UEFA, the governing body for European soccer, filed requests in U.S. federal courts on Thursday to obtain documents and testimony from FIFA entities and a New York investment fund. The organization stated in court filings that it is preparing a criminal complaint in Switzerland against FIFA President Gianni Infantino. The planned complaint involves allegations of potential financial mismanagement related to an abandoned proposal to sell a stake in future World Cup profits to private investors.
The legal action focuses on a plan that would have transferred commercial rights for the men's and women's World Cups, as well as the Club World Cup, into a new subsidiary called FIFA Forward Enterprise. Under this proposal, Thrive Capital Management—an investment fund founded by Joshua Kushner—was intended to be an anchor investor. The plan was withdrawn on Aug. 1 following opposition from soccer governing bodies in Europe, North America, and Asia, as well as the resignation of a senior FIFA adviser.
In a 56-page filing submitted to the southern Florida district court, UEFA lawyers suggested that the $4.2 billion figure for the deal could be a "fraudulently off-market price promoted by Infantino for his own benefit." The filing claims the $4.2 billion offer for a 20% stake implied a total enterprise value of $20 billion, which UEFA characterized as "absurdly low." UEFA further alleged the valuation was not determined through a competitive auction or an independent valuation process.
UEFA is seeking discovery—the legal process of obtaining evidence—from FIFA's offices in Coral Gables, Florida, and from Thrive Capital Management in Manhattan. The organization previously warned FIFA on Aug. 3 against destroying or hiding materials related to the investment plan. Lawyers for UEFA stated they are contemplating a Swiss criminal proceeding under Article 158 of the Swiss Criminal Code, which addresses criminal mismanagement.
Spokespeople for FIFA and Thrive Capital Management have not responded to requests for comment. The next steps involve the U.S. district courts in Florida and New York deciding whether to grant UEFA's request for the discovery of documents and testimony.