chernin Group for the Premier Lacrosse League with participation from World Wrestling Entertainment (WWE) Inc.
Premier Lacrosse League founders, Paul and Mike Rabil have not disclosed exact valuations. However, the number has doubled since the company’s previous funding round in 2021.
Durant's Thirty Five Ventures Will Usher In A New Era
Durant’s firm will usher in a new era in the league’s business, sports, and culture directly through its network of companies, athletes, and executives. In addition, WWE will work to elevate the presence of the Premier Lacrosse League as it aims to reach 200 million lacrosse fans worldwide.
“Our purpose — in addition to growing the company — is getting out in front of the opportunity to grow the sport internationally,” said Paul Rabil, according to Bloomberg.
The Chernin Group Will Create Greater Visibility
The Premier Lacrosse League received more good news earlier this year, signing a deal with ESPN to increase their visibility on linear broadcasts, social media, and on-air promotion. The Chernin Group will strengthen their efforts by providing an expertise in media that will “punch through the ceiling of the casual sports fan.”
“ESPN has the best marketing platform of any broadcaster in the space,” Mike Rabil said, according to Bloomberg. “As a start-up league, our goal was always to get that type of deal, and it was the culminating moment for the next step.”
Premier Lacrosse League Will Create Tournament And Push For Summer Olympics
The new funding will support an off-season tournament projected to begin in the spring of 2023, following the college lacrosse season. Premier Lacrosse League will also work to create scripted and unscripted series and for the sport to be a part of the 2028 Los Angeles Summer Olympics.