Gotti and his group of investors will share a six percent stake in the soccer team. The record executive is investing with Eyob “Joe” Mamo, who is an Ethiopian petroleum executive, and several other unnamed investors.
The hip-hop artist is friends with the co-chairmen of D.C. United, Jason Levien and Steve Kaplan. Gotti met Levien and Kaplan through their investments to the Memphis Grizzlies. Memphis is Gotti’s hometown.
The rapper also met with MLS Commissioner Don Garber in August at the MLS All-Star Game in Los Angeles.
Front Office Sports tweeted about the deal and posted a caption.
“Yo Gotti has reached an agreement to purchase a minority stake in D.C. United, per @novy_williams. The rapper is part of a group that will gain about a 6% stake in the MLS club, pending approval. In June, RB Mark Ingram also invested in the team at a valuation of about $710M.”
Audi Field is home to D.C. United and has a capacity of 20,000.The team has been raising money through equity financing in order to develop the east side of the field as well as complete training headquarters, expand VIP areas and finish the north side of the stadium. Heisman Trophy winner and running back from the Houston Texans Mark Ingram II also bought a one percent stake in the team in June.
Gotti and Ingram aren’t the only celebrities who’ve invested in the league. Kevin Durant, James Harden and Patrick Mahomes all have invested in the MSL. Actors Matthew McConaughey and Will Ferrell are also MSL investors.
Gotti, 40, also owns a record label. The artist founded Collective Music Group, also known as CMG, with his brother Brandon Mims in 2012. The label recently partnered with the global record label Interscope Geffen A&M. The deal with Gotti’s group is awaiting final approval from the MSL.