sell

Football’s world governing body announces plans to sell stakes of up to 20 percent in the World Cup and other events.

FIFA has proposed a plan to sell stakes in the World Cup and other events to private investors, provoking a furious response from the European football governing body, UEFA.

Under the plans announced by FIFA on Tuesday, a $20bn subsidiary would be created to run the World Cup and other events.

World football’s governing body said it would retain a majority share in the new FIFA Forward Enterprise, offering minority stakes to external investment to raise up to $4.2bn.

The plan still needs to be voted on by FIFA’s 211 member nations.

If successful, the proposed investor group is expected to be led by a vehicle founded by Joshua Kushner, the brother of US President Donald Trump’s son-in-law, Jared Kushner, FIFA said.

UEFA said the proposal “crosses a line that football’s governing institutions should never cross”.

Reinvested in the game

FIFA has just held a 48-team World Cup across the United States, Canada and Mexico – the biggest in the tournament’s history.

It is one of the world’s wealthiest sporting organisations, generating billions of dollars, largely from broadcasting rights, sponsorship and other commercial deals linked to the World Cup.

But it says this proposal can increase funds to widen access to the sport and strengthen global participation, with all net benefits to be reinvested in football.

“Football is the world’s most popular sport,” FIFA President Gianni Infantino said in a statement.

“Parts of the game have turned that popularity into remarkable commercial value – and we celebrate that success and want it to continue, because it lifts the whole game.

“Our job is to make sure the rest of football grows with it: FIFA exists to support sustainable, inclusive development in every corner of the world.”

FIFA said that in addition to retaining sole control of the subsidiary, it would retain authority over football governance, competitions, match calendars and regulatory and sporting decisions.

‘World Cup is not a product’

The proposal deepens the divide between FIFA and UEFA, with Europe positioning itself as football’s custodian, while FIFA, a not-for-profit organisation, says it is focused on broadening access with financial largesse.

In a statement, UEFA said it takes the new proposals “extremely seriously”.

“So should every National Football Association. So should every stakeholder: leagues, clubs, players, supporters, governments and everyone who cares about the future of the game.

“The soul and governance of football are not assets to trade – especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA’s to sell.”

The United Kingdom’s new prime minister, Andy Burnham, joined critics, saying on social media that the sport does not belong to investors.

“The World Cup is not a product. It is the greatest competition in world sport, and it was never anyone’s to sell,” Burnham wrote on X.

“Dress the deal up however you like. Once you have sold a piece of it, you have sold out.”

The US says it has spent more than $37.5 billion on the Iran war so far, and the Secretary of Defense is requesting an additional $67 billion more. One analyst tells Al Jazeera’s ‘This is America’ that Congress may face political trouble voting against it.

The consortium is led by British-Indian investor Amit Bhatia, the son-in-law of Indian steel billionaire Lakshmi Mittal.

Liverpool are in talks with British-Indian investor Amit Bhatia over a potential deal for a minority stake in the Premier League football club.

Fenway Sports Group (FSG), Liverpool’s United States-based owner, confirmed the approach from Bhatia’s group on Tuesday.

“An investment consortium led, managed, and represented by Amit Bhatia has expressed interest in making a strategic minority investment in Liverpool Football Club,” an FSG spokesperson told the AFP news agency.

Bhatia, the son-in-law of Indian steel billionaire Lakshmi Mittal, is heading a consortium interested in buying into the 20-time English champions.

The Financial Times reported that Bhatia has hired advisers to work on the offer, which the newspaper said could value Liverpool at more than $6bn.

Just hours after Bhatia’s interest in Liverpool emerged, the London-born 46-year-old stepped down from his role as a director and co-owner of English Championship side Queens Park Rangers (QPR).

Bhatia, who spent 18 seasons with the west Londoners, will transfer his ownership of the club to majority owner Ruben Gnanalingam.

“I step back from my formal responsibilities with pride, gratitude and affection. I want to thank the players, managers, staff, the community trust, my fellow board members and, above all, the fans, who have made me and my family feel part of the QPR family for so many years,” Bhatia said.

Bhatia’s discussions with FSG – who bought Liverpool for 300 million British pounds ($400m) in 2010 – are believed to be at an early stage, with no deal struck yet.

Any investment from Bhatia would be made to further position Liverpool for success, following FSG’s move in 2023 to sell a minority stake in the club to global sports investment firm Dynasty.

Reports at the time valued that transaction between $100m and $200m.

RICKY Gervais banked £16.2million from his sell-out 80-date live Mortality tour, accounts show.

The Brit comedy legend, 65, raked in £311,500 a week for the stint.

It meant the 2025-26 financial year was his best earner to date.

