Key investor Kushner regrets how FIFA private investment proposal unfolded

Josh Kushner said Thrive Capital would have stayed away from FIFA’s proposed private investment vehicle if it had known how quickly the plan would become entangled in football politics.

The venture capitalist defended the idea behind FIFA Forward Enterprise, which FIFA President Gianni Infantino promoted as a way to sell part of the commercial rights to the World Cup and other tournaments. The proposal valued those rights at $20 billion and named Thrive as its “anchor investor.”

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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.

“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 in a statement. “Had we known what this would devolve into, we would not have gotten involved.”

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Had we known what this would devolve into, we would not have gotten involved.

Infantino withdrew the proposal in late July after fierce opposition from UEFA and other stakeholders. UEFA has since asked a U.S. federal court for permission to obtain testimony and documents from FIFA entities in Florida for use in a planned criminal complaint in Switzerland against Infantino. The request includes communications between FIFA, Thrive, investors and advisers.

Kushner echoed Infantino’s argument that the concept could have directed more money toward poorer national federations. He said the plan aimed to distribute capital and equity among all 211 FIFA members, supporting local talent, grassroots football and the fan experience. He also stressed that member associations would have voted on the idea and that it created no obligation.

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Money in football has historically been concentrated amongst a small group of countries.