FIFA plans to raise up to $4.2bn for World Cup rights from Kushner-linked fund; UEFA says it crosses a line
FIFA announced plans to create a new entity, FIFA Forward Enterprise, to hold commercial rights for its tournaments and sell a 20% stake to private investors, with Joshua Kushner's Thrive Eternal fund as the lead candidate. UEFA called the move a line that should never be crossed.
The plan
On Tuesday, FIFA announced plans to create a new entity, FIFA Forward Enterprise (FFE), which would take over the commercial rights to its flagship tournaments: the men's and women's World Cups and the Club World Cup. The combined value of these rights is estimated at $20 billion. FIFA would retain full control over FFE and exclusive authority over football governance, the international match calendar, and all regulatory and sporting decisions. The launch is conditional on majority support from the 211 member federations and approval by the FIFA Council.
The investor
The proposal, first reported by the Financial Times, involves selling a minority stake of roughly 20 percent in FFE to private investors, with FIFA seeking to raise up to $4.2 billion. Reuters, citing sources close to the matter, named Thrive Eternal as the lead external investor. The strategic fund is owned by Thrive Capital and was founded by Joshua Kushner, the brother of Jared Kushner, who is the son-in-law of US President Donald Trump. Thrive Eternal already acquired a minority stake in the San Francisco Giants baseball club earlier this year. FIFA is working with JPMorgan Chase & Co. on the plan.
UEFA's condemnation
UEFA responded within hours with a statement that left no room for ambiguity. The European governing body said the plan crossed a boundary that no football institution should ever breach.
This crosses a line that football's governing institutions should never cross. UEFA takes it extremely seriously.
The soul and governance of football are not assets to trade - especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA's to sell.
Financial promises and structure
FIFA said all proceeds from the minority stake sale would be reinvested in football development. It pledged to increase funding to each member federation from the current $8 million to $20 million for the 2027–2030 cycle, $22 million for 2031–2034, and $24 million for 2035–2038.
- Current
- 8 $ million
- 2027-2030
- 20 $ million
- 2031-2034
- 22 $ million
- 2035-2038
- 24 $ million
Under the proposed structure, investors would not receive dividends or regular cash payouts. Their potential profit would come only from an increase in the value of FFE, which they could later sell. Most of the funds generated by the entity would flow to national associations through the FIFA Forward program, which finances development projects worldwide. The new entity would allow FIFA to obtain a market valuation for some of its most valuable commercial assets at a time when demand for live sports broadcasting rights is high.
What's next
The plan represents a sharp departure from FIFA's traditional financing model and seeks to harness the commercial momentum from the recent World Cup in the United States, Canada, and Mexico. FIFA confirmed that discussions with potential investors are ongoing. The proposal requires approval from member federations and the FIFA Council. Gianni Infantino, FIFA's president, has faced mounting criticism in recent months over political involvement and governance issues. According to The Times, Infantino could serve as commissioner of the new entity after his FIFA term ends, likely in 2031, and stand to earn tens of millions of dollars from the arrangement.
