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08/27 11:17 CDT UEFA prepares criminal complaint in Swiss courts against FIFA's
Infantino over World Cup sell-off
UEFA prepares criminal complaint in Swiss courts against FIFA's Infantino over
World Cup sell-off
By GRAHAM DUNBAR
AP Sports Writer
MONACO (AP) --- UEFA is preparing a criminal complaint against FIFA President
Gianni Infantino in Swiss courts for possible financial mismanagement over his
failed plan to sell future World Cup profits to private investors.
UEFA filed documents in a Manhattan court requesting discovery of potential
evidence from the New York investment fund, Thrive Capital Management, founded
by Joshua Kushner.
UEFA also filed a request in a southern Florida district for authorization of
discovery "in a foreign proceeding" against FIFA itself, which has offices in
the Miami suburb of Coral Gables.
Thrive and Kushner were to be the anchor investors intending to pay FIFA $4.2
billion for a 20% stake in a subsidiary that would run the soccer body's
commercial events, including the World Cup.
"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 state in a 56-page
document seen by The Associated Press.
The document suggests the $4.2 billion figure could be a "fraudulently
off-market price promoted by Infantino for his own benefit."
FIFA is expected to have about $5 billion in cash reserves after the World Cup
in North America boosted its revenue to a record $15 billion over the 2023-26
commercial cycle.
Infantino dropped the sell-off plan on Aug. 1 after a furious backlash by
global soccer leaders, including UEFA.
UEFA had warned against destroying potential evidence UEFA first threatened to take legal action on Aug. 3 when it warned FIFA against destroying or hiding any "relevant materials" related to the plan. Thursday's legal move was revealed to its member federations in Monaco just two hours before the Champions League draw began. "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." Thrive declined to comment. FIFA was approached for comment.
Swiss prosecutors' poor results in FIFA trials It was unclear if UEFA would send a potential criminal complaint to the Swiss federal prosecution office in Bern or to local prosecutors in FIFA's home city Zurich. The Swiss attorney general's office has a poor record in recent years prosecuting cases of alleged corruption linked to FIFA and soccer officials. Former FIFA president Sepp Blatter, former UEFA president Michel Platini and the influential Qatari president of Champions League title holder Paris Saint-Germain, Nasser al-Khelafi, all were acquitted twice at trials in Switzerland. ___ See AP's full soccer coverage here
UEFA had warned against destroying potential evidence UEFA first threatened to take legal action on Aug. 3 when it warned FIFA against destroying or hiding any "relevant materials" related to the plan. Thursday's legal move was revealed to its member federations in Monaco just two hours before the Champions League draw began. "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." Thrive declined to comment. FIFA was approached for comment.
Swiss prosecutors' poor results in FIFA trials It was unclear if UEFA would send a potential criminal complaint to the Swiss federal prosecution office in Bern or to local prosecutors in FIFA's home city Zurich. The Swiss attorney general's office has a poor record in recent years prosecuting cases of alleged corruption linked to FIFA and soccer officials. Former FIFA president Sepp Blatter, former UEFA president Michel Platini and the influential Qatari president of Champions League title holder Paris Saint-Germain, Nasser al-Khelafi, all were acquitted twice at trials in Switzerland. ___ See AP's full soccer coverage here
