Topline
Billionaire investor Josh Kushner on Monday broke his silence about the failed deal to sell ownership stakes in the FIFA World Cup, telling Forbes and other outlets his firm did not realize the “political dynamics” that led to its swift downfall.
The billionaire investor said his company “failed to appreciate the political dynamics of global football.”
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Key Facts
Kushner said his Thrive Capital “would not have gotten involved” with the deal had it appreciated the “political dynamics of global football, and the lengths some would go to”—weeks after the deal fell apart when UEFA, the European confederation for the sport, threatened to boycott FIFA events should it go through.
Kushner noted that money in soccer was “historically concentrated amongst a small group of countries,” saying the highly controversial deal would have helped more equally distribute funding to “underdeveloped nations”—which critics say was a method to leverage smaller countries, which have equal voting rights in FIFA’s system, to back the deal.
The billionaire also said the plan was “not an obligation or determination” for member states to vote on—contradicting UEFA, which previously characterized the plan as an “ultimatum” after FIFA president Gianni Infantino set a deadline to vote on the deal in September.
Kushner also said he still stood by the motivations of the program.
Kushner’s comments were first reported by Axios on Monday morning.
Read Josh Kushner’s Comments In Full
“Money in football has historically been concentrated amongst a small group of countries. The idea behind FFE was to direct more capital and equity equally amongst all 211 member countries, providing significantly more investment to underdeveloped nations to nurture local talent, support grassroots football, enhance the fan experience, and ultimately grow the global game everywhere. It was an idea that every Member Association would vote on, not an obligation or determination. 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. 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.”
Forbes Valuation
Forbes estimates Kushner’s net worth at $16.7 billion as of Monday, a fortune primarily built through his venture capital firm Thrive. The company, which Kushner founded in 2009, was responsible for early investments in tech companies like Instagram and OpenAI. Kushner has recently expanded into sports as well—Thrive purchased a stake in the San Francisco Giants earlier this year, and Kushner bought a controlling stake in the Los Angeles Lakers alongside former Disney CEO Bob Iger earlier this month. Kushner is the brother of Jared Kushner, the founder of Affinity Partners and husband of President Donald Trump’s daughter Ivanka Trump, and the son of real estate investor and U.S. ambassador to France Charles Kushner.
Key Background
Kushner’s comments come just days after UEFA began court proceedings in the U.S. in a process to try to subpoena more information about Infantino’s dealings with Thrive and others involved in setting up the deal. The confederation asked a U.S. court to issue subpoenas for communications last week, in anticipation of a possible criminal complaint against Infantino in Switzerland. Thrive has not been accused of any wrongdoing in the proceedings. A procedural court hearing is scheduled for Monday, when Thrive is expected to acknowledge receiving the subpoena, Axios reported. The company did not have any further comment on the legal proceedings. Infantino is up for reelection as FIFA president in 2027.
Further Reading
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