UEFA is gearing up to file a criminal complaint against FIFA president Gianni Infantino in Swiss courts for potential financial mismanagement regarding his unsuccessful proposal to sell future World Cup profits to private investors. The European soccer governing body revealed on Thursday that it has submitted documents in a Manhattan court seeking evidence from the New York investment firm, Thrive Capital Management, established by Joshua Kushner. Additionally, UEFA has made a separate request in a southern Florida district for authorization to gather evidence in a foreign proceeding against FIFA, which has offices in Coral Gables.
Thrive Capital Management and Joshua Kushner were set to be the primary investors offering to pay FIFA $4.2 billion for a 20% stake in a subsidiary responsible for managing the soccer organization’s commercial events, including the World Cup. UEFA’s legal team outlined in a 56-page document that they are considering pursuing a Swiss criminal proceeding against Infantino and potentially other FIFA officials for criminal mismanagement under Article 158 of the Swiss Criminal Code. The document raised concerns that the $4.2 billion valuation could have been inflated to benefit Infantino personally.
Infantino abandoned the sell-off initiative on August 1 following strong opposition from global soccer leaders, including UEFA. The European body had initially warned FIFA on August 3 against tampering with or concealing any relevant documents related to the proposal. According to UEFA’s lawyers, Infantino’s plan was supposedly aimed at unlocking FIFA’s commercial potential but was, in reality, a scheme for a select group to gain a permanent stake in FIFA’s valuable assets to the detriment of the organization and other entities within the football community.
The proposed terms would have granted investors a lasting financial interest in FIFA’s commercial division for $4.2 billion, implying an unreasonably low enterprise value of around $20 billion, a valuation that was not subjected to an open auction or independent assessment. FIFA and Thrive representatives have been contacted for their responses.
In a separate development on the same day, Infantino received public support from Saudi Arabia, the host nation for the 2034 World Cup. The Saudi Arabian Football Federation (SAFF) voiced its backing for Infantino’s efforts to foster unity in global soccer. Infantino has cultivated strong relationships with Saudi Arabia and Crown Prince Mohammed bin Salman during his tenure and played a role in steering the 2034 World Cup towards the kingdom. Both figures recently attended a video gaming event sponsored by Saudi Arabia in Paris.