Key facts
- Fifa's proposed privatization of its commercial operations is reportedly valued at $20 billion.
- JPMorgan Chase is leading the fundraising effort for the privatization.
- Joshua Kushner's investment vehicle, Thrive Eternal, is among prospective investors.
- Top Democrat Jamie Raskin vowed to investigate Fifa's ties to Donald Trump if Democrats win the House.
- UEFA has threatened to boycott the World Cup if Fifa proceeds with the privatization plan.
Fifa is facing the threat of a comprehensive US congressional investigation into its financial and political connections with Donald Trump and his family, should Democrats regain control of the House of Representatives in the upcoming November elections. Jamie Raskin, the leading Democrat on the House judiciary committee, has accused the global football governing body of orchestrating a "smash-and-grab scam of colossal proportions" following its proposal to privatize its commercial operations, a move reportedly valued at approximately $20 billion.
Raskin, who would chair the committee with a Democratic majority, indicated that Fifa would be an early target of scrutiny. He alleged that the organization has become enmeshed in a pattern of corruption associated with the Trump administration and the Kushner family. Raskin specifically noted Fifa's "cozy relationship to Donald Trump" and suggested it was part of a system of "bribes, kickbacks and sweetheart deals."
The proposed spin-off of Fifa's commercial business is being led by JPMorgan Chase in its fundraising efforts, with Thrive Eternal, an investment vehicle connected to Thrive Capital founder Joshua Kushner (brother of Jared Kushner, Trump's son-in-law and former White House adviser), identified as a potential investor. This plan has drawn immediate criticism from within world football, with UEFA warning that "none of us are the owners of football" and voting to boycott the World Cup if Fifa proceeds.
The potential inquiry also follows past controversies, including Fifa's creation of a "Peace Prize" awarded to Trump and an alleged reversal of a red card for US player Folarin Balogun after a call from Trump to Fifa president Gianni Infantino. The US Department of Justice had previously dropped bribery and money-laundering cases linked to the Fifa corruption scandal, citing shifting enforcement priorities.
If Democrats secure a House majority, Raskin's committee would gain the authority to compel testimony and documents from Fifa, JPMorgan, and entities linked to the Kushner family's investments. Raskin emphasized the need for Fifa to cooperate, stating the committee would "have the tools we need to get answers, expose corruption, protect sports fans against exorbitant and fraudulent charges and block this attempt to turn world soccer into a global financial shakedown." The judiciary committee's minority under Raskin has already sought records from Fifa concerning gifts to Trump and communications with the justice department.