UEFA Files Criminal Complaint Against Infantino Over Bid to Sell FIFA Assets to Private Investors

A business plan that was never signed could now end up in a Swiss court. UEFA confirmed it is preparing a criminal complaint against Gianni Infantino, president of FIFA, over possible financial mismanagement tied to a failed attempt to sell future World Cup earnings to private investors.

The European governing body announced Thursday that it has already filed documents in a Manhattan court seeking access to potential evidence held by Thrive Capital Management, the New York investment firm founded by Joshua Kushner. UEFA also sought authorization in a district court in South Florida to obtain evidence "for use in a foreign proceeding" against FIFA itself, which has offices in Coral Gables, near Miami.

So what's this all about? Thrive and Kushner were set to be the anchor investors in a deal that would have seen them pay $4.2 billion for a 20% stake in a subsidiary responsible for handling FIFA's commercial events, including the World Cup itself. That sounds like a lot of money, and it is, but according to UEFA, the number simply didn't add up.

In a 56-page filing seen by The Associated Press, UEFA's lawyers state that they are "contemplating criminal proceedings in Switzerland against Infantino and possibly other FIFA executives for criminal mismanagement under Article 158 of the Swiss Penal Code." This is no minor procedural step: that Swiss statute is specifically used to prosecute those who manage third-party funds and act against those interests.

A Number That Convinces No One

The heart of the accusation lies in the price. According to the legal filing, the $4.2 billion offered for 20% of the commercial subsidiary implied a total company valuation of just $20 billion, a figure UEFA's lawyers describe as "absurdly low" and one that, they note, did not emerge from an open auction or undergo review by any independent appraiser. The complaint goes further, suggesting the price may have been "fraudulently set below market value and promoted by Infantino for his own benefit."

UEFA's own lawyers were blunt in describing the intent behind the plan:

"Infantino claimed the plan was going to 'unlock the commercial potential and opportunities that FIFA has.' In reality, it was a vehicle for Infantino and that small circle to acquire a permanent stake and benefit from FIFA's most valuable assets, to the detriment of FIFA itself, its members and other parts of the football family."UEFA's lawyers

Infantino ultimately abandoned the sale plan on August 1, after a furious backlash from soccer officials worldwide, UEFA among them. But that didn't close the chapter: as early as August 3, the European confederation had already warned FIFA not to destroy or conceal any "relevant" material related to the deal, a clear sign that something more serious was coming.

For now, neither FIFA nor Thrive Capital has responded to requests for comment on the case. The ball, with everything a potential criminal case in Switzerland implies, is now in FIFA's own court.