His firm, Red Lion 99, has £17.9million in assets and he has another £33.9million in his TV and film firms listed on Companies House.

Gervais will earn even more from a new nationwide tour, Legend, which starts this autumn.

Yet the Reading-born star is known to be disinterested in wealth.

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He once said: “People ask me why I dress like a tramp.

“And I say, ‘My clothes are clean and comfortable.

“Who am I trying to impress?’

“I don’t wear £50,000 watches. I don’t collect cars. I can’t drive.”

“Nothing gives me more of a buzz than to help an animal. I don’t get excited about things.

“I’m not a hippie or communist, I think money’s for the safety of your family and friends, and you can’t take it with you.”

Pieces from the turf used at the stadium will go on sale as memorabilia and will be priced from $450 to $1,200.

FIFA is hoping to make money off the World Cup final even after the match is finished and the tournament is wrapped up.

Segments of the pitch for the World Cup final will be up for sale starting at $450 per piece, football’s governing body announced on Saturday.

Players and coaches have criticised the quality of the field at New Jersey’s MetLife, which usually uses an artificial surface for NFL games of the New York Giants and Jets. FIFA renamed the venue to New Jersey New York Stadium for the World Cup.

FIFA, accused of charging high prices for this year’s tournament in the United States, will earn more than $11m from the sale, according to a report in The Athletic.

“Own a genuine piece of football history with an authentic 2026 FIFA World Cup Piece of the pitch, permanently preserved in a premium acrylic with a USB keepsake,” the website says. “Each piece contains an original fragment of the iconic Final playing surface, making it a unique collectable that celebrates one of the world’s greatest sporting events.”

The official store says each segment of turf is 17.5 by 17.5 by 17.5, although it doesn’t specify whether that figure is inches, centimetres or millimetres.

FIFA said “the acrylic USB features an authenticity film, while offering a sleek, contemporary display piece. Presented in a premium hinged shoulder box with striking spot UV detailing, this exclusive item is designed for collectors, fans, and football enthusiasts alike”.

FIFA is making the turf available to send only to addresses in the United States and Europe.

“Orders will not be shipped until after the FIFA World Cup 2026 Final,” the governing body said.

In addition to the high-priced tickets and memorabilia for the tournament, it will ‌cost $3,000 for the highest-priced tier of souvenir turf. The three-by-three-inch (7.6-by-7.6-centimetre) piece of grass comes with a gold-etched replica ticket, a miniature replica World Cup ball and a crystal-cut World Cup trophy.

The three other tiers of souvenir turf will sell for $450, $900 and $1,200.

There will ⁠be no more than 2,026 pieces ⁠available in any one tier.

FIFA is selling regular tickets for the final at up to $32,970 for the final and is asking $34,500 and $32,500 for hospitality tickets that include food and drinks.

The report indicated that the turf which will be used for the World Cup final was grown at a turf ⁠farm in North Carolina.

For consistency, new turf fields were installed at all World ⁠Cup venues, including those that typically have ⁠artificial surfaces like the stadiums in Seattle, Washington; Atlanta, Georgia; East Rutherford, New Jersey; Vancouver, Canada; Arlington, Texas; and Inglewood, California.

There is no indication of what will happen to ‌the turf fields that are not being used for the final.

DECEASED Friends actor Matthew Perry has sold two original Banksy artworks for nearly £1million – including the iconic Girl with Balloon.

The star tragically died in October 2023 after accidentally drowning in a jacuzzi while high on ketamine, with 127 items from his estate having now been sold at auction.

A pair of iconic Banksy artworks, Girl with Balloon and Nola, that Perry owned have been sold for £975,000.

The Hollywood actor, best known for his role as Chandler Bing on the hit TV sitcom Friends, died at the age of 54.

His estate has since been put up for auction with the money going to the Matthew Perry Foundation which helps substance users to recover.

The Girl with Balloon 2005 includes two spray-painted stencils on separate canvases of a child reaching for a red heart-shaped balloon.

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Following an intense bidding war, it sold for a massive £709,674.

After including the 25 per cent buyers premium, it sold for £887,093.

The other iconic artwork, Nola 2008, is a screen print in colours on wove paper of a young girl holding an umbrella while sheltering from the rain.

It was the first Banksy Perry ever bought, according to Heritage Auctions.

The monochrome picture fetched £70,967.

Including the 25 per cent buyers premium, it sold for £88,709.

Both artworks have Banksy’s signature on them.

Other items sold at the auction included signed Friends episode scripts, TV guide displays, and a custom Chandler bobble head.

It also sold Batman memorabilia like a custom ping pong table and The Dark Knight Rises watch.

