Thrive Capital Hires Alex Spiro as FIFA Commercial Plan Triggers Legal Battle

Thrive Capital founder Josh Kushner has publicly addressed his firm's involvement in a contentious, now-abandoned plan by global soccer governing body FIFA to monetize its commercial operations, following intense pushback from European teams and mounting legal maneuvers in U.S. federal court.

The New York-based venture capital firm had agreed to serve as a lead investor in a prospective $4.2 billion secondary share purchase. The deal would have secured private investors a 20% equity stake in a newly planned entity called FIFA Forward Enterprise (FFE) at a $20 billion valuation. FIFA had enlisted investment bank JPMorgan to source prospective buyers for the business, which was designed to hold commercial assets for major competitions like the World Cup, including broadcasting rights and ticketing income.

Under the initial proposal, FFE's equity would have belonged to FIFA's 211 member associations, which would then vote on whether to sell a portion of their holdings to institutional funds. However, the concept drew immediate pushback from regional leadership, notably the Union of European Football Associations (UEFA), which represents 55 national governing bodies, and Concacaf, which oversees 41 associations across North America, Central America, and the Caribbean. Opponents voiced alarm over private equity gaining structural influence over global sports governance.

The internal dispute reportedly led to the termination of FIFA chief operating officer Kevin Lamour after he voiced opposition to the plan, and FIFA ultimately abandoned the proposal before member teams could vote. Despite the cancellation, UEFA has pursued legal actions against FIFA President Gianni Infantino and filed requests in a U.S. federal court to compel Thrive Capital to hand over internal records. The court petition seeks documentation detailing how Thrive established the $20 billion valuation, along with term sheets, transaction correspondence, and the names of other participating investors.

In a statement initially released to Axios, Kushner defended the initiative's original intent while acknowledging that Thrive misjudged the political friction surrounding global sports governance. He noted that revenues in international soccer have historically favored a narrow selection of wealthy nations, arguing that FFE aimed to allocate equity evenly across all 211 member countries to support grassroots programs and build local athletic infrastructure. Kushner stated that while the firm stood behind the underlying goals of the enterprise, Thrive failed to anticipate the political backlash and would not have participated had it known how the situation would unfold.

To manage the legal requests in federal court, Thrive Capital has brought on prominent litigation attorney Alex Spiro, a partner at Quinn Emanuel, according to court records first reported by TechCrunch Venture. Spiro is well known for representing high-profile corporate leaders and public figures, having served as lead counsel for Tesla CEO Elon Musk in several major disputes, including a 2019 defamation suit, litigation stemming from tweets about taking Tesla private, and court proceedings surrounding the acquisition of Twitter. His client history also features Jay-Z, Alec Baldwin, New York City Mayor Eric Adams, and HR software company Rippling in its corporate espionage lawsuit against Deel.