FIFA plans $20bn World Cup commercial entity with minority stake sale; UEFA says 'nobody owns football'

The FFE blueprint

FIFA announced on 28 July that it will create FIFA Forward Enterprise (FFE), a wholly owned subsidiary that would consolidate its commercial rights -- broadcasting, sponsorship, ticketing and licensing -- and the operational implementation of its tournaments. The entity is valued at $20 billion, and the governing body plans to sell a minority stake of up to 20-30% to external investors, targeting $4.2 billion by the end of 2026. FIFA would retain majority board representation and 'exclusive authority' over football governance, competitions, the match calendar and all sporting rules.

Gianni Infantino, the FIFA president, had already set out the ambition at the FIFA Congress in Canada in April, saying the organisation has a 'responsibility to unlock the commercial potential and opportunities of FIFA.' The plan was first reported by The Times and later confirmed in a FIFA statement. The selected investors include Thrive Eternal, a new strategy launched by the venture-capital firm Thrive Capital, and the bank JP Morgan is acting as financial adviser. Bob Iger, former Disney CEO, and Greg Maffei, former Liberty Media CEO, are joining as advisors.

UEFA's swift condemnation

The European governing body UEFA released a blunt statement within hours, declaring that the project 'crosses a line that the institutions that govern football should never cross.' It urged all national federations, leagues, clubs, players, fans and governments to take the plan seriously.

The soul and governance of football are not tradeable assets, especially with zero transparency on who benefits financially. None of us owns football. It does not fall to FIFA to sell it.

Trump-Kushner ties

The involvement of Thrive Capital, founded by Joshua Kushner, the brother of Jared Kushner (Donald Trump's son-in-law), has intensified the controversy. According to The Times, the project already had the approval of President Trump. Thrive Eternal, the investment vehicle, this year acquired a minority stake in the San Francisco Giants of Major League Baseball. The alliance comes just after a World Cup that deepened political and personal ties between Trump and Infantino, fuelling UEFA's suspicions.

Financial carrot for member federations

FIFA currently planned to distribute about $2.7 billion to its 211 member associations during the 2027-2030 cycle. Under the new structure it expects to gather a fund exceeding $10 billion over the next four years. Each federation would be offered access to up to $20 million in one-time capital through an optional FIFA Fast Forward Programme (FFFP), up from roughly $8 million previously.

What happens next

The plan requires approval from the FIFA Congress, composed of the 211 member federations, and a change to the organisation's statutes. The fierce opposition from UEFA, led by Aleksander Čeferin, sets the stage for a protracted battle over the commercial future of the world's most popular sport.