Perry’s cause of death was determined to be the acute effects of ketamine with drowning as a contributing factor. 

A year after the celeb’s tragic passing, the street dealer who supplied the ketamine, Erik Fleming, was jailed for two years.

Perry’s assistant, Kenneth Iwamasa, was also jailed for more than three years after injecting the actor with the drug.

Both pleaded guilty to the charges during their court appearances.

In Section 533 of Angel Stadium, high above the foul pole in right field, where fans enjoying pretzels and helmet nachos wore Angels caps and Mike Trout shirts, a kindly usher approached. As a row of kids delighted in mixing cotton candy and frozen lemonade into an only-at-the-ballpark dessert, the usher alerted the parents that a mass of boisterous and predominantly shirtless men soon would be assembling in a nearby section.

Sure enough, as Wednesday’s game reached the fifth inning, a few dozen young men ran to the very back of Section 535, removed their shirts, twirled them over their heads, and chanted “Sell the team!”

As the chants continued, fans flocked from all corners of the stadium like moths to a flame, and the group grew from a few dozen to a few hundred. The “Sell the team” chants dominated, but there were others: “M-V-P” for Trout, “U-S-A,” “We want beer,” two we cannot print about Angels owner Arte Moreno and, for the young men that dared approach with a shirt on, “Take it off!”

Five friends lined up next to one another, their chests painted red, each with a different character in white: S, E, L, L and an exclamation point. I asked the guy wearing the exclamation point on his chest whether he thought the protests would have any impact upon Moreno.

Fans wave their shirts and shout “sell the team” during a game at Angel Stadium.

(Ronaldo Bolaños/Los Angeles Times)

“I would hope it would have an impact,” said Carson Taff, 16, of Laguna Hills, “but it’s really fun to see people out here.”

Indeed, in a stadium that could generously be described as half-empty, the Angels had themselves a new attraction, an organic display of audience participation.

The now-nightly ritual died down an inning after it started. Other kindly ushers, who had directed people to an adjacent section after Section 535 filled up, politely asked everyone to please put their shirts back on before returning to the general stadium population.

The Angels thumped the Colorado Rockies 11-4, but one good night cannot change the trajectory of a miserable season. The Angels still lost the series to the Rockies, the team with which they share the worst record in the major leagues.

Next up: the Dodgers.

It is unlikely that fans alone could push Moreno to sell. In 2024, Athletics owner John Fisher heard “Sell the team!” chants — and much worse — from the entirety of the Oakland Coliseum, and from a fan base pleading with him not to move its beloved team to Las Vegas. On Monday, Fisher and the A’s open a six-game homestand at a triple-A ballpark in Las Vegas, an appetizer before their scheduled move into a new stadium there in 2028.

If ever a team could stay the course, this might be the time. In the American League, five teams have winning records. If the playoffs opened today, an AL team with a losing record would be included.

The Angels should resist the delusion. They are seven games out of a playoff spot, but they would have to pass nine teams in the standings to get there. They remain on pace to lose 100 games for the first time in franchise history.

On Tuesday, while the spotlight unfortunately found outfielder Jo Adell when a home run bounced off his head, the Angels attracted little attention for the fundamental mistakes of neglecting to cover third base on one play and second base on another.

Angels fans wave signs and urge owner Arte Moreno to sell the team to an ownership group willing to invest more in winning during a pregame protest last month at Angel Stadium.

(Joaquin Ruiz / For The Times)

To the extent Moreno makes any big decisions in the near future, they are less likely to focus on a potential team sale than on whether he believes his manager and general manager — each of whom is working under a contract that expires at the end of this season — can put the Angels in the best position for future seasons.

On Tuesday, the Dodgers’ lineup included four players over 30 and three under 26. The Angels’ lineup that night included four players over 30 and one under 26.

The Angels need to get on with the future. Their front office scoffs at prospect rankings, where the Angels rate poorly.

So bring ‘em up: When infielder Yoan Moncada is ready to come off the injured list, reinstate him and then trade him for anything you can get. Teams like the Boston Red Sox and Philadelphia Phillies would like to add a right-handed bat; swallow some of outfielder Jorge Soler’s contract and trade him for anything you can get.

It’s not about what would be an underwhelming return in either case; it’s about clearing roster spaces for infielders Denzer Guzman and Christian Moore.

And then purge some veteran arms and bring up whatever young ones can help in the Angels bullpen, which has a 5.07 earned-run average. Again, this isn’t about a good return in trade — there isn’t going to be one — but about experience and evaluation for the minor league talent the Angels like to talk up.

