Kevin Durant is evidently enjoying his time in the business limelight.
As AfroTech previously reported, the Brooklyn Nets basketball star recently secured a two-year partnership with blockchain platform Dapper Labs’ NBA Top Shot. Now, Durant is making headlines as he’s reportedly set to become one of the major buyers in a merger agreement between ticket search engine platform SeatGeek and blank check company RedBall Acquisition Corporation, according to Front Office Sports.
The merger proves to be a relief for RedBall — co-founded by Billy Beane and RedBird Capital founder Gerry Cardinale — who reportedly struggled over the past year, EssentiallySports previously reported.
But clearly, hope was not lost as RedBall now has a promising footing with the latest merger reportedly valued at a whopping $1.35 billion (What a comeback).
The equity rollout will include a $100 million private investment in public equity (PIPE). The beauty of PIPE financing permits prospects to be afforded the chance to garner more returns in comparison to the revenue they would receive operating solely within the public sector. The PIPE will be sponsored by private investors that not only include Kevin Durant and Richard Kleiman’s Thirty Five Ventures but also Accel and Utah Jazz owner Ryan Smith, who will have a unique opportunity to obtain public shares below market value.
While it’s no secret that Kevin Durant continues to rake in investment deals, the tea is that it is not his only billion-dollar venture. As AfroTech previously reported, Kleiman and Durant’s Thirty Five Ventures, partook in a $200 million Series F funding round for health firm WHOOP, which led to a valuation totaling $3.6 billion. The NBA star is said to have walked away with a 2,800 percent return on the investment — only adding to his growing list of successful business ventures.
Clearly, Kevin Durant doesn’t miss on or off the court.