Josh Kushner, founder of New York venture firm Thrive Capital, has publicly addressed his firm's involvement in a controversial, now-scrapped FIFA plan. In a statement, Kushner defended the original concept for FIFA Forward Enterprise (FFE) as potentially beneficial for global football, but added, "had we known what this would devolve into, we would not have gotten involved."
The FFE plan, championed by FIFA President Gianni Infantino, aimed to create a new corporate entity to own commercial aspects of FIFA competitions, including TV rights and ticket sales. Thrive Capital had agreed to be a lead investor in a potential $4.2 billion sale of secondary shares from FIFA's member associations, representing 20% of FFE at a $20 billion valuation.
The plan faced strong opposition from European and North American teams, who raised concerns about the influence of private equity. This backlash led FIFA to abandon the proposal before a vote by member associations. The Union of European Football Associations (UEFA) is reportedly pursuing legal action against Infantino and attempting to mount a criminal case, according to BBC reports.
As part of its legal action, UEFA has asked a U.S. federal court to compel parties, including Thrive, to release documents related to the FFE valuation, deal communications, and the identities of other potential investors. Thrive Capital has engaged lawyer Alex Spiro, known for representing high-profile clients such as Elon Musk, to represent the firm.