● Covered by 1 source · 1 reportLow impact1 neutral
Thrive Capital Founder Josh Kushner Defends Involvement in Failed FIFA Venture
Key points
- Thrive Capital was a lead investor in FIFA's proposed FFE.
- The FFE plan involved selling 20% of commercial rights for $4.2 billion.
- European and North American teams opposed the plan due to outside influence concerns.
- The plan was scrapped, leading to controversy and potential charges against FIFA's president.
Thrive Capital's Role in FIFA's Commercial Venture
Thrive Capital, a New York-based venture firm, was a lead investor in FIFA's proposed FIFA Forward Enterprise (FFE). This entity was intended to own commercial aspects of FIFA competitions, including TV rights and ticket sales revenues. Thrive agreed to invest in a potential sale of $4.2 billion worth of secondary shares from member associations, representing a 20% stake in FFE at a $20 billion valuation.
Backlash and Plan Scrapped
The FFE plan faced significant opposition from European and North American football associations. Their primary concern was the potential influence of private equity and other external entities on FIFA's operations. This backlash ultimately led to FIFA scrapping the plan before member associations could vote on its creation or the sale of shares.
Josh Kushner's Defense
Josh Kushner, founder of Thrive Capital, has issued a statement defending his firm's involvement. He maintained that the original idea for FFE was sound and would have benefited global soccer. However, he also stated that Thrive would not have become involved had they foreseen the controversy that ensued.
Ongoing Controversy for FIFA
The failed FFE plan has resulted in ongoing controversy for FIFA, including potential criminal charges against its president, Gianni Infantino. The UEFA is reportedly pursuing legal action against Infantino, and FIFA's chief operating officer was reportedly fired after criticizing the plan and Infantino.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Thrive Capital founder Josh Kushner has publicly defended his firm's involvement in FIFA's failed plan to create a new commercial entity, FIFA Forward Enterprise (FFE). The plan, which would have involved private investment in FIFA's commercial rights, was scrapped due to backlash from European and North American football associations, and has led to potential criminal charges against FIFA president Gianni Infantino.