Thrive Capital, founded by Josh Kushner, has enlisted prominent attorney Alex Spiro to represent the firm in the ongoing legal challenges surrounding FIFA's abandoned $20 billion plan to sell a stake in the World Cup. Spiro, a partner at Quinn Emanuel, confirmed his representation in a court filing on Monday. Spiro's past clients have included Elon Musk and Jay-Z.
UEFA, the governing body for European soccer, is seeking to subpoena Thrive Capital for information regarding its dealings with FIFA President Gianni Infantino. Neither Thrive Capital nor Kushner have been accused of any wrongdoing in connection with the proposed deal, which was intended to raise $4.2 billion from Thrive and other investors. The plan, known as FIFA Forward Enterprise (FFE), aimed to create a new for-profit entity to control FIFA's revenue-generating assets, including broadcast rights, sponsorships, and ticketing.
The proposal generated significant opposition, leading to UEFA members voting to boycott international soccer events and calling for Infantino's removal from his position. A source close to the situation indicated that UEFA's focus remains on football-related matters and Infantino, rather than on Kushner or Thrive Capital.
In court documents detailing UEFA's subpoena request, a UEFA lawyer stated that neither Kushner nor Thrive Capital are expected to be named as defendants. However, UEFA is attempting to compel Thrive to provide documents and secure depositions from Kushner as part of a potential criminal investigation into Infantino in Switzerland. UEFA lawyers have alleged that Infantino has engaged in "criminal mismanagement" and has expressed no confidence in his leadership.
Kushner addressed the proposed deal in a statement, acknowledging that Thrive underestimated the political complexities of global football. He stated that while Thrive stood by the motivations of FFE, "we failed to appreciate the political dynamics of global football, and the lengths some would go to." Kushner added that if Thrive had foreseen the eventual disputes, they would not have participated. He also clarified that the FFE proposal was intended to be subject to a vote by all member associations, not an obligation. Kushner described the FFE's objective as directing more capital and equity to all 211 member countries, particularly underdeveloped nations, to foster local talent and grow the global game.