Mallorca reorganised its ownership structure last month, with president Andy Kohlberg becoming majority shareholder after acquiring the shares of former Phoenix Suns owner Robert Sarver.
The island club have just begun their third consecutive season in Spain's top flight -- with a draw and a loss so far in 2023-24 -- and exceeded expectations with a ninth-place finish last season.
"Andy Kohlberg and I have been friends for many years," Kerr said. "We were together this summer. He told me there was a shift in the ownership group and he offered me the chance to be part of the new investment group.
"I was so excited, having been in Mallorca last summer watching a game, following the team and becoming a fan. It was a really exciting opportunity and I jumped at it."
"He told me it was an excuse to spend a week or two in August every summer in Mallorca," Kohlberg joked. "That was the main motivation, I think!"
Kerr won five NBA championships as a player and is seen as one of the greatest coaches in NBA history, winning four championships with the Warriors between 2015 and 2022.
He first visited the island of Mallorca in 2022 and delivered a speech to the first-team squad.
"Becoming a Mallorca fan last year and becoming involved now with the team, I'm going to be watching LaLiga games all year," Kerr said. "It's so exciting to not only have a financial stake but really what that means, putting your heart into it and becoming part of the team.
"The most important thing is the culture within the team every day. Is everybody pulling in the same direction? Is everybody supporting each other? Do you look forward to coming to practice every day? Seeing your teammates, seeing your coaches. I know that's a culture that is being instituted in Mallorca and obviously it's paying off so well."
Mallorca's heyday came in the late 1990s and early 2000s -- when they twice finished third in LaLiga and won the Copa del Rey -- but relegation saw them fall as low as the third tier in 2017-18 before bouncing back.
Eight-time NBA All-Star Steve Nash is also a shareholder at the club, having previously served as a director.
"My wife and I won't be able to come this summer, because of the World Cup in basketball," Kerr said. "But we're planning on trying to make it out to Mallorca every summer and coming to games."