 |
|
 |
||
|
 |
 |
|
|
|
|
|||
| Prairie View MFA Agri Services - CLICK - MFA CONNECT |
|
Printable Page
08/27 12:48 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.
The governing body of European soccer announced its intentions in court
documents filed Thursday in the U.S. seeking access to possible evidence
related to the sell-off plan, which was withdrawn after a furious backlash by
UEFA and other global soccer leaders.
The move increases the pressure on Infantino, who is facing the biggest crisis
in his 10 years as FIFA's leader.
UEFA filed documents in a Manhattan court requesting discovery of potential
evidence from the New York investment fund, Thrive Capital Management, founded
by Josh Kushner --- the younger brother of President Donald Trump's son-in-law
Jared 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.
Under the plan revealed in late July, 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 intense criticism led by
soccer officials in Europe.
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. The crisis has raised questions about Infantino's future. Just months ago, he was widely expected to win another four-year term in the FIFA election set for March 2027, but a growing number of soccer federations around the world but mainly in Europe have withdrawn their support, with some joining UEFA in calling on him to step down. ___ 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. The crisis has raised questions about Infantino's future. Just months ago, he was widely expected to win another four-year term in the FIFA election set for March 2027, but a growing number of soccer federations around the world but mainly in Europe have withdrawn their support, with some joining UEFA in calling on him to step down. ___ See AP's full soccer coverage here
