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Topline FIFA dismissed criticism of its plan to sell stakes in the FIFA World Cup to Joshua Kushner’s investment firm Thrive Capital, insisting that “nobody is selling football” in a sign that it plans to press forward despite facing growing opposition from regional soccer federations including Europe’s UEFA, North America’s CONCACAF and Asia’s AFC.
In a statement on Friday, the global soccer governing body defended the so-called “FIFA Forward Enterprise (FFE) proposal,” claiming its planned consultation process was “disrupted by incorrect media reports.”
FIFA said it plans to proceed with this “consultation process” to ensure that each member association can vote on it “based on facts.”
The global soccer body claimed the proposal is solely aimed at boosting “commercial opportunity” for members does not come “at the cost of either the spirit or the governance of FIFA or football itself. ”
The statement appears to criticize the regional bodies UEFA, CONCACAF and AFC, saying “no single entity can claim to represent all” of FIFA’s 211 member associations.
In a likely bid to blunt boycott threats, FIFA argues that each member federation should be allowed to review the proposal independently and make their own choice.
“Nobody is selling football. This is not something FIFA would ever entertain,” the governing body added.
FIFA’s statement comes after the Asian Football Confederation (AFC) became the latest regional body to express its opposition to the FIFA Forward Enterprise plan, noting that it stood in “solidarity” with UEFA and CONCACAF. The AFC said FIFA’s plan could not "realistically achieve the necessary broad consensus and unity required to move forward". On Thursday, Confederation of North, Central America and Caribbean Association Football (CONCACAF) said its members had “deep concerns” about the plan. The organization, whose members include the United States Soccer Federation, criticized the “artificially short deadline” to implement the plan and also questioned the need for private equity funding after “the most profitable FIFA World Cup in history.” CONCACAF’s statement was preceded by one made by the Union of European Football Associations (UEFA), which said none of its 55 member associations would participate in any FIFA tournament “so long as these proposals remain alive.” The European confederation said it would continue to boycott “unless this proposal is abandoned in its entirety,” and it was given “binding assurances” the international body would not pursue private ownership again. Six of the top ten ranked teams on FIFA’s world rankings for men’s and women’s soccer teams are UEFA members, including world champions Spain.
Under the deal, which was first reported by British newspapers The Times and the Financial Times , FIFA is planning to raise an estimated $4.2 billion in 2026 by selling a reported 20% minority stake in a new subsidiary at an equity valuation of $20 billion. The plan is being backed by FIFA president Gianni Infantino, who has already come under immense criticism for his perceived closeness to President Donald Trump. The global soccer body is being advised on the plan by JPMorgan and Joshua Kushner’s Thrive Capital would serve as the lead investor. Kushner is the younger brother of Trump’s son-in-law Jared and White House special envoy. Infantino is up for re-election as FIFA President in March 2027, but even if he wins, term limits mean he can only serve till the end of 2031. The Times report suggested that Infantino could take over as the FFE commissioner after 2031 and earn an annual salary that is comparable to NFL boss Roger Goodell's purported $64 million.
For the deal to go forward, it would need to be approved by a majority of FIFA’s 211 member associations. Infantino reportedly told FIFA’s member associations on Wednesday that they need to approve the deal by the September 19 deadline or lose access to an immediate $20 million and another $20 million raised over the next three years through the deal. However, a statement issued on Friday says each national soccer body will receive $20 million in FIFA Forward Development funding over the next four years “irrespective of its individual support” for the plan. An additional $20 million per member association will be offered as a one-off development fund and participation in this would be “fully voluntary.” It’s unclear if this means the additional $20 million will only be offered to those who back the deal.
Carlos Cordeiro, a senior FIFA adviser who served on the White House’s World Cup task force and accompanied Infantino to several of his meetings with Trump, resigned from the soccer body in protest against the FFE plan on Friday. In a statement reported by the Associated Press, Cordeiro said: “I cannot stand by while FIFA considers selling a stake in the World Cup,” adding that he had “no involvement in this proposal, and I oppose it unequivocally.” Describing FFE as a “bad deal for football,” Cordeiro called for it to be rejected. The former Goldman Sachs banker noted that his banking experience makes him understand both the “value of this asset and the consequences of giving part of it away.”
FIFA Crisis: Kushner-Backed Deal In Peril As CONCACAF Rejects Plan (Forbes)
FIFA Head Sets Deadline For Members To Claim $20 Million In Kushner-Backed World Cup Plan (Forbes)
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