FIFA’s plan to admit private investors into its World Cup business would create a new $20 billion company, offer its 211 voting associations up to $20 million each, and potentially establish a commercial power center that could continue beyond Gianni Infantino’s elected presidency.
The proposed structure combines FIFA’s broadcast, sponsorship, ticketing, licensing, and tournament-delivery operations inside FIFA Forward Enterprise, or FFE. FIFA would then raise as much as $4.2 billion by selling minority interests in the company, according to the governing body’s official announcement.
FIFA said it would retain majority board representation and exclusive authority over competition formats, regulations, the international calendar, and other sporting decisions.
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FFE would consolidate the commercial rights attached to FIFA’s entire tournament portfolio, including the men’s and women’s World Cups, youth competitions, and the Club World Cup. Reuters reported that FIFA intends to sell stakes of up to 20% and raise as much as $4.2 billion later in 2026.
FIFA plans to use the capital raise to create an optional development program offering each of its 211 member associations up to $20 million in one-time funding.
If every association received the maximum amount, the distributions would total $4.22 billion, almost exactly matching the proposed capital raise.
The money could be used for stadiums, training centers, coaching, national teams, domestic competitions, grassroots football, and women’s programs, according to FIFA.
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The proposal would also increase regular FIFA Forward funding from the currently budgeted $8 million per association to $20 million for the 2027-to-2030 cycle. Funding would then rise to $22 million for 2031 through 2034 and $24 million for 2035 through 2038.
FIFA said the expanded programs could bring its planned development spending above $10 billion over the next four years.
JPMorgan is advising FIFA, while former Liberty Media chief executive Greg Maffei is working as a commercial adviser. FIFA said prospective investors had expressed interest from Europe, the Americas, Asia, and Africa.
Joshua Kushner’s Thrive Eternal is expected to lead the investor group. Kushner is the brother of Jared Kushner, Trump’s son-in-law and former White House adviser.
Jared Kushner is not a prospective investor, an unnamed source told Reuters.
The Times reported that the proposal had been discussed with members of Trump’s team and that Infantino could become commissioner of FFE. Under that reported arrangement, Infantino could eventually earn tens of millions of pounds while retaining influence over the commercial operations behind FIFA’s largest competitions.
FIFA told AFP that the creation of a commissioner position for Infantino had “never been discussed.” The organization nevertheless said in its announcement that the FIFA president and administration have a duty to control the development of the project.
Infantino is expected to seek another term as FIFA president in 2027, which could keep him in office until 2031, according to Reuters. FIFA has not disclosed who would manage FFE after his presidency or how its executives would be compensated.
UEFA said the transaction would allow financial interests to enter football governance even if FIFA technically retained sporting control.
“The soul and governance of football are not assets to trade, especially with zero transparency as to who gains financially,” UEFA said. “None of us are the owners of football. It is not FIFA’s to sell.”
Sky Sports reported that European associations were preparing an emergency meeting and could consider threatening a boycott if Infantino proceeds with the plan.
FIFA maintains that investors would have no operational role and that all net benefits would be reinvested in football.
“Outside investors will have only a minority stake in FFE and will not play any operational role,” FIFA said in its official statement. “For FIFA, nothing changes.”
The proposed subsidiary would still change who receives an economic interest in FIFA’s tournaments. It would also leave member associations to decide whether the immediate funding promised by the transaction outweighs the long-term claim private investors would gain over World Cup revenue.
