Giants hire Tony Vitello as MLB's first college-to-pro manager amid financial shakeups
The San Francisco Giants have teamed up with Investment firm Thrive. It recently raised $10 billion in a funding round that valued the company at $5.3 billion. Thrive normally invests in AI and has a major stake in OpenAI. But the company is looking to diversify and purchased a minority stake in the Giants as its first sports franchise stakeholding. Controlling owner Greg Johnson will remain in command of the MLB franchise, valued at $4.05 billion. Johnson's father was part of the consortium that acquired the Giants in 1993. The deal needs 75 percent of MLB owners to vote it through. Joshua Kushner founded Thrive in 2009 and switched focus from tech to AI. A new Thrive Eternal subsidiary has been set up to invest in 'cultural institutions' that are a supposedly safe bet as AI shakes up global markets. Kushner said it will target: 'Assets with qualities that cannot be replicated by technology. Iconic franchises and cultural institutions rooted in tradition, identity, and shared experience. In a world shaped by abundant intelligence where creation scales and distribution fragments, we believe they will matter even more.' Of the Giants, he added: 'An institution built on more than a century of shared identity and community, and among the most iconic sports franchises in America.' The Giants have eight World Series titles, with the last coming in 2014 -- a third triumph in five seasons. But with zero playoff appearances since 2021, it is lean times for the franchise that once boasted Willie Mays, Barry Bonds, and Willie McCovey. Oracle Park boasts stunning views of the bay, but results on the field have not been as attractive and the Giants are fourth in the National League West with a 13-15 record. In October, Tony Vitello was hired as manager -- the first coach in baseball history to transition directly from a college program to leading a major-league team without prior professional coaching experience. AI tech firm ElevenLabs has just come on board as a sponsor and will look to improve the ballpark. Jose E. Feliciano -- co-founder of investment fund Clearlake -- is set to buy the rival San Diego Padres for record $3.9 billion fee. A new collective bargaining agreement is coming and media rights are up for negotiation in 2028, meaning MLB is braced for a flurry of investment. The Washington Nationals and Los Angeles Angels have explored sales in recent years and could decide to test the waters again.
