RESOLVING THE LEDGER
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See the full story · 10 sourcesGENEVA, Switzerland (AP) — FIFA President Gianni Infantino’s plan to create a $20 billion company running the World Cup with private investors, including the Kushner family, was announced Tuesday — and immediately attacked by European soccer body UEFA.
“It is not FIFA’s to sell,” UEFA said in a statement. “None of us are the owners of football.”
Infantino's plans to form FIFA Forward Enterprise (FFE), running competitions like the World Cup and Club World Cup, were first reported by The Times of London and the Financial Times.
FIFA said in a statement that FFE would raise up to $4.2 billion later this year to help fund development programs "based on an initial equity valuation of $20 billion by carefully selecting long-term investors who will purchase minority, non-controlling interests.”
FIFA is working with JP Morgan, while investors would include Thrive Eternal, launched by Joshua Kushner, whose brother Jared Kushner is a son-in-law and envoy of US President Donald Trump.
The men’s World Cup that finished this month only deepened the political and personal ties between Trump and Infantino, and fueled concerns about those ties, including from UEFA.
“The soul and governance of football are not assets to trade — especially with zero transparency as to who gains financially,” UEFA said Tuesday, responding to the reports of selling stakes in FIFA competitions.
FIFA is currently a Swiss-based not-for-profit association of its 211 national member federations worldwide.
Those 211 members must approve any plan and would get the chance “to access up to $20 million in one-off capital,” FIFA said.
“This is about the democratization of football worldwide,” Infantino said in a FIFA statement.
UEFA, however, said it took reports of the project “extremely seriously. So should every national Football Association.”
“This crosses a line that football’s governing institutions should never cross,” said UEFA, which comprises 55 of the FIFA members.
The project announced Tuesday is the second time in Infantino’s increasingly controversial 11-year presidency that he has tried to push through a multi-billion-dollar deal with private backers.
In 2018, Infantino proposed a secretive $25 billion offer over 12 years with SoftBank of Japan to create new global competitions, including an expanded men’s Club World Cup, seemingly backed by Saudi Arabian money.
That ultimately failed after meeting fierce resistance from UEFA, which saw threats to its prize assets: the Champions League and the European Championship.
Infantino still built closer ties to Saudi soccer and the kingdom’s Crown Prince Mohammed Bin Salman. Saudi Arabia will host the 2034 World Cup and largely funded the revamped men’s Club World Cup hosted in the US last year.
The financial success of the just-ended World Cup has looked likely to ensure Infantino is re-elected next year unopposed for a fourth and final term in office through 2031.
Speculation has swirled for years that Infantino might want a different global role in soccer beyond his FIFA presidency, which is due to end when he is 61.
The Times reported Tuesday that a CEO-like commissioner role of the new FFE operation could be created for Infantino.
“This has never been discussed,” FIFA said in a statement Tuesday. “However, the FIFA president and the FIFA administration will and must have leading roles in this entity — if approved.”
There was no timetable suggested Tuesday for debate and decisions by FIFA, its ruling Council chaired by Infantino, and the 211 members.
FIFA is scheduled to hold an online congress on November 23 to confirm hosts of the Women's World Cup editions in 2031 and 2035.
The war with Iran has been draining for all of us in Israel. But when I heard about a high casualty incident – ballistic missile impacts in Arad and Dimona that left nearly 200 people wounded – I drank a cup of coffee, packed a bag, and headed south.
There, I spoke with Shilgit, the head of an after-school program for underprivileged youth. Standing outside her destroyed center, Shilgit said it was a miracle that no children were hurt and spoke about the community coming together in the hours since.
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