You want a good return? Get ahead of the trade deadline and dangle Jose Soriano to contenders that might pay for a live arm now, rather than wait two months to see if they can land Tarik Skubal. Soriano is a win-now addition, but his two Tommy John surgeries make him a risk on a long-term commitment.

In 2023, Moreno granted an interview to Sports Illustrated, in which he explained his decision to put the Angels up for sale, then take them off the market.

“If I’m going to stay,” Moreno said he told his wife, “I have to make a decision that we have to do better. We’re just not doing well enough.”

In 2024 and 2025, the Angels finished in last place, extending baseball’s longest playoff drought to 11 seasons. In 2026, they’re in last place again, desperately needing to get off the treadmill of trying to patch holes with low-cost veterans and crossing their fingers for an 83-win team that might sneak into the playoffs despite a chronic lack of depth.

Angels pitcher José Soriano delivers the ball against the Colorado Rockies on Monday at Angel Stadium.

(William Liang / Ap Photo/william Liang)

They are not deep enough, and they are not good enough.

Behind Section 504 at Angel Stadium, you can find a team store with an outlet mall price: 50% off everything. It is a wonderful concept, a place where families can find affordable souvenirs without limiting the kids to a clearance rack.

Alas, when you mention affordability and the Angels these days, what first comes to mind among Angels fans are these spring words from Moreno to the Orange County Register: “The number one thing fans want is affordability … Believe it or not, winning is not in their top five.”

In Section 535, no one was chanting about affordability.

US tech giant says fundraising drive includes deal to sell $10 bn of stock to Berkshire Hathaway.

Alphabet, Google’s parent company, has announced plans to sell $80bn worth of shares to fund its rollout of artificial intelligence.

Alphabet said on Monday that the equity offerings would finance the rollout of AI infrastructure needed to meet “unprecedented customer demand”.

The US tech giant said the fundraising drive included a deal to sell $10bn of stock to Berkshire Hathaway, the conglomerate led for six decades by legendary investor Warren Buffett.

The remaining $70bn will come from $30bn in underwritten offerings – a type of share issuance where a financial institution buys stock to sell on to investors – and $40bn in staggered sales on the open market.

“The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply,” Alphabet said in a statement.

“By scaling its investments, the company seeks to expand its foundational infrastructure to support the significant growth opportunity ahead.”

Shares of Alphabet, which has a market capitalisation of more than $4.5 trillion, were down about 1 percent in after-hours trading following the announcement.

Like other Silicon Valley giants, Alphabet, whose AI business spans the Gemini family of assistants, data centres and cloud services, has committed eye-watering sums to AI-related infrastructure.

The company said in its most recent earnings call that it expected its capital expenditures to reach $180-190bn this year, and rise “significantly” in 2027.

US tech behemoths, such as Alphabet, Microsoft, Amazon and Meta, are expected to spend some $800bn on AI-related capital investment in 2026, according to an analysis by Goldman Sachs.

Troy Hooper, co-head of equity capital markets for the Americas at the financial intelligence provider Mergermarket, said Alphabet’s funding plans underscored the intensity of the race to lead the AI buildout.

“For hyperscalers, compute capacity is a direct driver of future revenue,” Hooper told Al Jazeera.

“By leaning into equity, Alphabet is bringing in permanent capital rather than burdening a balance sheet already absorbing record capex,” Hooper said, using the shorthand for capital expenditure.

Hooper said US tech giants have come to view underinvestment in AI as an “existential risk” and over-investment as “merely expensive”.

“The logic is simple: under-investing is an existential risk; over-investing is merely expensive. Microsoft, Amazon, and Meta are following the same calculus,” Hooper said.

“Ownership at scale lowers the marginal cost of training advanced models, building a moat smaller competitors will struggle to match. The message is clear: The winners of the AI era will be decided not just by algorithms, but by who owns the largest and most efficient compute platforms.”

Lifelong Angels fan Johnny Gonzalez has reached his boiling point as the team sits at the bottom of the standings, but he’s not giving up. And he’s not alone.

The Angels completed a surprise sweep of the Rangers Sunday, but the team still is tied for the worst record in Major League Baseball with a 20-34. Their fans spent the holiday weekend pushing back against the idea that the franchise would never be more than a bargain option amid rising prices all around them.

Frustrated fans have gone shirtless during the Angels’ homestand and chanted for owner Arte Moreno to “sell the team.” And about 75 fans heeded Gonzalez’s call for a protest, gathering in front of the Angel Stadium State College Boulevard entrance on Saturday chanting “sell the team,” “we want playoffs” and “winning matters.” Drivers passing the spectacle honked their horns in support.

“They’re not doing much for us fans,” said Gonzalez, who organized the protest using the Instagram account @AngelsBoycott. “It seems like every other team is just doing a lot more than us, despite us having a huge following [and] having some of the best players to ever play the game. I mean, it’s just like a lack of commitment, to say the least, and that’s why we’re here today.”

Angels fans wave signs and urge owner Arte Moreno to sell the team to an ownership group willing to invest more in winning during a pregame protest Saturday at Angel Stadium.

(Joaquin Ruiz / For The Times)

It has been three months since Angels owner Arte Moreno told the Orange County Register that, according to Angels survey results, winning was not a top-five priority for fans and that data showed they valued affordability, safety and a “good experience” first.

Outrage over the remarks has grown as the Angels remain anchored at the bottom of the standings.

With a megaphone in his hand, Gonzalez pointed to the Ducks’ recent Stanley Cup playoff run as proof that Anaheim enjoys winning. He also noted how the nearby Dodgers and even the Padres demonstrate how Southern California teams can play for the postseason.

The Angels have missed the MLB playoffs for 11 consecutive seasons — including six with stars Shohei Ohtani and Mike Trout on the roster — and have reached the postseason six times since Moreno purchased the team in 2003 after the franchise’s sole World Series title win in 2002.

Team officials did not respond to The Times’ request for comment on the fans’ protest, but manager Kurt Suzuki addressed the “sell the team” chants that are so loud they can be heard during Angels television broadcasts.

“I know it’s a thing, the no shirts and waving,” Suzuki said. “But yeah, we see it. We recognize it. They have the right to their opinion, and … they cheer for the guys, they roll-call them. I think it’s pretty neat for them to have that kind of support.”

A fan wears a bag over his head that says “Sell the Team Arte!!!” during a game against the Rangers on Friday at Angel Stadium.

(Mark J. Terrill / Ap Photo/mark J. Terrill)

Suzuki added that the Angels remain focused on winning and haven’t paid the chants too much attention.

The Angels entered Sunday’s game ranked No. 9 in MLB attendance with 34,555 announced fans per night, according to ESPN. There are swaths of empty seats during every home game, suggesting some season ticket holders are choosing to stay home.

There is an expanding contingent of fans in the upper deck adjacent to the right-field foul pole who have chanted “sell the team” while waving T-shirts, joining in on a trendy “tarps off” fan movement across MLB sparked by Cardinals fans in St. Louis.

Angels fans who haven’t joined the protests are pleased to see the calls for change.

“I think it’s good that there’s fans that are passionate enough to actually speak out, to want to see a better team and really want to get us back into the playoffs,” Darren Shimasaki, an Angels fan from Yorba Linda, said Friday.

Debbie and Reed Olive, meanwhile, said they usually attend games for the promotions.

“You’re not going to come away with the wins,” Debbie said. “So, we got to get something for our ticket price.”

Even the fan experience unrelated to winning that Moreno touted has taken a hit.

Angels officials said they quickly resolved a rodent infestation Orange County health inspectors flagged at an outdoor food stand in View Level Section 432. Videos of stadium workers capturing a possum in one fan section and spraying gnats on the field during the last few weeks haven’t helped the team’s image.

Reed said the rodent infestation “was a bad look” and that the Angels need a new stadium in addition to a new owner.

Catcher Logan O’Hoppe, who has spent his five-year career with the Angels, said he understands the fans’ frustration.

“We don’t like not doing well, either,” O’Hoppe said. “It’s not OK to us. It doesn’t matter how much we’re getting paid or that we get treated great throughout the league and things like that. We hate it, too. I think people definitely don’t realize that. I think I can speak for a lot of guys in here that we dedicate our lives to this. … We’re not happy with how it’s going, but we’re doing everything we can to fix it.”

O’Hoppe is a New York Rangers fan and gets frustrated when his team struggles, but he said he reminds himself that “we’re all humans.”

The Rangers’ Josh Jung is tagged out at home by Angels catcher Logan O’Hoppe on Friday at Angel Stadium.

(Mark J. Terrill / Ap Photo/mark J. Terrill)

Angels left fielder Wade Meckler, who made his debut on Friday night, is an Orange County native who grew up cheering for the team.

“I mean, I get it,” Meckler said. “It’s a hungry fan base. The fan base is hungry for a winning team. So I understand, you know, being frustrated. They just really want a winning team.”

Meckler has been following the Angels since age 5 and remembers feeling dejected after attending the Angels’ 4-1 home loss to the Royals in Game 2 of the 2014 American League Division Series.

“It’s a super loyal fan base,” Meckler said. “I feel like they show up with energy every day.”

The Angels are on track to miss the postseason for a 12th consecutive season, prompting restless fans to call for new owners who will invest in building a team capable of reaching the playoffs.

“Arte don’t know what he’s talking about,” said Austin Kleschka, an Angels fan who joined Gonzalez at the front of Saturday’s protest. “Winning is a priority. We want that.”

POP star Dua Lipa is suing Samsung for £11million after the tech giant allegedly used her face to sell £300 televisions without her permission.

A picture of the Levitating singer was on the packaging of Crystal 43in ultra-high- definition sets to promote its XITE Hits music channel.

In legal paperwork obtained by The Sun, Dua’s attorneys say she owns the copyright to the photo — taken backstage at a 2024 festival.

She claims it appeared on a “significant portion” of the tellies sold in the US — and her fans even flocked to buy them in the belief she had endorsed them.

The filing, made in the Central District of California Federal Court, reveals that Grammy- winner Dua is demanding a minimum $15million (£11million) in damages — but a jury could decide to award far more.

South Korean firm Samsung is said to have ignored several legal warnings from her team.

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Her lawyer Christine Lepera wrote: “Samsung used a copyrighted image of Ms. Lipa without authority or licence and prominently featured it on the front of boxes containing Samsung-manufactured televisions for retail sale.”

She added “The substantial revenue made on the sale is inextricably tied to the false message conveyed to consumers that Ms. Lipa has endorsed the Infringing Products when she has not.”

One fan is said to have put a photo of the box online with the caption: “I wasn’t even planning on buying a TV, but I saw the box so I decided to get it.”

Another in Miami who spotted it in a store wrote on Instagram: “I’d get that TV just because Dua is on it. That’s how obsessed I am.”

A third said: “I’ve always said if you need anything selling, just put a picture of Dua Lipa on it.”

Ms Lepera added that Dua would not have agreed a Samsung deal anyway as she is “highly selective in her commercial partnerships”.

The London-born star, 30, is one of the world’s biggest pop stars, cracking America and winning three Grammy Awards.

She has signed a number of advertising deals to take her net worth in excess of £100million.

Dua is the face of Nespresso, alongside George Clooney, and also the frontwoman for Yves Saint-Laurent’s beauty products.

In 2023, she signed a seven- figure package to become the face of sports car brand Porsche, and she is in a multi-year partnership with sportswear giant Puma.

Samsung had yet to file a defence to the court. Both Samsung and Dua Lipa’s legal firm, MSK, were asked to comment.

Tom Steyer is trying to sell himself to voters as an agent of change.

He has vowed to take on entrenched political and economic forces to create affordable housing, make the wealthy pay more in taxes, lower energy bills and protect the environment.

But perhaps the biggest change he is selling is his own.

The hedge-fund billionaire turned climate activist has faced criticism throughout his campaign for past investments in coal plants and private prisons, to name a few, that helped build his fortune and gave him the means to spend more than $150 million of his own money in his quest for the governor’s mansion.

Steyer’s prolific spending has blanketed the airwaves with television ads and helped propel him near the top of an unsettled gubernatorial field in the polls.

The 68-year-old San Franciscan has helped put many Democratic candidates in office as one of the party’s biggest political donors in the past two decades, but has never held public office himself.

He spent more than $340 million in the 2020 Democratic presidential primary, but dropped out after placing third in the primary in South Carolina, where he had invested heavily.

There is a long tradition of wealthy, self-funding candidates, and the results are mixed at best. Billionaire Michael Bloomberg spent more than $260 million to win three terms as New York City mayor. But he spent more than $1 billion on a 2020 presidential bid and lasted only four days longer in the race than Steyer. Two years later, real estate developer Rick Caruso spent more than $100 million in an effort to become Los Angeles mayor but lost handily to Karen Bass.

Hoping for a better result in his current race, Steyer has staked out a position as the most progressive candidate in the field — touting an endorsement from the Bernie Sanders-affiliated Our Revolution. He’s picked up other key endorsements, too, from the California Teachers Assn., California Nurses Assn. and numerous environmental groups.

But he faces the challenge of convincing enough liberal voters to support a billionaire with controversial past investments the same year a tax on billionaires, currently enjoying strong support, is poised to be on the November ballot.

“This election is about who you can trust to fight for you,” former Rep. Katie Porter said during an April 22 gubernatorial debate in San Francisco. “One candidate is a billionaire who got rich off polluters and ICE prisons and is now using that money to fund his election.”

Steyer said he understands the broad concerns about his wealth and is willing to vote for the billionaires’ tax in November.

“I know that people are skeptical of billionaires, and I’m skeptical of billionaires,” Steyer said Tuesday in an interview with The Times. “But if you look at this race, I’m the only progressive in the race. I’m the person who’s taking on the corporate special interests.”

