FIFA Forward Enterprise is back in the spotlight after Thrive Capital founder Joshua Kushner said the firm underestimated how contentious a proposed partial sale of FIFA’s commercial rights would become.
In a statement first distributed this week, Kushner said Thrive “failed to appreciate the political dynamics of global football, and the lengths some would go to,” adding that, had the firm foreseen the fallout, “we would not have gotten involved.”
The shelved plan, known as FIFA Forward Enterprise, or FFE, would have created a new commercial subsidiary to manage broadcasting, licensing, and ticketing for FIFA competitions. Thrive was in line to lead an investor group that included BANN Ventures CEO Greg Maffei, with up to 4.2 billion dollars for roughly 20 percent of the entity, implying a valuation near 20 billion dollars.
Under the proposal, each member association would have immediately received 20 million dollars in additional development funds, with further distributions anticipated. FIFA would have kept control of the subsidiary while outside investors held minority, non-controlling stakes.
Kushner argued the structure could have directed more resources to underdeveloped nations for facilities and player development, noting that wealth in the sport has long been concentrated among a small number of countries.
Opponents objected to giving private investors a long-term interest in the World Cup’s most valuable commercial assets, warning that profit expectations could conflict with FIFA’s nonprofit status. Detractors also criticized how the proposal was formulated and introduced. FIFA and President Gianni Infantino abandoned the FFE plan in late July.
UEFA escalates over FIFA Forward Enterprise
UEFA, European football’s governing body, is preparing a criminal complaint in Switzerland alleging that Infantino and other FIFA officials advanced the FFE plan with a small circle of advisers and investors without informing the FIFA Council, regional confederations, or member associations that share in FIFA’s governance.
After the plan first came to light, UEFA, CONCACAF, and the Asian Football Confederation issued statements rejecting it. Former FIFA president Sepp Blatter, who previously faced accusations of corruption and mismanagement, emerged as a vocal critic, as did Infantino’s current leadership within the debate over the proposal.
Broadly, critics questioned ceding influence to outside investors through a long-term stake in FIFA’s premier assets and challenged how the 20 billion dollar valuation was determined.
The dispute has thrust Kushner and Thrive into a widening conflict between FIFA and UEFA. Thrive has retained attorney Alex Spiro of Quinn Emanuel Urquhart & Sullivan. UEFA has stated that Kushner and Thrive are not suspected of wrongdoing.
UEFA has asked several U.S. federal courts, including in Florida and the Southern District of New York, for authority to obtain discovery for potential use in a Swiss criminal proceeding against Infantino and other FIFA officials tied to the proposed transaction.
FIFA, in court filings this week, asked a U.S. court to delay or allow it to oppose UEFA’s discovery requests by month’s end, according to recent reports. FIFA argued UEFA is seeking U.S. documents for a foreign criminal proceeding that does not yet exist and that UEFA is not empowered to bring. FIFA also contended that UEFA aims to preserve disproportionate influence over global football by blocking other regions and associations from growing financially, accusing UEFA of mounting a smear campaign against the organization and its leadership.
Infantino, who faces re-election in March 2027, is contending with eroding support among several European member associations. He continues to hold backing from the African and South American confederations, which together account for 64 member associations. Infantino has apologized for missteps surrounding the aborted effort while defending the broader goal of channeling more funds to smaller and poorer federations.
Kushner emphasized that participation in FIFA Forward Enterprise would have been determined by the members. “It was an idea that every Member Association would vote on, not an obligation or determination,” he said.
In Florida, a federal court has allowed FIFA to intervene and oppose UEFA’s discovery request, with its filing due by the end of the month. In New York, FIFA is pursuing the same result and has asked the court to defer proceedings while the Florida case addresses similar legal questions.
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