Joshua Kushner: Thrive would have avoided FIFA World Cup deal if it foresaw backlash

Joshua Kushner, brother of President Donald Trump's son-in-law Jared Kushner and founder of venture capital firm Thrive Capital, has expressed regret over a failed plan that would have allowed private investors to take a stake in the World Cup.

In a statement published initially by Axios this week, Kushner said the firm "failed to appreciate the political dynamics of global football, and the lengths some would go to." Defending Thrive's participation in the failed deal, Kushner added: "Had we known what this would devolve into, we would not have gotten involved."

The Failed Proposal: FIFA Forward Enterprise

The proposal, known as FIFA Forward Enterprise (FFE), would have created a new commercial subsidiary to hold commercial rights in FIFA competitions, including broadcasting, licensing, and ticket sales. Thrive was set to be the lead investor in a group that also included BANN Ventures CEO Greg Maffei. The group would have invested as much as $4.2 billion for approximately 20% of the business, valuing it at roughly $20 billion.

Under the plan:

• Each member association would have immediately received $20 million in increased development funding, with more to follow
• FIFA would have retained control of FFE
• Outside investors would have purchased minority, non-controlling stakes

Kushner argued that the FIFA Forward Enterprise would have allowed more capital to flow to "underdeveloped nations" and their soccer infrastructure and players.

"Money in football has historically been concentrated amongst a small group of countries," Kushner said.

Criticism and Collapse

Critics fiercely rejected the proposal over concerns about introducing private interests into the world's largest soccer tournament, noting that investors would expect to make a profit. FIFA is a nonprofit organization. Several critics also questioned how the plan was drawn up and executed.

FIFA and President Gianni Infantino scrapped the FFE plan in late July.

UEFA Escalates the Dispute

UEFA, the governing body for European soccer, is reportedly preparing to file a criminal complaint in Switzerland. The complaint alleges that Infantino and other FIFA officials developed the FFE plan with a small group of advisers and investors without notifying:

• The FIFA Council (FIFA's governing body)
• Any regional confederations
• Any member associations

After the press first revealed the plan, UEFA, along with North American soccer's governing body CONCACAF and the Asian Football Confederation, issued statements rejecting it. Former FIFA president Sepp Blatter, who faced accusations of corruption and mismanagement during his tenure, was one of the plan's most vocal critics, alongside current FIFA president Infantino.

Critics voiced concern over giving outside investors a long-term stake in some of FIFA's most valuable commercial assets and the influence that might give them over the world's largest sporting event. They also questioned how the $20 billion valuation was reached.

Legal and Political Fallout

Kushner and Thrive have been thrust into what may become a prolonged fight between FIFA and UEFA, which represents 55 member associations. Thrive has reportedly engaged high-profile lawyer Alex Spiro of Quinn Emanuel Urquhart & Sullivan, known for defending Elon Musk, Jay Z, and Alec Baldwin. UEFA has stated that Kushner and Thrive themselves are not suspected of wrongdoing.

UEFA has asked several U.S. federal courts, including in Florida and the Southern District of New York, for permission to obtain documents and testimony through discovery. These would be used for a potential criminal complaint in Switzerland against Infantino and other FIFA officials over the proposed transaction.

Meanwhile, FIFA in court filings this week asked a U.S. court to defer giving UEFA the documents or to give FIFA a chance to oppose the move by the end of the month, according to the BBC. FIFA argued that UEFA is seeking U.S. documents for a foreign criminal proceeding that does not yet exist and that UEFA lacks the authority to initiate such proceedings. FIFA claimed UEFA wants to maintain its outsized influence over global soccer by blocking other regions and member associations from gaining financial strength, and accused UEFA of a "smear campaign against it and its leadership."

Infantino's Reelection Prospects

Infantino, up for reelection as FIFA president in March 2027, now faces a steep crisis of confidence despite previously being seen as likely to win another four-year term. Several European member associations, each with one vote in the election, have withdrawn support for Infantino. However, he retains support from the African and South American confederations, which together represent 64 member associations.

Infantino has apologized for errors surrounding the aborted proposal while still defending the underlying idea that it would have distributed more money.