Thrive Capital Fights to Block UEFA Access to Failed $20B FIFA Venture Records
Josh Kushner's firm has hired Alex Spiro as UEFA seeks internal documents to bolster a criminal case against FIFA President Gianni Infantino.
Thrive Capital and its founder Josh Kushner have become central figures in a legal battle between soccer's most powerful governing bodies. The venture firm is now fighting to protect internal documents as UEFA attempts to use Thrive's records to build a criminal case against FIFA President Gianni Infantino.
At the heart of the dispute is the now-scrapped FIFA Forward Enterprise (FFE), a commercial entity designed to monetize World Cup revenues, including ticketing and television rights. Thrive Capital had agreed to serve as the lead investor in the venture, committing to a $4.2 billion purchase of secondary shares. This investment would have represented a 20% stake in FFE, based on a total valuation of $20 billion. However, the plan collapsed following intense backlash from North American and European teams.
UEFA is currently pursuing a criminal case against Infantino in Switzerland. To bolster its efforts, UEFA has petitioned a U.S. federal court to compel Thrive Capital to release sensitive materials, including investor identities, term sheets, and the valuation models used to price the FFE entity.
In response to the legal pressure, Thrive has retained Alex Spiro of Quinn Emanuel. Spiro is a prominent attorney widely known for his representation of Elon Musk. Josh Kushner has expressed regret over the firm's association with the project, stating, "Had we known what this would devolve into, we would not have gotten involved."
The FFE proposal was framed by Infantino as a way to democratize soccer wealth. Kushner noted that the intent was to "direct more capital and equity equally amongst all 211 member countries," specifically targeting underdeveloped nations.
Despite these claims, the plan was blocked by UEFA and Concacaf, who raised alarms over the influence of private equity within the sport's governance. The internal friction at FIFA became evident in August 2026, when Chief Operating Officer Kevin Lamour was fired after criticizing Infantino and the FFE strategy.
This clash underscores a deepening rift between FIFA’s drive for massive private capital infusions and the traditional power structures of European soccer. For Thrive Capital, the situation marks a rare and public entanglement in an international sports scandal, shifting the firm from a quiet investor to a key witness in a high-stakes legal war.
Attention now turns to the U.S. federal court to determine if Thrive will be forced to hand over its internal documents to UEFA. The outcome of this discovery process could provide the critical evidence UEFA needs to advance its criminal proceedings against Infantino in Switzerland.