Thrive Capital CEO Josh Kushner broke his silence about FIFA’s doomed $20 billion plan to sell off a stake in the World Cup to outside investors – stating that his firm “failed to appreciate the political dynamics of global football” while working on the deal.
The proposed transaction, known as FIFA Forward Enterprise, aimed to raise up to $4.2 billion from Thrive and other outside investors, as The Post reported. The negotiations trigged an immediate and fierce public backlash, with UEFA members unanimously voting to boycott the World Cup in protest last month.
“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,” Kushner said. “Thrive has a long track record of being a partner to all constituents. Had we known what this would devolve into, we would not have gotten involved.”
The statement from Kushner, obtained exclusively by The Post, came just days after UEFA took the European soap opera to US federal court, asking a Manhattan judge for permission to subpoena Thrive about its dealings with FIFA boss Gianni Infantino.
UEFA is seeking documents from Thrive and wants Kushner to sit for depositions as it plots a criminal case against Infantino in Switzerland, where UEFA and FIFA are headquartered. A Thrive Capital spokesperson confirmed that the firm was aware of the request.
A UEFA lawyer said Kushner and Thrive are not expected to be named as defendants in the potential case against Infantino. Kushner and Thrive are not accused of wrongdoing.
Meanwhile, Kushner pushed back on the notion that the deal would have resulted in a takeover of FIFA, stating, “it was an idea that every Member Association would vote on, not an obligation or determination.”
While talks were advanced, the proposal would have required majority approval from FIFA’s member associations before it could have taken effect. The deal was scuttled before a vote took place.
“Money in football has historically been concentrated amongst a small group of countries,” Kushner added. “The idea behind FFE was to direct more capital and equity equally amongst all 211 member countries, providing significantly more investment to underdeveloped nations to nurture local talent, support grassroots football, enhance the fan experience, and ultimately grow the global game everywhere.”
Kushner, whose firm is known for its major investments in tech firms like OpenAI and a recent deal to buy majority control of the NBA’s Los Angeles Lakers, is the younger brother of President Trump’s son-in-law and former senior White House adviser Jared Kushner. Unlike his brother, Josh Kushner has been described as a lifelong Democrat.
The nixed deal called for FIFA to transfer its money-making assets, including TV rights, sponsor deals, licensing, and ticketing, into a for-profit entity. Thrive would have anchored the deal, while JPMorgan Chase was advising.
In a lengthy court filing last week, UEFA alleged that Infantino, had engaged in “criminal mismanagement” of FIFA “arising out of the secretive structuring, valuation, financing, and marketing of a transaction that inflicted direct and concrete injury on FIFA’s reputation, governance authority, and commercial relationships to the detriment of FIFA as well as its 211 members, including UEFA’s 55 member associations.”
Meanwhile, UEFA and other critics are engaged in an escalating effort to oust Infantino, who is up for re-election in March. The European soccer body said on Aug. 1 that it had no confidence in his leadership.