FIFA has been forced to abandon a plan to sell a minority stake in the World Cup after fierce opposition, including threats of future boycotts and calls for president Gianni Infantino to quit, according to the BBC. But the failed proposal exposed a new investment thesis among technology investors: that football — and sport generally — is "AI-proof" and will grow in value as artificial intelligence upends other forms of entertainment.
The AI-proof thesis
In April 2026, Thrive Eternal, a spin-off of venture capital firm Thrive Capital, was created in New York City to invest in areas that have "qualities that cannot be replicated by technology," the BBC reported. The firm is run by Joshua Kushner, brother of Donald Trump's son-in-law and adviser Jared Kushner, and it identified football as the latest target in a strategy built around the belief that sport will survive the AI revolution and gain value.
The World Cup was attractive because of its tradition, cultural and identity aspects, which protect it from AI-driven disruption compared with movies and music, where technology is already starting to replace humans, according to the BBC. Thrive's website argues that "iconic franchises and cultural institutions rooted in tradition, identity, and shared experience" will not just survive, but "will matter even more."
A $4.2bn bet with a decades-long horizon
The BBC understands talks over the proposal — which would have given investors a minority stake in the World Cup through FIFA's proposed Forward Enterprise (FFE) — started last year, with former Disney chief executive Bob Iger hired as an adviser. The deal required the backing of FIFA's member associations.
A source close to Thrive Eternal said the plan was not "a typical investment fund looking for a speedy return on investment." Investors were prepared to commit $4.2bn (£3.1bn) as an initial investment and expect no returns for "a long period of time — decades," because Thrive Eternal is structured as a holding company, the source told the BBC.
| Deal element | Detail |
|---|---|
| Initial investment | $4.2bn (£3.1bn) |
| Return horizon | Decades, no speedy return |
| Legal structure | Holding company |
| Target | Minority stake in World Cup via Forward Enterprise (FFE) |
| Adviser | Bob Iger, former Disney CEO |
| Talks began | Last year (2025) |
An expanding sports portfolio
Football is not Thrive Eternal's first sports investment. As part of its launch, the firm announced it had agreed to buy a stake in the San Francisco Giants baseball team, and there are reports it is considering a bid for a new NBA franchise in Las Vegas, according to the BBC.
Both Kushner and Thrive Eternal have remained silent on the FIFA plan and its fallout, the BBC reported.
Decisions made in Wall Street and Silicon Valley
Professor Simon Chadwick, who has worked in the global sports industry for 30 years with fan groups, clubs, FIFA and UEFA, told the BBC that investment interests and commercialisation mean many decisions are being made on behalf of football and fans "in Wall Street and Silicon Valley."
"It is almost as though it's crept up on us and a lot of people haven't really thought about what's happening," he said.
"Whether people like it or not, private equity investment in sport is happening."
Chadwick acknowledged the governance questions the plan raised for FIFA. The episode also illustrates how technology investors are now moving on both sides of the AI economy: Thrive Capital has been a major financial backer of OpenAI, while its spin-off is betting that traditional cultural assets will keep their value in an AI-driven world.
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