European soccer’s governing body is weighing a dramatic boycott of future FIFA events, including the World Cup, after being blindsided by a plan to sell a minority stake in the sport’s biggest tournament to private investors. UEFA called an emergency virtual meeting this week to discuss its response to the proposal, which would see FIFA raise an estimated $4.2 billion by selling a 20 percent stake in a newly created subsidiary called FIFA Forward Enterprise at a $20 billion valuation. The investment group would be led by Thrive Eternal, a fund created by Josh Kushner’s Thrive Capital, with JPMorgan advising on the deal.
UEFA learned of the plans through media reports rather than from FIFA directly, according to Sky News, and reacted with unusual ferocity. In a statement first reported by The Times of London, the organization declared that the soul and governance of football are not assets to trade, especially with zero transparency about who stands to gain financially. The European federation accused FIFA of crossing a line that governing institutions should never cross and urged national associations, leagues, clubs, players, supporters, and governments to take the matter just as seriously.
FIFA confirmed the plans Tuesday morning, saying the new company would control what it described as commercial and event operations while the nonprofit federation itself would retain authority over scheduling competitions, governance, and regulatory decisions. Each of FIFA’s 211 member associations would receive $20 million if the deal closes, with annual funding continuing to increase through 2038. The proposal still requires approval from a majority of those member associations before it can move forward.
The controversy has also drawn political attention in Britain, where Prime Minister Andy Burnham insisted that football does not belong to investors but to the people who fill the stands week after week. Burnham said the World Cup is not a product and belongs to the fans. Tensions between UEFA and FIFA have been simmering for weeks already, with UEFA president Aleksander Ceferin having boycotted the World Cup final over several disputes including FIFA’s decision to overturn a red card shown to American striker Folarin Balogun earlier in the tournament.
Questions are also swirling around FIFA president Gianni Infantino, whose final term expires in 2031. Sources told The Times that Infantino could eventually serve as commissioner or chief executive of the new company, though he told the newspaper such an idea has never been discussed. Infantino has faced sustained criticism for his close relationship with President Donald Trump, to whom he awarded the inaugural FIFA Peace Prize last December, and two sources said FIFA consulted with the Trump administration on the investment plans. A representative for Jared Kushner, the president’s son-in-law and older brother of the Thrive Capital founder, indicated he is not among the investors involved.
