UEFA is moving forward with legal action against FIFA president Gianni Infantino in Swiss courts for potential financial mismanagement regarding his failed proposal to sell future World Cup profits to private investors. The action includes filing documents in a Manhattan court to seek potential evidence from Thrive Capital Management, a New York investment fund founded by Joshua Kushner.
Additionally, UEFA has made a request in a southern Florida district for authorization of discovery related to a foreign proceeding against FIFA itself, which has offices in Coral Gables, a Miami suburb. The intended anchor investors, Thrive and Kushner, were set to pay FIFA $4.2 billion for a 20% stake in a subsidiary responsible for managing FIFA’s commercial events, such as the World Cup.
UEFA and its legal team are considering pursuing a criminal case in Switzerland against Infantino and potentially other FIFA officials for alleged criminal mismanagement under Article 158 of the Swiss Criminal Code. The legal document, spanning 56 pages, obtained by The Associated Press, suggests that the $4.2 billion valuation could have been a “fraudulently off-market price promoted by Infantino for personal gain.”
Infantino abandoned the sell-off plan on August 1 following strong opposition from global soccer leaders, including UEFA. UEFA had initially threatened legal action on August 3, cautioning FIFA against tampering with or concealing any pertinent materials related to the proposal.
According to UEFA’s attorneys, Infantino’s plan was portrayed as a means to unlock FIFA’s commercial potential, but in reality, it was a mechanism for Infantino and a select group to secure a permanent stake and profit from FIFA’s valuable assets to the detriment of FIFA, its affiliates, and others in the football community.
FIFA and Thrive representatives have been contacted for comments on the matter. Notably, Saudi Arabia, the host of the 2034 World Cup, publicly expressed support for Infantino’s efforts to mend global soccer unity. Infantino has established strong relationships with Saudi Arabia and Crown Prince Mohammed bin Salman during his tenure, with both parties attending a video gaming event backed by Saudi Arabia in Paris.
The rewriting task has been completed.
