UEFA prepares criminal proceedings against FIFA boss Gianni Infantino in Switzerland over World Cup deal
UEFA, European soccer's ruling body, is considering a criminal complaint against FIFA President Gianni Infantino over his failed World Cup shares-selling plan.
UEFA is preparing criminal proceedings against FIFA president Gianni Infantino in Switzerland over his plan to sell shares in the World Cup to private investors.
European football’s governing body took legal action in New York on Thursday against FIFA, Infantino, and the anticipated lead investor in the World Cup sell-off plan, Thrive Capital.
The New York-based venture capital firm’s chief executive is Joshua Kushner, the brother of United States President Donald Trump’s son-in-law, Jared Kushner.
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By continuing you agree to our Terms and Privacy Policy.“UEFA and its counsel are contemplating a Swiss criminal proceeding against Infantino and possibly other FIFA officials for criminal mismanagement under Article 158 of the Swiss Criminal Code,” UEFA’s lawyers stated in a 56-page document.
The document suggests the $4.2 billion figure could be a “fraudulently off-market price promoted by Infantino for his own benefit.”
Infantino dropped the sell-off plan on August 1 after a furious backlash by global soccer leaders, including UEFA.
“Infantino claimed that the plan would ‘unleash the commercial potential and opportunity that FIFA has’,’” UEFA lawyers told the courts.
“In truth, it was a vehicle for Infantino and that small circle to acquire a permanent stake in and otherwise profit from FIFA’s most valuable assets to the detriment of FIFA, its members, and other parties within the football family.
“Under the terms Infantino announced, those investors stood to acquire a permanent financial interest in FIFA’s commercial arm for $4.2 billion, implying an absurdly low enterprise value of only approximately $20 billion, a figure that was neither the product of an open, competitive auction, nor tested by any independent valuer.”
The filing of the document in New York came after reports on Wednesday that it has now received guarantees there will be no repeat of FIFA’s controversial private investor plan.
This was the second condition UEFA wanted to be met for European teams to withdraw their threat of a boycott from FIFA tournaments.
The first was the scrapping of the original plan, which happened on August 1.
