Full Breakdown
Thrive Eternal Takes a Stake in the San Francisco Giants: Venture Capital Meets Major League Baseball
4/25/2026, 8:49:58 PM
Deal Overview: Thrive Eternal's Entry into MLB
Thrive Eternal, the permanent-capital arm of Joshua Kushner’s Thrive, announced an agreement to purchase an undisclosed minority stake in the San Francisco Giants. The deal awaits Major League Baseball approval; the price and exact ownership percentage have not been revealed. Existing owners will retain control while Thrive joins the equity group.
Background: From Tech to Cultural Assets
Thrive launched Thrive Eternal to back “assets with qualities that cannot be replicated by technology.” Historically a tech-focused investor, the firm raised about $10 billion for its latest fund in early 2026 and now seeks long-term ownership of iconic institutions such as sports franchises.
Key Figures
The deal involves Joshua Kushner, founder of Thrive; Shana Daum, senior vice president of communications for the Giants; Greg Johnson, chair of the ownership group; and MLB’s commissioner’s office, which must approve the transaction. Giants CEO Larry Baer previously called the Sixth Street investment the “first significant investment in three decades.”
Financial Context
The Giants are valued at roughly $4.05 billion, the fifth-most valuable MLB franchise. The ownership group has expanded to 35 partners, up from 18 in 1993. In May 2025, a 10 % stake was sold to Sixth Street, funding Oracle Park upgrades. Thrive’s $10 billion fund provides ample capital for potential stadium and waterfront projects.
Official Statements & Responses
Kushner described the move as a “long-game play,” saying Thrive Eternal will “own and steward” iconic franchises for decades. Daum said the partnership will be “long-term.” Giants leadership noted the investment will help transition legacy shareholders. MLB has not yet commented.
Criticism & Opposition
The sources do not report any dissenting viewpoints or organized criticism of the proposed stake.
Conflicting Reports & Gaps
Stake size and price remain undisclosed. One source calls the purchase a minority, non-controlling stake; another says Thrive plans to buy out some investors, implying a larger share. The timeline for MLB’s approval is unspecified.
Why It Matters
The transaction signals venture-capital firms’ growing interest in sports as stable, long-term assets. For the Giants, new capital could accelerate Oracle Park upgrades, waterfront development, and revenue growth, while diversifying the franchise’s ownership base.
What’s Next
MLB’s commissioner’s office will conduct a formal review that could take several weeks. If approved, Thrive Eternal’s funds are expected to support stadium improvements and related projects. Fans and season-ticket holders will watch how the capital is deployed.
Verbatim Quotes
- “We are thrilled with the prospect of Thrive Eternal becoming a long-term partner of the Giants,” — Shana Daum, Senior Vice President of Communications, San Francisco Giants
- “Kushner frames it as long-term stewardship In a post on X that was picked up by news outlets, Kushner said Thrive Eternal will chase "iconic franchises and cultural institutions" that the firm can "own and steward over many decades," according to The Economic Times.” — Joshua Kushner, Founder, Thrive
- “assets with qualities that cannot be replicated by technology.” — Joshua Kushner, on Thrive Eternal’s investment strategy
- “first significant investment in three decades.” — Larry Baer, CEO, San Francisco Giants
