FIFA President Gianni Infantino confirmed Friday that the organization has abandoned plans to sell a 20% stake in a new commercial unit overseeing World Cup operations in a deal that could have raised up to $4.2 billion.
Deal Collapses Under Federation Pressure
The proposal, unveiled Tuesday, aimed to fund a subsidiary called FIFA Forward Enterprise, with Thrive Capital‘s Thrive Eternal fund set to lead investors. Thrive Capital is founded by billionaire venture capitalist Joshua Kushner, the younger brother of President Donald Trump‘s son-in-law, Jared Kushner.
The dropping of the plan followed opposition from European soccer’s governing body UEFA, whose 55 members voted to boycott FIFA events over the proposal, calling the World Cup not “an investment product.” UEFA also accused FIFA of putting the sport’s “soul” up for sale.
CONCACAF, the federation representing 41 member nations across North America, Central America and the Caribbean, rejected the proposal on Thursday. The Asian Football Confederation, which has 47 members, also announced its opposition in a statement on Friday. Together, the three groups represent more than half of FIFA’s 211 member associations.
Decade-Long Tenure Faces Growing Friction
Infantino has been in the news for various reasons during the latest World Cup, one being his closeness with President Trump. He is up for reelection next year. He has served as president of FIFA since February 2016, winning re-election in 2019 and 2023. His tenure has been marked by structural expansions and commercial revenue growth, but also by high-profile political alignments, contested tournament expansions and intense friction with European football bodies.
Talking to reporters on Friday, British Prime Minister Andy Burnham said Infantino was “the wrong man to lead the organisation.”
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image credit: USA TODAY Network via Reuters Connect
Recent Comments