Connect with us

News

Thrive Capital led VCs into pro sports ownership; Collaborative Fund just upped that play

info

Published

on

DC United.jpg

Collaborative Fund, the 15-year-old, New York-based generalist venture firm that has roughly $1 billion under management and which made early bets on Lyft, Reddit, Sweetgreen, and Olipop, among others, is taking a stake in the soccer club D.C. United and its stadium, Audi Field.

It’s the latest — and smallest — firm to try something that Thrive Capital opened the door to just months ago: turning venture money into pro sports ownership.

To recap, Joshua Kushner’s Thrive launched a new vehicle, Thrive Eternal, explicitly built to hold “iconic franchises and cultural institutions” for decades, funded by many of the same investors already in Thrive’s venture and growth funds. The firm kicked things off by announcing a stake in the San Francisco Giants. Months later, the same vehicle — with former Disney CEO Bob Iger, a Thrive partner, joining as co-owner — bought the Lakers outright for a record $12.5 billion.

That’s new. Historically, money has poured into pro sports two other ways: individual tech fortunes, and private equity. For example, Vinod Khosla and his family agreed this summer to buy the Seattle Seahawks for a record $9.6 billion soon after the Khosla family also took a stake in the San Francisco 49ers alongside OpenAI chairman Bret Taylor. That was a personal-wealth play, the kind we’ve seen over and over.

Private equity firms have also been at this for years, including Sixth Street, which holds stakes in the Boston Celtics, the New England Patriots, and MLB’s San Francisco Giants; Ares, which owns a piece of the Miami Dolphins outright and separately financed Chelsea’s stadium plans through a $500 million preferred-equity deal; RedBird, which owns AC Milan outright and holds a minority stake in Fenway Sports Group, the holding company behind Liverpool and the Red Sox; and Arctos, with minority positions scattered across MLB, the NFL, the NBA, and European soccer. (Apollo, the newest entrant, has mostly stuck to sports financing deals so far rather than ownership stakes.)

Thrive and Collaborative are doing neither of those things. At the same time, the two firms’ approaches to sports ownership look very different. Thrive built a standalone, permanent-capital vehicle specifically to hold trophy assets. Collaborative is investing out of the same early-stage fund it uses to write seed and Series A checks, and treating the deal less like something to buy and hold and almost more like infrastructure.

In a memo shared with TechCrunch, Collaborative Fund founder and managing partner Craig Shapiro framed the deal as an extension of what the firm already does. “A franchise is the ultimate consumer product,” he wrote, arguing that D.C. United’s status as one of Major League Soccer’s original clubs gives Collaborative access to an institution with a decades-long fan base to build on.

He pointed to the tailwinds around American soccer specifically (a World Cup just behind the sport, the LA Olympics ahead of it, soaring youth participation numbers in the U.S.) as well as D.C.’s ownership of Audi Field in Washington, D.C., plus a talent-development pipeline through Loudoun County, Virginia, and rights to a future Baltimore expansion team.

Indeed, the thesis Shapiro laid out at a TechCrunch StrictlyVC event Thursday night in New York is less about owning a piece of an appreciating asset – the sports team itself – and more about what the team makes possible. Collaborative wants to turn Audi Field into what he describes as a living showcase for its own portfolio.

As a backer of both fitness band maker Whoop and the beverage brand Olipop, for example, Collaborative Fund is imagining a WHOOP wearables activation for fans, or Olipop drinks woven into game-day concessions. He’s thinking about the stadium’s foot traffic — tens of thousands of people showing up on a predictable schedule — as a distribution channel at a time when, because AI is making more of daily life feel synthetic, live experiences are becoming more valuable.

Shapiro doesn’t dwell on this, but it surely helped sell Collaborative’s investors that team valuations have been soaring, so the stake could pay off on its own. Soccer valuations in particular have been on a tear. Inter Miami’s franchise value has roughly doubled in the two years since Lionel Messi arrived, MLS’s average club value is up roughly 134% since 2019, and D.C. United’s own valuation has climbed from $35 million in 2008 to $785 million today, factoring in its ownership of Audi Field and the surrounding real estate.

If Shapiro is right that a franchise is also “the ultimate consumer product,” it could be a pretty good place to park money. Time will tell.

The deal is subject to MLS approval.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Mutfwang grants absolute pardon to 134 prison inmates on Independence Day

info

Published

on

Plateau State governor, Caleb Manasseh Mutfwang, has exercised the prerogative of mercy entrenched in the Nigerian Constitution by granting an “absolute pardon” to 134 prison inmates as part of activities marking Nigeria’s 66th Independence Anniversary on October 1, 2026.

