UEFA preparing criminal complaint against FIFA President Infantino

The Union of European Football Associations (UEFA) is preparing a criminal complaint in Switzerland against FIFA President Gianni Infantino over a failed project to sell investors a stake in future commercial revenues from World Cups.

This became known on August 27 from UEFA court documents filed in the United States. The European football union is considering possible proceedings against Infantino and, potentially, other FIFA officials under the article on criminal mismanagement of property.

For now, it is precisely about preparing a possible criminal proceeding. Infantino has not been charged in Switzerland, and UEFA's assertions have yet to be verified by law enforcement agencies.

UEFA demands documents on $4.2 billion deal

The conflict is related to the FIFA Forward Enterprise (FFE) project, which envisaged creating a separate company to manage FIFA's commercial assets, including revenues from World Cups and other tournaments.

New York-based investment company Thrive Capital, founded by Joshua Kushner, was supposed to become the main external investor. The proposal involved investing approximately $4.2 billion in exchange for about 20% of the new company.

Thus, the entire FFE business was effectively valued at about $20 billion. UEFA believes that such a price could significantly understate the real value of FIFA's future commercial revenues.

In the 56-page document reviewed by the Associated Press, UEFA lawyers stated that they are considering criminal proceedings in Switzerland against Infantino and, possibly, other FIFA officials for alleged criminal mismanagement.

UEFA particularly focused on how the deal's valuation was determined. The European organization raises questions about the absence of an open competitive process and an independent asset valuation.

In the court materials, UEFA also admits that the price offered to investors could have been significantly below market value and promoted in Infantino's interests. This is UEFA's position and has not been established by a court at this time.

To collect potential evidence, UEFA has asked the federal court in Manhattan to authorize obtaining documents and other materials from Thrive Capital. Another filing was made in Florida regarding FIFA, which has an office in the Miami area.

FIFA abandoned project after scandal

The FIFA Forward Enterprise project was presented in late July. Infantino called it an opportunity to dramatically increase funding for football development around the world and emphasized that the final decision was to be made by FIFA member associations and the organization's Council.

However, the proposal provoked strong resistance from UEFA and several other football confederations. Critics were concerned both about the very transfer of a stake in commercial revenues of major football tournaments to private investors and the terms of the deal.

On July 31, Infantino announced that the project would not proceed. He acknowledged that the proposal had caused too deep divisions within world football.

Later, FIFA management stated the need to improve internal procedures after the project's failure. At the same time, the organization emphasized its intention to defend its reputation and integrity.

Despite the abandonment of FFE, the conflict around Infantino continued. UEFA is seeking a more detailed investigation into the circumstances of the deal's preparation and is increasing pressure on FIFA leadership ahead of the organization's next presidential elections.

Based on: Associated Press, The Guardian, FIFA