Football power struggle caused FIFA World Cup plan fallout, says Kushner
Summary
Joshua Kushner, a U.S. businessman, said that conflicts in global football caused the backlash against FIFA’s plan to sell parts of the World Cup through a new commercial company. He admitted his investment firm would not have joined the deal if it had expected the negative reaction. The plan aimed to raise money to help poorer football nations but faced strong criticism and legal challenges.Key Facts
- Joshua Kushner’s firm, Thrive Capital, worked privately for months on a deal to sell stakes in FIFA’s World Cup events.
- The plan was called FIFA Forward Enterprise (FFE), a $20 billion commercial company to manage FIFA competitions.
- FIFA said the plan could raise $4.2 billion to help football development in poorer countries.
- The proposal needed approval from FIFA member associations but was canceled after strong criticism.
- UEFA accused FIFA President Gianni Infantino of “criminal mismanagement” and is preparing a criminal case.
- Kushner and Thrive are not accused of wrongdoing but may have to provide documents and testimony in court.
- Kushner stressed that the plan aimed to spread football investment more equally among 211 FIFA member countries.
- Kushner is also involved in the $12.5 billion purchase of the NBA team Los Angeles Lakers.
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