Fifa has revealed a proposal to offer private investors stakes in the commercial rights to its competitions, including the World Cup. The contentious initiative immediately drew criticism from Uefa and several prominent European clubs.
In a sharply worded response, Uefa accused Fifa of “putting football’s soul up for sale” and is reportedly assessing possible legal action. Sources connected to several leading clubs also expressed strong private opposition to the idea.
Fifa confirmed that it is collaborating with US bank JP Morgan to establish a company named Fifa Forward Enterprise (FFE). The organisation would seek to generate hundreds of millions of dollars by offering investors a substantial share of the commercial rights associated with the men’s and women’s World Cups and the Club World Cup. Fifa says the arrangement could produce more than $10bn in additional distributions for its 211 member associations. Thrive Capital, an investment firm established by Joshua Kushner, whose brother Jared Kushner is Donald Trump’s son-in-law, is overseeing the effort to identify investors.
Fifa president Gianni Infantino said the proposal would allow “the commercial part of football [to operate] as a specialised and independent business, while sharing its value more widely and effectively across the globe”. Approval from a majority of member associations is required, although Fifa did not say when the vote might be held.
Several people familiar with the proposal said Fifa has placed a valuation of approximately $20bn on the planned commercial venture. Infantino is seeking to benefit from football’s expanding worldwide appeal following this summer’s World Cup in the United States, Canada and Mexico. Recent estimates suggest the competition could generate more than $15bn in revenue, well above the previous projection of $13bn, and that growth appears to have encouraged the pursuit of further commercial gains.
News of the proposal prompted a swift reaction from Uefa, which claimed Fifa was trying to sell football’s soul. The relationship between the sport’s two most influential governing bodies has deteriorated significantly. Uefa recently alleged that Fifa compromised the World Cup’s integrity by intervening to reverse USA forward Falorin Balogun’s red card after President Trump personally contacted Infantino about the matter.
“This goes beyond a boundary that football’s governing organisations must never breach,” Uefa said in response to the FFE proposal. “Uefa regards this as an extremely serious matter, and every national football association should do the same. Leagues, clubs, players, fans, governments and all those concerned about the game’s future must also pay close attention.
“Football’s identity and governance cannot be treated as commodities, particularly when there is no transparency about who may profit. Football belongs to no single organisation, and Fifa has no right to sell it.”
Infantino managed to keep the initiative confidential until details began appearing in financial and national newspapers. Members of the Fifa Council were reportedly caught off guard by the announcement after being excluded from much of the decision-making process.
This is the second time Infantino has sought private investment to finance Fifa’s ambitions. In 2018, he reached a preliminary agreement with Japanese bank SoftBank for $25bn to support an enlarged Club World Cup and a worldwide Nations League. The proposal failed to secure enough backing, largely because of European resistance. Uefa and major clubs are once again aligned against Fifa’s latest initiative, although Infantino may have sufficient support in other regions to proceed without them.
Fifa said the new company could raise the annual funding allocated to each member association from $8m to $20m, representing a major increase for most of its 211 members. It also maintained that responsibility for football governance and the international match calendar would remain under its control. Nevertheless, accepting private capital in exchange for commercial rights could expose decision-makers to substantial outside pressure. Investors might eventually gain considerable influence over choices affecting the entire sport, raising concerns that they could push for more frequent World Cups or favour hosts in the most profitable markets, including the United States. Fifa said it would “carefully choose long-term investors purchasing minority, non-controlling stakes in FFE, with all net gains reinvested in football around the world.”
Despite the considerable controversy surrounding him, Infantino is expected to secure another term as president without opposition next year. Under Fifa’s rules, however, he must leave the position in 2031 after completing three full terms. Reports indicate that he may also seek to become chair of the new commercial organisation, a role that could potentially provide earnings worth tens of millions of dollars.
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