Venture capitalist Josh Kushner said his company, Thrive Capital, would not have become involved in FIFA President Gianni Infantino’s proposal to sell a stake in the commercial rights to the World Cup to private investors had it known how the plan would unfold.
Kushner, the brother of Jared Kushner, son-in-law of U.S. President Donald Trump, defended the underlying principle of Infantino’s ill-fated FIFA Forward Enterprise (FFE) proposal but acknowledged that Thrive had underestimated the complex politics surrounding international football.
Infantino withdrew the proposal in late July after it triggered fierce opposition from UEFA and other key stakeholders in the sport. The plan valued the commercial rights to the World Cup and other FIFA tournaments at $20 billion, raising the prospect of a major overhaul of how the governing body finances and commercializes its competitions.
“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,” the American billionaire said in a statement Monday.
“Thrive has a long track record of being a partner to all constituents. Had we known what this would devolve into, we would not have gotten involved.”
