Kushner blames soccer power struggle for World Cup plan collapse

Investor Joshua Kushner claimed on Monday that internal disputes within professional soccer were responsible for the disarray surrounding FIFA's scheme to sell shares in the World Cup, acknowledging that his company would not have participated had they anticipated the ensuing discontent. The first statements from venture capitalist Kushner, brother of President Donald Trump's daughter-in-law, surfaced following the plan's failure as European governing body UEFA readies a criminal case against FIFA president Gianni Infantino.

"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 stated in an email to AFP. "Had we known what this would devolve into, we would not have gotten involved." Kushner's investment firm, Thrive Capital, had been working on the deal privately for months and was prepared to spearhead the investment process.

FIFA Forward Enterprise (FFE) aimed to inject private funds into FIFA events, including the World Cup, by selling shares in a new $20 billion commercial subsidiary. The proposal promised to generate $4.2 billion for disadvantaged soccer nations, with member associations having the option to reject it. FIFA argued the plan would have raised funds, but critics alleged it was secretly devised to benefit the investors, with UEFA president Aleksander Ceferin branding it a "shady, opaque backroom deal."

UEFA has called for Infantino's dismissal and accused the FIFA president of "criminal mismanagement." According to legal documents seen by AFP, UEFA is amassing evidence for a potential criminal complaint in Switzerland, where both UEFA and FIFA are headquartered. Reports indicate Kushner may face subpoenas, with UEFA seeking a New York court's permission to request documents and depositions from Kushner and Thrive Capital.

However, neither is anticipated to be defendants in the UEFA case. The reporter pointed out that financial power in soccer has typically been concentrated among a select few countries, and Kushner's statement explained that the objective of FFE was to distribute more capital and equity equally among all 211 member countries, providing substantial investment to underdeveloped nations to foster local talent, bolster grassroots soccer, improve the fan experience, and ultimately elevate the global game.