He pointed to the millions spent by a super PAC supported by the real estate industry and Pacific Gas & Electric — which Steyer has pledged to break up to bring down utility costs — as evidence that he is the candidate most feared by moneyed interests in the state.

“The companies that are running up the costs are fighting like hell, because that’s how they make their money,” he said. “But somebody’s got to stand up to them.”

The departure of former Rep. Eric Swalwell from the race last month after sexual assault allegations doesn’t appear to have resulted in a major surge of support for Steyer. Rather, it is Xavier Becerra, the former Health and Human Services secretary, who seems to have gained momentum.

But veteran California pollster Mark Baldassare said that he hasn’t counted out Steyer yet.

Tom Steyer, in 2013, as he was campaigning against the Keystone XL oil pipeline.

(David Paul Morris / Bloomberg)

“It would be easy to say that he’s reached his peak, except for the fact that there are so many undecideds and Steyer has so many resources at his disposal,” said Baldassare, the statewide survey director for the Public Policy Institute of California.

Steyer has poured at least $875 million into federal and state political committees since 2010, according to an analysis conducted for The Times by OpenSecrets, and federal and state campaign finance records. That total includes the nearly half a billion dollars he has spent on his two races.

In 2013, Steyer left his investment firm and launched NextGen Climate, a progressive political action group geared toward addressing climate change. He has given nearly $270 million to a super PAC affiliated with the group, which was later renamed NextGen America.

The committee has spent tens of millions of dollars on campaigns opposing fossil fuel interests and supporting progressive candidates, though Steyer’s financial support for the group has decreased as he has run for office.

The billionaire also established his climate bona fides by opposing the Keystone XL pipeline during the Obama administration, which became a national proxy fight over climate policy, and by backing environmental ballot measures in California.

Among them was a $5-million investment in 2010’s “No on Prop. 23” campaign, which defeated a conservative effort to overturn California’s greenhouse gas emission reduction law.

Two years later, Steyer invested about $29.5 million in Proposition 39, a winning measure to recoup money from corporate tax breaks to help pay for clean energy projects.

Privileged upbringing and a ‘desire to compete’

Steyer’s unconventional path to politics began with a privileged upbringing on the Upper East Side of Manhattan. He studied at the elite Buckley School and Philips Exeter Academy before attending college at Yale University, where he captained the men’s soccer team and graduated in 1979.

After a brief stint on Wall Street, he got a master’s degree in business administration at Stanford University, where he met his future wife, Kat Taylor. They wed on the Stanford campus in 1986.

Steyer worked hard — very hard — at making money.

He was one of several “Wall Street Prodigies” featured in a Wall Street Journal profile from the same year he was married.

Steyer’s work began at 5 a.m. in the office and he seldom took days off — he fretted he wouldn’t have time for a honeymoon.

He eschewed the trappings of wealth — driving an eight-year-old Honda — motivated instead by a “desire to compete, excel and keep struggling to do better.”

Steyer began cutting political checks soon after, but his real emergence as a major political donor came during the 2004 presidential campaign, when he pledged to raise more than $100,000 for John Kerry’s campaign and was talked about as a potential political appointee at the U.S. Treasury Department in a Kerry administration.

Steyer hired Kerry to join his sustainable investment company Galvanize in 2024. Steyer stepped down from the company before entering the governor’s race.

The year 2004 was pivotal for another reason.

A group of students at his two alma maters, Yale and Stanford, along with those at a handful of other elite universities, began a campaign to pressure the endowments at their institutions to stop investing with Steyer’s hedge fund, Farallon Capital Management.

They cited concerns about some of the firm’s investments, including a coal burning plant in Indonesia and a joint venture between Farallon and Yale to pump out water from an aquifer in Colorado adjacent to the Great Sand Dunes National Park.

“Stated simply, we do not want our universities to profit from investments that harm other communities,” the students wrote in an open letter to Steyer. “We are concerned about the impact some of Farallon’s recent investments have had.”

Steyer told the students he appreciated “the importance of the issues that you raise,” but defended his firm’s work, saying that it acted “responsibly and ethically.”

Looking back on that time now, Steyer said it was a turning point.

“I think that experience really was a wake-up call to me,” he said. “It’s when I started to very seriously consider leaving Farallon. I really felt like if I was going to be the person with my values, I was going to have to leave and be independent and do what was right.”

Three years later, Steyer and his wife began their initial pivot to public service, opening a bank in Oakland that would cater to low-income customers

Tom Steyer, seeking the Democratic presidential nomination, greets people at an event in Des Moines, Iowa, in 2019.

(Scott Olson / Getty Images)

But this initial venture highlighted the inevitable collision course between Steyer’s burgeoning activism and his firm’s investments.

At an event that year with then-Gov. Arnold Schwarzenegger and Oakland Mayor Ron Dellums, Steyer and Taylor pledged $1 million in loans to support vulnerable people in Oakland facing foreclosure in the wake of the subprime mortgage crisis.

Left unsaid was the fact that Steyer’s firm had extensive financial ties to San Diego’s Accredited Home Lenders, one of the biggest subprime mortgage lenders in the country.

The transformation to climate activist

Steyer and his wife began writing bigger philanthropic checks and in 2010 took the Giving Pledge, promising to donate at least half of their wealth before they died.

In 2009, they gave $40 million to endow the TomKat Center for Sustainable Energy at Stanford, the first of several multimillion-dollar gifts to Stanford and Yale to support climate-focused ventures. They pledged $7 million to create the Steyer-Taylor Center for Energy Policy and Finance, also at Stanford, in 2010. It closed last year after its endowment came to an end.

And in 2011, the couple donated $25 million to Yale to help establish an Energy Sciences Institute focused on developing sustainable energy solutions.

But even as Steyer undertook his public transformation from investor to climate activist, his firm continued to make decisions out of step with his newfound commitment.

In 2011, for example, the firm purchased 1.8 million shares of BP, a year after the Deepwater Horizon oil spill, in which a BP-operated project dumped nearly 5 million barrels of oil into the Gulf of Mexico.

Steyer resigned from the firm at the end of 2012, though he still has millions of dollars invested in the firm .

Environmentalists have largely been willing to forgive Steyer’s past investments.

“There’s no question he’d be the most knowledgeable and committed climate advocate that’s ever held really high office in America,” climate activist and author Bill McKibben recently told Politico.

While the nonprofit California Environmental Voters has endorsed both Katie Porter and Tom Steyer in the race, Steyer, in particular, has “taken on Big Oil dollar for dollar, toe to toe, and beaten them,” said Mary Creasman, the group’s chief executive.

“He has made this his career and his investment and his passion, so it’s authentic, and voters see that,” she said.

Leah Stokes, an associate professor of environmental politics at UC Santa Barbara, said she’s impressed by Steyer’s climate track record and progressive campaign platform, noting that he’s been an active presence in California’s climate movement for more than 15 years.

That includes not only his work on ballot initiatives and clean energy technology, but also his focus on biodiversity loss and carbon sequestration at his 1,800-acre TomKat Ranch in Pescadero, where researchers are studying regenerative agriculture.

But Steyer has also played a role in elevating climate into a national political issue — including in the early 2010s when it wasn’t a “politically hot topic,” Stokes said.

“He has been willing to spend an enormous amount of his personal money on elections on climate — whether it’s propositions, whether it’s himself running for president on basically a climate platform, whether it’s the Next Gen giant voter turnout campaign,” she said. “I think he has recognized … that politics is where we have to invest our time if we want to make a difference on the climate crisis.”

Despite concerns raised about Steyer’s early investments into fossil fuels through Farallon, Stokes said she’s more apt to criticize candidates who are taking money from oil companies today, such as Becerra, who accepted a $39,200 donation from Chevron for his gubernatorial campaign.

She was also heartened by the fact that Pacific Gas & Electric has funded a $10-million PAC opposing Steyer, because she said it indicates that he aims to hold utility companies accountable for skyrocketing electricity prices amid soaring profits.

“We could actually have a shot here at having somebody who cares about climate change, who wants to hold utilities accountable, who wants to hold big polluters accountable,” Stokes said. “That would just be transformative.”

Energy costs weigh heavily on voters

Steyer’s focus on climate issues and energy affordability could also be a strategic boon in the governor’s race.

Sixty percent of voters in the state see climate change as a major threat to the country and believe that the government is not doing enough to address it, according to polling from the Public Policy Institute of California.

“Californians connect the dots between what’s going on with extreme climate and wildfires and climate,” said Baldassare, the institute’s survey director.

Recent polling has also shown that voters are very concerned about energy affordability and rising utility costs, with 13% of Americans naming it as the most important financial problem facing their family — a 10-point increase from last year, according to an April Gallup poll.

Overall, energy costs tied housing costs as the second-biggest concern following the high cost of living, the poll found.

In November, Democrats who campaigned heavily around energy affordability swept the field in key races in New Jersey, Virginia and Georgia. Residential electric prices increased nearly 11% between January 2025 and this February, according to the latest available data from the U.S. Energy Information Administration.

“Voters are supporting candidates who are leaning into these issues,” Creasman said.

Wieder reported from Washington and Smith from Los Angeles.