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0 Share Newsweek is a Trust Project member See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. FIFA ’s proposal to create a $20 billion commercial subsidiary around the World Cup has turned a fight over soccer governance into a broader story about money, private investment, and President Donald Trump ’s orbit.
The plan, announced by FIFA on Tuesday, would create FIFA Forward Enterprise, or FFE, a FIFA-owned subsidiary bringing together commercial rights and event operations across its tournaments, including the World Cup and Club World Cup.
FIFA says FFE could raise up to $4.2 billion from long-term investors buying minority, noncontrolling stakes.
The organization says the money would expand development funding for its 211 member associations, while FIFA would keep control of football governance, competitions, the match calendar and all sporting decisions.
In a newly published FAQ, FIFA said the proposal has not yet been set up and would move forward only if backed by a majority of member associations and approved by the FIFA Council. It also said investors would have no role in decisions over FIFA governance, the World Cup format, tournament frequency, expansion or other sporting matters.
When approached for comment by Newsweek , FIFA said the plan would not turn it into a for-profit organization, would not amount to selling the World Cup, and would not create a future role or compensation package for any specific individual.
FIFA says that, subject to final agreements and required approvals, Thrive Eternal, a permanent capital holding company, is expected to lead the proposed investor group for FFE.
Thrive Eternal was founded by Joshua Kushner, brother of Jared Kushner , who is Trump ’s son-in-law.
Separately from the proposed FFE investor structure, FIFA also opened a representative office at Trump Tower in New York, a move announced with FIFA President Gianni Infantino and Trump at Trump Organization’s Manhattan headquarters.
Click each circle to see how FIFA, Infantino, J.P. Morgan, Thrive Eternal, Trump Organization and the Trump-Kushner links connect.
The connections do not show that the Trump family controls FIFA.
They show how a proposed FIFA commercial company, an expected Kushner-founded lead investor and Trump’s visible relationship with Infantino have become part of the same controversy.
Thrive Capital declined to comment when contacted by Newsweek by email on Wednesday morning.
A person familiar with Thrive’s position said Jared Kushner is not an investor in FFE or Thrive Eternal, and that Joshua Kushner, the founder and CEO of Thrive Eternal, has no role in the Trump administration.
Newsweek also contacted UEFA , J.P. Morgan, the White House and Jared Kushner via his investment firm Affinity Partners for comment by email on Wednesday morning.
FIFA has framed FFE as a way to increase commercial revenue from its tournaments and send more of it to national associations.
The proposal would put FIFA’s broadcast rights, sponsorships, ticketing, licensing and tournament delivery inside a dedicated subsidiary.
FIFA says outside investors would not run football operations, would not control sporting decisions and would be investing in a FIFA-owned company rather than FIFA itself.
The immediate financial offer to member associations is significant. FIFA says each of its 211 members could access an optional $20 million in one-off capital through a new FIFA Fast Forward Programme.
Regular Forward funding for each member association would also rise from the currently budgeted $8 million for the 2027-2030 cycle to $20 million, then $22 million for 2031-2034 and $24 million for 2035-2038.
That is why the proposal is also a voting and governance story. FIFA works on a one-member, one-vote model, giving smaller federations the same formal vote as the biggest soccer nations.
For associations that rely on FIFA funding, the offer of sharply higher development money could carry real weight.
FIFA says the proposal is intended to unlock commercial value it says has "previously gone uncaptured," with the money funding long-term development projects such as stadiums and national training centers that may be beyond the reach of a single FIFA Forward cycle.
UEFA, European soccer’s governing body, has responded with unusually blunt language.
"It is not FIFA’s to sell," UEFA said. "None of us are the owners of football."
UEFA’s broader concern is that FIFA would be opening part of the World Cup’s commercial future to private investors whose incentives may not align with federations, clubs, players or supporters.
"The soul and governance of football are not assets to trade—especially with zero transparency as to who gains financially," UEFA said.
FIFA rejects that framing, saying the World Cup is "not for sale."
FIFA’s position is that FFE would bring in capital and commercial expertise while leaving sporting authority untouched.
Critics fear the opposite: that once investors are inside the structure, FIFA would face pressure to deliver growth through more events, more commercial inventory and a more crowded international calendar.
That tension has been building for years. FIFA has already expanded the men’s World Cup to 48 teams and relaunched the Club World Cup on a larger scale.
FFE would fit into the same pattern: a more commercially ambitious FIFA under Infantino, and a European soccer establishment increasingly worried that the world governing body is becoming a direct competitor for revenue and attention.
The FIFA proposal comes just after a World Cup staged across the United States, Canada and Mexico, during which Trump and Infantino repeatedly appeared together.
Trump signed an executive order in March 2025 establishing the White House Task Force on the FIFA World Cup 2026.
The order made the president chair of the task force and the vice president vice chair, with the administrat...
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