Josh Kushner Says Thrive Would Not Have Backed Gianni Infantino’s $20 Billion FIFA World Cup Plan

Venture capitalist Josh Kushner said his firm Thrive Capital would not have become involved in FIFA President Gianni Infantino’s proposal to sell a stake in the commercial rights to the World Cup to private investors had it known how the plan would unfold.

“"While we stand behind the motivations of FFE, we failed to appreciate the political dynamics of global football, and the lengths some would go to,"”

Daily Sabah

Kushner, the brother of Jared Kushner, son-in-law of U.S. President Donald Trump, said in a statement Monday, "While we stand behind the motivations of FFE, we failed to appreciate the political dynamics of global football, and the lengths some would go to," as Infantino withdrew the FIFA Forward Enterprise (FFE) proposal in late July.

Image: Al Jazeera

The plan valued the commercial rights to the World Cup and other FIFA tournaments at $20 billion, and it raised the prospect of a major overhaul of how FIFA finances and commercializes its competitions.

Kushner also defended the underlying principle of FFE, saying, "Thrive has a long track record of being a partner to all constituents," and that "Had we known what this would devolve into, we would not have gotten involved."

UEFA asked a U.S. federal court for permission to obtain testimony and documents from FIFA entities in Florida for use in a planned criminal complaint in Switzerland against Infantino, according to a court filing seen by Reuters.

In that filing, UEFA sought all communications between FIFA, Thrive and other investors and advisers regarding the FFE proposal, while Reuters said it had contacted FIFA for comment.

Image: areacucuta

A Monday court filing disclosed that Quinn Emanuel partner Alex Spiro would represent Joshua Kushner and Thrive in the FIFA legal fight, and a representative for Spiro declined further comment.

The New York Post reported UEFA is preparing a lawsuit against Infantino over the now-dead deal called for the FIFA Forward Enterprise, and quoted a source saying, "For UEFA, they want to keep this professional and this isn’t really about Kushner it’s about the football and Infantino – the latter has no place in it," as UEFA sought documents and depositions tied to a potential criminal case in Switzerland.

UEFA is preparing a criminal case in Switzerland against Infantino, and Kushner said the uproar over the plan was driven by "the political dynamics of global football" and "the lengths some would go to."

“UEFA has called for Infantino’s removal, accused the FIFA president of “criminal mismanagement””

Al Jazeera

Al Jazeera reported that UEFA has called for Infantino’s removal, accused the FIFA president of "criminal mismanagement" and is gathering evidence for a potential criminal complaint in Switzerland, where both UEFA and FIFA are based.

Axios said UEFA is not alleging wrongdoing by Kushner or Thrive, writing that "neither Thrive nor Kushner is an anticipated defendant," while it seeks communications with FIFA officials, valuation models, financial projections, term sheets, side letters, and the identification of any prospective limited partners or co-investors.

TechCrunch described how FIFA engaged JPMorgan to drum up potential investors for the proposed company, and said Thrive agreed to be a lead investor in a potential sale of $4.2 billion worth of secondary shares purchased from the teams, representing 20% of FFE at a $20 billion valuation.