Mutfwang, who announced the pardon in his speech to mark the country’s Independence Day anniversary, commuted the sentences of four inmates on death row to life imprisonment, while the others were granted absolute pardons.

The governor said the gesture followed consultations with the State Advisory Council on the Prerogative of Mercy, stressing the need for justice, humanity and hope as Nigerians reflect on the nation’s journey.

In the goodwill message signed by the governor’s Director of Press Affairs, Bere Gyang, Mutfwang said the pardoned inmates had exhibited remorse and become model prisoners, with many of them undertaking reforms that distinguished them.

Recommended

Bere gave the names of the death-row inmates whose sentences were commuted to life imprisonment as Zuhumnan Musa, Jeremiah Aese, Pam Lang and Thoma Danboyi.

Continue Reading

Health

Updated: Independence Anniversary: Tinubu promises stronger primary healthcare for poor Nigerians

info

Published

on

Screenshot 2026 10 01 081008.png

President Bola Tinubu has promised to strengthen primary healthcare services for poorer Nigerians as part of his administration’s efforts to reduce poverty and improve living conditions.

Mr Tinubu, in a televised address marking the country’s 66th Independence Anniversary, said his administration would work with state and local governments to strengthen primary healthcare, basic education, and other essential public services poorer Nigerians depend on.

“That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education, and the essential public services poorer Nigerians depend on most,” he said.

The promise comes against the backdrop of persistent challenges in Nigeria’s primary healthcare system, with recent assessments and PREMIUM TIMES investigations documenting shortages of health workers, poor infrastructure, inadequate equipment and gaps in basic utilities at several facilities.

PHCs face staffing, infrastructure gaps

A recent assessment of 1,480 primary healthcare centres across 16 states found that 97 per cent of the facilities failed to meet the national minimum staffing requirement.

The assessment, conducted between October 2023 and June 2025 by Orodata Science and Civic Tech, covered 277 local government areas across Nigeria’s six geopolitical zones.

PT WHATSAPP CHANNEL
Dangote Refinery AD

Only three per cent of the facilities assessed met the national minimum staffing requirement, while 11 of the 16 states had no assessed PHC that met the standard.

The assessment also found that 40 per cent of the facilities had broken ceilings or leaking roofs, while 38 per cent operated without electricity.

Another 39 per cent relied on unsafe water sources, while 75 per cent lacked essential neonatal resuscitation equipment.

About 75 per cent of the PHCs assessed were located in rural communities, where such facilities often serve as the first, and sometimes only, formal source of healthcare for residents, the report said.

PREMIUM TIMES’ recent investigation into rural PHCs in Osun State also found that challenges persisted at some facilities despite government spending and interventions aimed at revitalising primary healthcare.

The investigation across three PHCs found problems including deteriorating infrastructure, inadequate staffing, limited equipment and gaps in essential services.

Increase in PHC financing

The federal government has, however, reported increased funding for primary healthcare under the Basic Health Care Provision Fund (BHCPF).

In June, the Coordinating Minister of Health and Social Welfare, Muhammad Pate, said N339 billion had been disbursed to states through the BHCPF since its establishment in 2014, with N235 billion of the amount disbursed in the three years of the Tinubu administration.

Mr Pate said the increased funding reflected intensified investment in primary healthcare and had helped expand access to essential health services.

He said more than 8,000 PHCs across the 36 states were receiving funding through the BHCPF gateways, while assessments were underway to increase the number of supported facilities to 17,600 nationwide.

The government has also launched the Primary Healthcare Provision Strengthening Programme (HOPE-PHC), a $570 million programme designed to strengthen primary healthcare as part of a wider human capital development and poverty-reduction initiative.

The link between healthcare and poverty reduction

In his address, Mr Tinubu acknowledged that millions of Nigerians still struggle to meet basic needs, including healthcare costs.

“I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work,” he said.

ALSO READ: FG approves N32 billion for BHCPF to strengthen primary healthcare services 

He said the difficulties facing vulnerable Nigerians were not created by the economic reforms of the last three years but were the accumulated consequences of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutions that had often failed those who needed them most.

Mr Tinubu said his administration could not erase in four years problems that had accumulated over generations but could change their course.

“We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way,” he said.

He said the government was strengthening direct support for poor households and improving the National Social Register so that assistance reaches those who genuinely need it.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending