Zurich: Thrive Capital, an investment firm founded by Joshua Kushner, who is the brother of Jared Kushner, U.S. President Donald Trump's son-in-law, has stirred controversy with its intention to purchase stakes in the FIFA World Cup.
According to Ghana Web, the football governing body, FIFA, aims to usher in a new era by inviting external investors into its operations. FIFA is set to establish a new commercial entity, FIFA Forward Enterprise (FFE), which will encompass significant revenue channels such as broadcast rights, sponsorships, licensing, ticketing, and hospitality. The plan involves selling a minority stake of up to 20 percent in the new company to private investors, while FIFA maintains the majority ownership and control.
This initiative, valuing the new enterprise at approximately $20 billion, has sparked significant debate within the football community. FIFA has confirmed that Thrive Capital will lead the group through the acquisition process, a move that has intensified concerns due to Kushner's familial connection to President Trump. The involvement of figures with ties to the Trump administration in the deal has further fueled skepticism, raising questions about the integrity and transparency of the sale.
Despite the growing backlash, FIFA President Gianni Infantino has affirmed that the deal will proceed, emphasizing its alignment with a democratic process. Under the proposal, nations supporting the bid stand to gain $40 million, whereas those opposing it would receive $10 million.