Rapper Yo Gotti has reached an agreement to purchase a minority stake in D.C. United, valuing the Major League Soccer club at roughly $730 million, according to someone familiar with the plans.
The hip-hop star, whose real name is Mario Mims, is buying slightly more than 1% of the team, according to the person, who was granted anonymity because the details are private. He is the second celebrity to buy into D.C. United in the past few months, following NFL player Mark Ingram, who invested in June at a $710 million valuation.
The deal still needs approval from the league. A representative for the team, which is controlled by Jason Levien and Steve Kaplan, declined to comment. An attempt to reach Mims through his record label wasn’t immediately successful.
The investment is part a wider plan to make Audi Field, the team’s new stadium, a destination for more than just sports. Mims has a record label, called Collective Music Group, which he founded in 2012. CMG recently inked a partnership with international music giant Interscope.
His investment in D.C. United is latest in a string of celebrity MLS investments. Athletes Kevin Durant, James Harden and Patrick Mahomes are all investors in the league, as are actors Matthew McConaughey and Will Ferrell.
D.C. United was valued at $630 million in Sportico’s most recent valuations. $730 million would be among the highest prices ever for an MLS team in a transaction.
Mims, 40, is from Memphis, Tennessee, and both Kaplan and Levien were investors in the NBA’s Memphis Grizzlies prior to purchasing D.C. United.