# VCs found a new trophy asset: your local soccer club

> Thrive bought the Lakers. Collaborative Fund bought into D.C. United, and it wants the stadium to sell its portfolio.
- Title: VCs found a new trophy asset: your local soccer club
- Summary: Thrive bought the Lakers. Collaborative Fund bought into D.C. United, and it wants the stadium to sell its portfolio. Venture firms are buying sports teams…
- Keywords: venture capital, sports ownership, collaborative fund, thrive capital, mls, technology, startups, VCs, found, trophy, asset, local
- Source: TechCrunch — https://techcrunch.com/2026/09/10/thrive-capital-showed-vcs-the-way-into-pro-sports-ownership-collaborative-fund-is-now-trying-its-own-version-of-the-same-play
- Author: Connie Loizos
- Published: 2026-09-10T22:30:00+00:00
- Read time: 2 min
- Topics: venture capital, sports ownership, collaborative fund, thrive capital, mls, technology, startups
## A VC firm buys a soccer club
Collaborative Fund, a $1 billion New York firm behind Lyft, Reddit and Olipop, is taking a stake in D.C. United and its stadium, Audi Field.
## Thrive opened this door
Joshua Kushner's Thrive built Thrive Eternal, a vehicle made to hold "iconic franchises and cultural institutions" for decades, funded by its existing venture investors.

> iconic franchises and cultural institutions
## Then came the Lakers
Thrive Eternal started with a stake in the San Francisco Giants, then bought the Lakers outright for a record $12.5 billion, with Bob Iger joining as co-owner.
## The old way was personal money
Tech fortunes have done this for years. Vinod Khosla and family agreed to buy the Seahawks for $9.6 billion, after taking a 49ers stake alongside Bret Taylor.
## And private equity
Sixth Street holds the Celtics, Patriots and Giants. Ares owns part of the Dolphins. RedBird owns AC Milan. Arctos is scattered across MLB, the NFL, the NBA and Europe.
## Two very different plays
Thrive raised standalone permanent capital to hold trophy assets forever. Collaborative is writing this check out of the same early-stage fund it uses for seed rounds.
## A franchise as consumer product
Founder Craig Shapiro pitched the club as an extension of the firm's consumer work, arguing an original MLS team comes with a fan base built over decades.

> A franchise is the ultimate consumer product
## Soccer has tailwinds
A World Cup just passed, the LA Olympics are coming, and youth participation is climbing. D.C. also owns Audi Field, a Loudoun County pipeline, and Baltimore expansion rights.
## The stadium is the real asset
Collaborative wants Audi Field as a live showcase for its portfolio: Whoop activations for fans, Olipop at concessions, tens of thousands of people on a predictable schedule.
## Valuations do the rest
MLS club values are up about 134% since 2019. D.C. United went from $35 million in 2008 to $785 million today. The deal still needs MLS approval.
## Key takeaway

Venture firms are buying sports teams, but the newer bet is not on the team appreciating. It is on the stadium as a distribution channel for portfolio brands.