The $20 billion plan

FIFA president Gianni Infantino has proposed creating a new entity, FIFA Forward Enterprise (FFE), to hold the commercial rights of the World Cup and other FIFA competitions. The vehicle would be valued at $20 billion, and FIFA would sell a minority stake of about 20–21% to private equity investors, raising $4.2 billion immediately. J.P. Morgan is acting as lead financial adviser. According to the Guardian, negotiations were kept entirely secret; even major European federations such as the English FA and the German DFB had no knowledge of the talks until details leaked. Infantino is reported to be offering to double regular funding to each of FIFA’s 211 member associations from $10 million to $20 million per four-year cycle if they back the proposal by a 19 September deadline, with total payments per federation potentially exceeding $80 million by 2038.

UEFA’s emergency vote

On Thursday 30 July, UEFA convened an emergency general assembly in Switzerland. All 55 member associations voted to boycott every FIFA competition, men’s and women’s World Cups, the Club World Cup, and all other national-team tournaments, until the privatisation plan is withdrawn in full and binding guarantees are given that FIFA will never again open its governance or competitions to private ownership. The boycott would take effect as soon as the proposal is adopted by FIFA’s membership. The first concrete impact could come in October, when European women’s national teams are due to play World Cup qualifying playoffs for the 2027 tournament.

“We unanimously and categorically reject FIFA’s proposal to transfer ownership rights in the World Cup and other FIFA competitions to private investors. The World Cup cannot be treated as an investment product. It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and fans on every continent. No part of it should ever be handed over to private investors. The World Cup is not for sale.”

A governance crisis

UEFA’s statement went beyond the commercial model, accusing FIFA of a “profound failure of leadership” and an “abdication of duty as guardian of world football.” It described the process as “governance by intimidation,” arguing that member federations were given an ultimatum to accept an irreversible takeover or face consequences. The European body said that once external investors acquire ownership rights, every decision on the international calendar, competition formats and the future of the game would be driven by investor expectations rather than what serves football.

“It is irresponsible and unjustifiable that a proposal of such significance for football was conceived in secret and brought to the brink of approval without any meaningful consultation with those charged with managing the game.”

The Trump family connection

The controversy has acquired a geopolitical dimension after reports identified the investment firm Thrive Capital, founded by Joshua Kushner, as a central player in the negotiations. Joshua Kushner is the brother of Jared Kushner, the son-in-law of former U.S. president Donald Trump. The involvement of American capital and the Trump family name has intensified opposition in Europe, where several federations view the plan as a vehicle for U.S. private equity to gain control over the sport’s most valuable asset.

What comes next

Infantino faces the most serious crisis of his FIFA presidency. The boycott threat from Europe, the sport’s wealthiest confederation, could unravel the entire project. UEFA is also reportedly promoting Nasser Al-Khelaifi, the president of Paris Saint-Germain and chairman of the European Club Association, as a rival candidate for the FIFA presidency at elections due in March 2027. A source close to Al-Khelaifi said he does not currently want the role, but did not rule out running with sufficient backing. CONCACAF and AFC are also said to oppose Infantino’s plan, leaving the FIFA president isolated ahead of the September deadline.

Current annual10

Proposed annual20

Current annual

10 $ million

Proposed annual

20 $ million

Data from the article text