1 day ago
Josh Kushner Regrets Involvement in Aborted FIFA World Cup Deal
Josh Kushner’s company, Thrive Capital, was involved in a plan connected to FIFA and the World Cup.
The plan would have sold part of FIFA’s commercial rights to private investors.
It valued those rights at about $20 billion.
FIFA President Gianni Infantino later withdrew the plan after many football organizations objected.
Kushner said Thrive did not understand the politics of global football well enough.
He now says the company would not have joined if it had known what would happen.
However, he still supports the plan’s goal of sending more money to poorer football nations.
UEFA is seeking information about the proposal for a possible legal complaint in Switzerland.
Josh Kushner said Thrive Capital would not have joined FIFA’s proposal if it had understood how the plan would unfold.
The FIFA Forward Enterprise proposal valued World Cup and other FIFA commercial rights at $20 billion.
FIFA President Gianni Infantino withdrew the proposal in late July after strong opposition from UEFA and other stakeholders.
Kushner defended the proposal’s goal of distributing more football investment among all 211 FIFA member associations.
UEFA has asked a U.S. federal court for documents and testimony for a planned criminal complaint in Switzerland involving Infantino.
- Who
- Josh Kushner and Thrive Capital were involved in a proposal by FIFA President Gianni Infantino; UEFA opposed the plan.
- What
- The FIFA Forward Enterprise proposal would have sold part of FIFA’s commercial rights to private investors, but it was withdrawn.
- Where
- The proposal concerned global football, while UEFA is seeking records from FIFA entities in Florida for a planned complaint in Switzerland.
- When
- Infantino withdrew the proposal in late July; Kushner issued his statement on Monday.
- Why
- Infantino said the plan could distribute more money to FIFA’s 211 member associations, but it faced strong opposition over its political and governance implications.
Supporters of the FFE concept
Critics and opposing stakeholders
Purpose of the proposal
Supporters of the FFE concept
Kushner and Infantino said the plan could direct more capital and equity equally among all 211 FIFA member associations, particularly benefiting underdeveloped nations and grassroots football.
Critics and opposing stakeholders
UEFA and other football stakeholders mounted a strong backlash, leading Infantino to withdraw the proposal.
Thrive Capital’s involvement
Supporters of the FFE concept
Kushner said Thrive supports the motivations behind FFE but did not fully appreciate the political dynamics of global football.
Critics and opposing stakeholders
UEFA is seeking communications involving FIFA, Thrive, investors and advisers as part of preparations for a planned criminal complaint in Switzerland.
How the plan should proceed
Supporters of the FFE concept
Kushner said FFE was intended as an idea that all member associations would vote on, rather than an obligation or final determination.
Critics and opposing stakeholders
The proposal’s handling prompted enough opposition from European football authorities and other stakeholders that it was abandoned.
Key facts
- Proposal
- FIFA Forward Enterprise (FFE)
- Estimated value
- $20 billion in World Cup and other FIFA tournament commercial rights
- Named anchor investor
- Thrive Capital
- FIFA membership
- 211 member associations
- Status
- Withdrawn by Gianni Infantino in late July
- Kushner’s position
- He supports the proposal’s stated objectives but regrets Thrive’s involvement
- Legal development
- UEFA requested testimony and documents from FIFA entities in Florida for use in a planned criminal complaint in Switzerland
Quotes
Josh Kushner
American venture capitalist and head of Thrive Capital
“It was an idea that every member association would vote on, not an obligation or determination.”
telegraphindia.com
“Had we known what this would devolve into, we would not have gotten involved.”
telegraphindia.com
Sources
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