Thrive’s Kushner defends involvement in FIFA mess, hires Elon’s go-to lawyer

New York’s secretive venture firm, Thrive Capital, has been entangled in a complex situation that may lead to criminal charges against FIFA’s president, Gianni Infantino. Founder Josh Kushner recently commented on the matter, maintaining that the original concept was a sound one that would have benefited global soccer. However, he added that they would not have participated had they been aware of the eventual outcome.

The controversy revolves around Infantino’s plan to establish a new corporate entity, FIFA Forward Enterprise (FFE), which would have owned commercial aspects of FIFA competitions, including revenues from TV rights and ticket sales. The entity would have been owned entirely by FIFA’s member associations, but they would have had the option to sell shares to private investors.

Thrive became a lead investor in a potential sale of $4.2 billion worth of secondary shares for 20% of FFE at a $20 billion valuation. However, European teams and a North American association objected, raising concerns about the influence of outsiders, particularly private equity. The backlash led to FIFA's cancellation of the plan before the member associations could vote on it.

FIFA’s COO, Kevin Lamour, was reportedly fired for criticizing Infantino and the plan. UEFA is now suing Infantino and planning a potential criminal case, seeking Thrive to provide documents on the valuation, communications, and other investor identities. Kushner defended Thrive, stating that they failed to understand the political dynamics of global football and the lengths some would go to. Thrive has hired Elon Musk’s lawyer, Alex Spiro, to represent them in the legal battle.