UEFA warns FIFA chief and venture capital partner of possible legal steps over World Cup commercial plan
UEFA said it may pursue legal action, arbitration or regulatory complaints against FIFA President Gianni Infantino and venture capital firm Thrive Capital after a proposal to privatise part of the World Cup’s commercial rights was rejected.
UEFA has informed FIFA President Gianni Infantino and representatives of venture-capital firm Thrive Capital that it is considering legal action, arbitration or regulatory complaints over a proposal to transfer a portion of the World Cup’s commercial operations to a private entity. The proposal, which would have allowed private investors to acquire a 20 percent stake in FIFA’s commercial rights, was developed in partnership with Thrive Capital, a firm founded by Joshua Kushner.
UEFA said the plan was drawn up without consultation with its member associations and would effectively privatise part of the tournament’s commercial business. The governing body voted unanimously to boycott the World Cup if the scheme were adopted, and the proposal was subsequently abandoned.
In a letter seen by the Telegraph, UEFA warned that all parties must preserve relevant documents because legal proceedings are anticipated. “Given that proceedings are reasonably anticipated, you are obliged to preserve all relevant materials … with immediate effect,” the notice read.
EU Sports Commissioner Glenn Micallef previously said the proposal raised “important competition law considerations” that the European Commission would examine.