- BIST10011,117-0.92%
- USD49.65+0.05%
- EUR55.60-0.19%
- GOLD4,007.90-1.29%
- INTEREST36.00%-1.00
- BITCOIN80,446-0.78%
- October 25, 202612°
- BIST10011,117-0.92%
- USD49.65+0.05%
- EUR55.60-0.19%
- GOLD4,007.90-1.29%
- INTEREST36.00%-1.00
- BITCOIN80,446-0.78%
- October 25, 202612°
UEFA plans legal action against FIFA and Infantino in Switzerland
UEFA plans to seek the opening of a criminal investigation in Switzerland into FIFA President Gianni Infantino over a project to sell part of the World Cup’s commercial rights to private investors. UEFA is seeking documents related to the investigation through U.S. courts, while FIFA abandoned the $4.2 billion project after a boycott threat.
The commercial rights project led by FIFA President Gianni Infantino has prompted UEFA to seek both a criminal investigation in Switzerland and documents through U.S. courts. UEFA plans to take steps toward opening an investigation in Switzerland into the attempt to sell part of the World Cup’s commercial rights to private investors.
UEFA applied to U.S. courts to obtain documents related to the project’s transactions from FIFA and the financial institutions involved in the project. The planned criminal investigation is intended to be conducted in Switzerland, where FIFA is headquartered.
Article 158 of the Swiss Criminal Code
Court documents indicate that UEFA and other parties involved are preparing to seek action against Infantino and possibly some FIFA executives and advisers under Article 158 of the Swiss Criminal Code, which covers criminal mismanagement.
UEFA’s objections are based on allegations that the agreement’s structuring, valuation, financing and promotion were conducted in secrecy. UEFA also argues that the process directly damaged FIFA’s reputation, governance system and commercial relationships.
Application against JPMorgan and investors in the U.S.
UEFA filed its application in the U.S. District Court for the Southern District of New York against JPMorgan, Thrive Capital, which was expected to be the project’s lead investor, and the company’s executive Josh Kushner. Josh Kushner is identified as the brother of Jared Kushner, the son-in-law of U.S. President Donald Trump.
UEFA is pursuing its legal steps concerning FIFA through courts in Miami, where FIFA’s legal team is based. In its court filing, UEFA also argues that the project could enable Infantino and a small group linked to him to generate income to the detriment of the federation, its members and other representatives of the football community by taking a permanent share of FIFA’s most valuable assets.
$4.2 billion commercial rights plan
FIFA had planned to raise $4.2 billion from private investors by transferring its media and commercial rights, including the World Cup rights, to a new structure. The sale of approximately 20 percent of the new structure was envisaged.
It had been alleged that Josh Kushner’s fund could purchase the shares. It had also been alleged that Infantino’s annual compensation could rise from 3 million euros to 30 million euros if the project were implemented.
After UEFA threatened to boycott FIFA tournaments, including the World Cup, Infantino announced that the federation had abandoned its plan to sell part of its commercial rights.
Confederations’ position on Infantino
UEFA, the Asian Football Confederation and the Confederation of North, Central America and Caribbean Association Football later accused Infantino of deception in connection with the FIFA Forward Enterprise project. Following this development, some national football federations withdrew their previously announced support for Infantino’s re-election.
The Confederation of African Football, however, supported FIFA President Infantino.
Stay Updated with Ally Daily
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
