Josh Kushner, CEO of Thrive Capital, has commented on FIFA’s failed $20 billion initiative to sell a stake in the World Cup, acknowledging that his firm “failed to appreciate the political dynamics of global football” during the negotiations.
The initiative, referred to as FIFA Forward Enterprise, aimed to attract up to $4.2 billion from Thrive and other investors, according to reports. However, the plan was met with immediate backlash, leading UEFA members to unanimously agree on a boycott of the World Cup last month in protest.
“While we support the motivations behind FFE, we overlooked the complex political landscape of global football and the extreme reactions from some parties,” Kushner said. “Thrive has a long history of partnering with all stakeholders. Had we anticipated this outcome, we wouldn’t have engaged.”
Kushner’s comments, exclusively shared with the media, surfaced shortly after UEFA took legal action in a U.S. federal court, seeking to subpoena Thrive regarding its interactions with FIFA president Gianni Infantino.
UEFA is aiming to obtain documents from Thrive and intends for Kushner to provide testimony as it considers a criminal case against Infantino in Switzerland, where both UEFA and FIFA are based. A spokesperson from Thrive confirmed they are aware of this request.
A lawyer for UEFA indicated that neither Kushner nor Thrive are expected to be named as defendants in the potential case, and there are no accusations of misconduct against them.
In addition, Kushner clarified that the deal wasn’t meant to result in a FIFA takeover, emphasizing, “It was a proposal up for a vote among Member Associations, not a commitment.”
Despite the advanced discussions, any agreement required the majority approval of FIFA’s member associations, and the deal was ultimately abandoned before a vote was conducted.
Kushner further remarked, “Historically, funds in football have been concentrated in a few nations. The premise of FFE was to distribute more capital evenly among the 211 member countries, aiming to boost investment in underdeveloped nations, support grassroots initiatives, enhance fan experiences, and ultimately grow the global game.”
In addition to his role at Thrive, known for significant investments in tech companies like OpenAI, Kushner is also the younger brother of Jared Kushner, a former senior adviser to President Trump and his son-in-law. Unlike his brother, Josh is described as a lifelong Democrat.
The compromised deal would have involved FIFA shifting its lucrative assets, including TV rights and sponsorship deals, into a for-profit model, with Thrive taking the lead while JPMorgan Chase provided advisory support.
In a detailed legal document submitted last week, UEFA accused Infantino of “criminal mismanagement” related to the secretive handling and marketing of the transaction, arguing it harmed FIFA’s reputation and affected its relationships with its 211 member associations, including UEFA’s 55 members.
At the same time, UEFA and other opponents are intensifying their efforts to remove Infantino, who faces re-election in March. On August 1, UEFA stated it has lost confidence in his leadership.
