Josh Kushner speaks out on failed FIFA deal

Venture capitalist Josh Kushner has spoken publicly for the first time about failed efforts to help form a commercial subsidiary for FIFA, a proposal that could have included up to $4.2 billion in private investment.

Kushner’s firm Thrive is linked to the deal, which was scuttled with opposition from European soccer authority UEFA. UEFA has asked a federal judge in Manhattan to approve subpoenas seeking testimony and documents from Kushner and Thrive.

UEFA is not alleging wrongdoing by Kushner or Thrive and said neither is an anticipated defendant. The authority is pursuing a potential criminal case in Switzerland against FIFA President Gianni Infantino and is seeking communications, valuation models, financial projections, term sheets, side letters, and information on prospective investors.

Kushner told Axios that the proposed venture, called FFE, was intended to spread football investment among all 211 FIFA member countries, particularly less-developed nations. He said the group supported the idea’s goals but had failed to account for the political dynamics of global football.

A procedural hearing is scheduled for Monday, when Thrive is expected to address the subpoena requests. The firm is not expected to disclose its legal strategy at that hearing.

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