Joshua Kushner, brother of President Donald Trump’s son-in-law Jared and the founder of VC firm Thrive Capital, has some regrets about a failed plan to allow 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, known as FIFA Forward Enterprise, or FFE, would have created a new commercial subsidiary that would 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, which would have put in as much as $4.2 billion for about 20% of the business, valuing it at about $20 billion.
Each member association would have immediately received $20 million in increased development funding under the plan, with more to come later. FIFA would have retained control of FFE while outside investors purchased minority, non-controlling stakes.
