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?
Fifa has reversed its plans to sell a portion of the World Cup after facing opposition, with concerns of potential boycotts and calls for the president, Gianni Infantino, to resign. Tech investors were drawn to the World Cup due to their belief that sport, particularly football, would not only survive but also grow in value amidst the AI revolution.
One such investor is Thrive Eternal, a spin-off of the venture capital firm Thrive Capital led by Joshua Kushner, known for its investments in AI companies. In April, Thrive Eternal established a new arm, Thrive Eternal, to invest in areas that technology cannot replicate, including sport. The firm saw the World Cup as an opportunity to invest in the football World Cup under Fifa's proposed Forward Enterprise (FFE) proposal.
Proponents of the proposal argued that football's tradition, cultural, and identity aspects would protect it from being upended by AI, unlike other forms of entertainment like movies and music. Despite the plan's potential benefits, Fifa's involvement in external investment has been seen in other sports and clubs, with some questioning the necessity of this cash injection.
Written by urgent.news from BBC Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
