FIFA announced a proposal to sell shares in the World Cups to private investors in July, only to abandon the plan days later after widespread condemnation from high-ranking soccer officials
  • CombatWombat@feddit.onlineEnglish
    1·
    13 days ago

    Discovery against Kushner and Thrive is gonna be wild, and I’m willing to bet SDNY allows it to proceed. I’m not particularly enthusiastic that UEFA’s case seems to rest on “we should have sold the World Cup for more money based on a competitive bidding process” though

    In its filing, UEFA specifically takes issue with the financial specifics of the proposal by describing them as “absurdly low enterprise value of only approximately $20 billion” and claims that “a valuation exceeding $30 billion is readily supportable using assumptions grounded in FIFA’s own publicly reported financial performance and observable market multiples for comparable sports and media rights businesses.” UEFA also criticized the process by which Infantino hoped to see the proposal come to fruition, saying it was “neither the product of an open, competitive auction, nor tested by any independent valuer” and pointed towards FIFA’s imposed deadline of Sept. 19 for its 211 member associations (MA) to approve the plan.