Joshua Kushner says he regrets FIFA World Cup stake sell-off plan

Joshua Kushner says he regrets backing Gianni Infantino's scrapped Fifa Forward Enterprise plan to sell a 20% stake in World Cup commercial rights for $4.2bn. In his first public comments since the July crisis, the Thrive Capital founder admitted he failed to grasp global football's political dynamics—while still defending the plan's aim to spread funding across all 211 Fifa members.

Key Takeaways

• Joshua Kushner was set to lead a $4.2bn investment in 20% of a new Fifa commercial subsidiary before the FFE plan was shelved days after it became public in July.
• Kushner said Thrive Eternal would not have gotten involved had it known how the proposal would unfold, but he still stands behind its goal of directing capital to underdeveloped nations.
• Uefa is pursuing subpoenas for Kushner and Thrive documents in New York as it prepares a potential criminal complaint against Infantino in Switzerland.
• European football's governing body argues the World Cup was undervalued at roughly £15bn, with Fifa's four-year revenue cycle already yielding $15bn.
• Kushner recently agreed a record $12.5bn deal to buy the Los Angeles Lakers, further fuelling scrutiny of the abandoned Fifa investment.

What Did Joshua Kushner Say About the Scrapped Fifa Plan?

Joshua Kushner broke his silence in a statement issued after Uefa asked a New York court to approve subpoenas for testimony and documents from both the American billionaire and his firm, Thrive Eternal. It was his first public response since the now-shelved Fifa Forward Enterprise scheme sparked a major crisis for world football's governing body.

"Had we known what this would devolve into, we would not have gotten involved," Kushner said. He added that he had "failed to appreciate the political dynamics of global football, and the lengths some would go to."

At the same time, Kushner defended the underlying concept. "While we stand behind the motivations of FFE," he said, the intention "was to direct more capital and equity equally" among Fifa's 211 member associations. He argued that money in football has historically been concentrated among a small group of countries, and that the plan would have let every member association vote on the idea rather than imposing it.

Thrive Eternal, founded by Kushner—who is also the brother of US President Donald Trump's son-in-law Jared Kushner—had held talks with Infantino about heading up the investment before the idea was abandoned amid a huge backlash.

Why Did Fifa Scrap the World Cup Investment Plan?

The Fifa Forward Enterprise proposal emerged in July as a plan to sell off stakes in the World Cup through a new commercial subsidiary. Thrive Eternal was expected to lead the proposed investor group for FFE, with the deal structured around a $4.2bn investment for a 20% stake.

Shortly before scrapping the plan, Fifa said the funding distributed to each national association for the 2027-2030 cycle would have increased from £5.9m to £14.7m under the scheme. Yet the proposal collapsed within days of becoming public, triggering division across the global game and intensifying pressure on Infantino.

European football's governing body Uefa has led the rebellion against the Fifa president, who is facing calls to stand down. Uefa withdrew a proposed boycott of Fifa competitions but dramatically raised the stakes by preparing a legal complaint in Switzerland alleging "criminal mismanagement" over Infantino's role in the failed sell-off plan.

For investors watching how mega-deals intersect with sport and politics, the FFE saga offers a cautionary case study in wealth strategy and high-stakes private capital—where headline valuations and political backlash can unravel even multibillion-dollar proposals overnight.

How Is Uefa Challenging the Fifa Deal and Its Valuation?

Uefa's lawyers argue the World Cup was deliberately undervalued at around £15bn—a figure they say was neither the product of an open, competitive auction nor tested by any independent valuer. In court filings, Uefa described an "absurdly low enterprise value of only approximately $20bn" (£14.7bn) for the FFE venture.

That valuation mattered because, had the sale progressed, it would have enabled Kushner's Thrive Capital to buy roughly 21% of future Fifa revenues in perpetuity for $4.2bn. The four-year cycle leading to the 2026 World Cup alone yielded $15bn in revenue for Fifa, leading market analysts to suggest $20bn was a low figure—especially as the proposal did not appear to include provisions to prevent expansion and the creation of new tournaments.

Uefa claims Infantino failed to consult Fifa's hierarchy over the plan. Its lawyers also say Kushner and American financier Greg Maffei—a key adviser on the deal—first discussed the FFE concept in July 2025, and that Infantino had "been discussing the underlying concept with Kushner for nearly a year before the terms sheet was ultimately signed."

While Uefa says neither Kushner nor Maffei are anticipated defendants in any legal proceedings, it has asked for the disclosure of documents from two Fifa businesses in the US as well. Uefa has made court filings in New York, Florida and Colorado to obtain papers it may submit to Swiss courts seeking criminal charges. Full details are documented in reporting from the BBC and The Guardian.

What Happens Next for Infantino, Kushner and World Football?

Kushner's regretful statement arrives just days after Uefa's legal escalation, but it stops short of distancing Thrive from the plan's stated goals. He emphasised that FFE was designed to provide significantly more investment to underdeveloped nations—to nurture local talent, support grassroots football, enhance the fan experience, and grow the global game everywhere.

Yet Uefa remains unconvinced. Kushner's subsequent agreement to buy basketball's Los Angeles Lakers for a record $12.5bn (£9.3bn) further convinced European officials that Thrive Capital had been offered a sweetheart deal by Infantino. Some within Uefa suspect Infantino was lining up a lucrative role worth tens of millions of pounds a year as FFE's chair after standing down as Fifa president, which he plans to do in 2031 if he wins a further, final term.

Infantino's determination to cling to office—demonstrated by his campaign-style attendance at a Caribbean Football Union meeting where he suddenly approved several funding projects—has emboldened Uefa further. Several senior figures have admitted concerns that they are struggling to get many member associations outside Europe to turn against him, and that evidence of criminal activity may be needed to shift votes ahead of March's presidential election.

For Joshua Kushner, the episode marks a rare public misstep for a venture capitalist who built Thrive Capital in 2009 and is now closing the biggest deal in sports history with the Lakers. Whether his regret limits further fallout—or simply reframes a deal that never closed—will depend on what Uefa's subpoenas and any Swiss criminal complaint ultimately reveal about how the World Cup was valued, and who stood to gain.