Joshua Kushner firm seeks minority stake in San Francisco Giants

Another outside investor is moving into the San Francisco Giants’ ownership structure, and the deal matters well beyond Wall Street. Joshua Kushner’s Thrive Eternal agreed to buy a minority, noncontrolling stake in the club, a move that puts a Trump-world family name inside one of San Francisco’s most recognizable institutions as the franchise weighs future spending on Oracle Park, its Arizona spring training complex and the Mission Rock development next to the ballpark.

Kushner announced the agreement on April 24, but the deal still needs Major League Baseball approval and the financial terms were not disclosed. Thrive Eternal is Kushner’s new permanent-capital vehicle and the firm’s first sports investment, extending the reach of a family office already known through Thrive Capital, which made early bets on OpenAI and SpaceX. For Giants fans, the immediate question is not just who owns a slice of the team, but whether more outside capital eventually affects the club’s appetite for stadium upgrades, baseball operations and the long-term economics around China Basin.

The Giants already opened the door wider to institutional money last year. In March 2025, the team sold about 10% of the club to private equity firm Sixth Street, a transaction the Giants said would help finance upgrades at Oracle Park, improvements to the Arizona spring training complex and the Mission Rock real-estate project beside the waterfront stadium. That earlier deal signaled that the franchise was willing to use equity partners to help underwrite the next phase of its business, not just its game-day product.

MLB’s rules make the latest move more than a gossip item. The league has allowed institutional investors to hold minority stakes since 2019, which has changed how clubs raise capital and how ownership groups are structured. The Giants have been part of that shift before, too: Buster Posey joined the ownership group in September 2022 as a principal partner and board member, giving the franchise a former star player in the boardroom as well as financiers.

The Giants’ history gives the transaction added weight. The club moved from New York to San Francisco in 1958 and has long been tied to the city’s identity, from the waterfront at Oracle Park to the redevelopment push at Mission Rock. The new Kushner stake does not give Thrive Eternal control, but it does deepen the influence of private equity in a team whose next decade will be shaped by how much money ownership is willing to put behind the ballpark, the roster and the neighborhood that surrounds both.