Thrive Capital, the New York-based venture firm, has been drawn into a widening scandal surrounding FIFA President Gianni Infantino’s plan to create a new corporate entity called FIFA Forward Enterprise (FFE). The entity would have owned commercial rights to FIFA competitions such as the World Cup, including revenues from TV rights and ticket sales, with FIFA’s 211 member associations owning shares that they could sell to private investors.
Thrive agreed to be a lead investor in a potential secondary sale of $4.2 billion worth of shares at a $20 billion valuation, representing 20% of FFE. However, the plan faced fierce opposition from European and North American associations, who feared the influence of outside private equity. The backlash forced FIFA to scrap the plan before a vote by member associations.
Following the collapse, UEFA has pursued legal action against Infantino, including a request to a U.S. federal court to compel parties to release information. UEFA is seeking documents from Thrive on how the valuation was derived, communications such as term sheets, and the identities of other potential investors.
In a statement first published by Axios, Kushner said: “Money in football has historically been concentrated amongst a small group” and argued the original idea “would have been good for global soccer.” He added, “had we known what this would devolve into, we would not have gotten involved.”
The enlistment of Alex Spiro, a partner at Quinn Emanuel who has represented Elon Musk in multiple high-profile cases, signals that Thrive is preparing for a protracted legal battle. Meanwhile, FIFA’s chief operating officer, Kevin Lamour, was reportedly fired after criticizing Infantino and the plan, and European fans have petitioned for Infantino’s resignation.