Thrive Capital has been drawn into a widening controversy surrounding FIFA president Gianni Infantino, a dispute that could ultimately lead to criminal proceedings. The New York venture firm’s high-profile founder, Josh Kushner, has now publicly addressed the deal, defending its original intent while conceding the outcome was not what his firm anticipated.
In a statement, Kushner said he still believes the initial concept was sound and would have benefited global soccer. “Had we known what this would devolve into, we would not have gotten involved,” he added. To manage the fallout, Kushner has retained a prominent attorney known for representing Elon Musk.
What the FIFA Forward Enterprise Deal Involved
At the heart of the matter is Infantino’s shelved plan to launch a new corporate entity called FIFA Forward Enterprise (FFE). The company would have controlled certain commercial elements of FIFA competitions, including the World Cup, capturing revenue from television rights and ticket sales.
FFE would have been owned entirely by FIFA’s member associations, the individual teams, though each association could have opted to sell a portion of its shares to private investors through secondary sales. Creating the entity and approving those sales would have required a vote by the member associations.
FIFA hired JPMorgan to attract potential backers, and that is where Thrive entered the picture. The firm agreed to serve as a lead, though not sole, investor in a proposed EUR 4 billion purchase of secondary shares from the teams. That stake represented 20% of FFE at a EUR 17 billion valuation.
Why the Plan Collapsed
European teams, which benefit disproportionately under the existing structure compared with regions such as Africa, objected strongly to the proposal. An association representing North American teams also pushed back, citing concerns about the influence of outside investors, particularly private equity firms.
The opposition prompted FIFA to abandon the plan before member associations could vote. The situation escalated further when FIFA’s chief operating officer, Kevin Lamour, was reportedly dismissed after criticizing Infantino and the initiative.
FIFA comprises 211 member associations worldwide. Only 55 belong to the Union of European Football Associations (UEFA), while 41 fall under Concacaf, the North American body that spans North American, Central American, and Caribbean soccer organizations. Had a vote on equal ownership of these revenues proceeded, the numerical balance suggested approval was a realistic possibility.
The Legal Fallout for Thrive
UEFA is now pursuing legal action against Infantino and seeking to build a criminal case, according to reporting. European fans have also called for his removal. One of UEFA’s claims is that the proposed company’s valuation was set too low.
As part of that effort, UEFA asked a U.S. federal court to compel the release of information. It is seeking documents from Thrive detailing how the valuation was determined, communications tied to the deal such as term sheets, and the identities of the other potential investors.
After months of turmoil, Kushner issued his statement this week. He explained that money in soccer has historically been concentrated among a small group of countries, and that FFE was designed to direct more capital and equity across the sport more broadly.
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