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Giants sell stake in second recent ownership deal
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- Giants sell stake in second recent ownership deal
More partners are coming into the Giants' ownership group.
Thrive, a New York-based investment firm, is in agreement to acquire an unspecified share of the San Francisco baseball club, its founder, Joshua Kushner, announced Friday in a social media post . The Giants confirmed the deal, which is still pending MLB approval, in a statement to The California Post.
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"We have reached an agreement for Thrive Eternal to join our investor group, subject to MLB approval," senior vice president of communications Shana Daum said. "We are thrilled with the prospect of Eternal becoming a long-term partner of the Giants."
Thrive Capital's Joshua Kushner announced Friday that the New York-based venture capital firm is in agreement to acquire an unspecified share of the San Francisco Giants. The deal is pending MLB approval. Getty Images for Fortune Media
If and when given the green light by the league office, the partnership between Thrive and the Giants would be the second time the organization has brought a new investment firm into its ownership group in the past two years.
Last May, the team sold a reported 10% stake to Sixth Street, a private equity group. At the time, CEO Larry Baer described the deal as "the first significant investment in three decades." The Giants declined to comment on the terms of the deal with Thrive.
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The investment is the first made by Thrive Eternal, a new permanent capital holding company at the firm best known for its venture capital arm that has large stakes in emerging technologies such as OpenAI.
The deal with the Giants represented the first in what Kushner described as a new "category" of investments: Assets that "cannot be replicated by technology." Cultural institutions that are "iconic" and "rooted in tradition, identity, and shared experience." And, which "benefit from long-term stewardship."
According to Forbes, the Giants were the fifth-most valuable franchise in baseball to start the 2026 season, at an estimated worth of $4.05 billion. The ownership group is chaired by Greg Johnson, but its membership has grown to 35 partners as of this spring with the recent addition of Sixth Street.
The group led by Johnson's father, Charles, and Peter Magowan originally purchased the club in 1993, preventing a potential move to Florida. At the time, the ownership group included 18 investors.
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The recent infusion of cash will help the Giants navigate many of the original members of the ownership group passing their investments onto a second generation, as well as improvements for their waterfront ballpark that celebrated its 26th birthday this year.
The team has also expanded its sights beyond the field in recent years, as evidenced by the skyscrapers climbing across McCovey Cove as part of its Mission Rock real estate investment. It expanded its real estate portfolio this past winter with the purchase of the 103-year-old Curran Theater in San Francisco's business district.
