Is football AI-proof? Why tech investors wanted a slice of the World Cup
What was the thinking of the investors backing the now-canned plan, and are such proposals in the future inevitable?
Tech investors from Thrive Eternal, a subsidiary of venture capital firm Thrive Capital, were drawn to a proposal involving a minority stake in the FIFA World Cup. The firm, led by Joshua Kushner, primarily invests in AI-related companies but saw the World Cup as a unique opportunity due to its resistance to AI disruption compared to other forms of entertainment.
The New York-based firm created Thrive Eternal to invest in areas resistant to technological disruption. While the plan required backing from FIFA's member associations, the investment was not expected to yield returns for decades. FIFA aimed to separate the business of football from its governance, with the proposal's goal to provide resources to countries lacking access to outside funding.
However, FIFA believes the World Cup is already under-monetized, and alternative funding sources are unnecessary. Critics argue that the need for external investment is questionable given FIFA's existing financial stability.
Written by urgent.news from BBC Technology's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
