FIFA’s plan to establish a company valued at 20 billion dollars to manage the commercial rights to the World Cup, with participation from private investors including entities linked to the Kushner family, was announced on Tuesday and quickly drew criticism from the governing body of European football, UEFA.
“This is not FIFA’s property to sell,” UEFA stated. “None of us own football.” Gianni Infantino’s proposal to create FIFA Forward Enterprise (FFE), which will oversee competitions like the World Cup and the Club World Cup, was first reported by The Times of London and Financial Times.
Details of the FIFA Forward Enterprise plan and investors
In a statement, FIFA indicated that FFE aims to raise up to 4.2 billion dollars this year to fund development programs. This is based on the initial equity valuation of the company at 20 billion dollars and the goal of attracting long-term investors to purchase minority, non-controlling stakes.
FIFA is working with J.P. Morgan, and among the potential investors is Thrive Eternal, founded by Joshua Kushner. His brother Jared Kushner is the son-in-law of U.S. President Donald Trump.
The Men’s World Cup, which concluded this month, has intensified scrutiny of the political and personal connections between Trump and Infantino, raising further concerns from UEFA.
“The soul and governance of football are not assets for trading,” UEFA stated on Tuesday, in response to reports of a potential sale of stakes in FIFA’s commercial rights. “Especially with a complete lack of transparency about who benefits financially.”
Source: AP
