FIFA plan for Kushner-backed $20 billion operation to run World Cup meets fury from Europe’s UEFA - CNN

What the report says

CNN reported that FIFA President Gianni Infantino has proposed creating a new commercial subsidiary, FIFA Forward Enterprise, to run major competitions including the World Cup and Club World Cup with backing from private investors. FIFA said the entity could raise up to $4.2 billion later this year, based on an initial $20 billion equity valuation, while investors would receive minority, non-controlling stakes. The plan involves J.P. Morgan and prospective investors including Thrive Eternal, launched by Joshua Kushner, brother of Jared Kushner, President Donald Trump’s son-in-law.

European soccer body UEFA sharply criticized the proposal on Tuesday, saying football is not something FIFA can sell and warning that governance and the sport’s wider interests should not be treated as tradable assets. UEFA, which represents 55 FIFA members, said national associations should take the issue seriously and objected to what it described as a lack of transparency over who might benefit financially.

FIFA, a Swiss-based nonprofit association made up of 211 national federations, said member approval would be needed. It framed the plan as a way to expand development funding, saying federations could access up to $20 million in one-off capital and later receive larger cycle-by-cycle payments through 2038. FIFA said it would keep control over football governance, competitions, calendars and sporting rules.

The controversy follows Infantino’s earlier unsuccessful 2018 effort to secure a multibillion-dollar private investment deal involving new global competitions. CNN noted that the latest proposal comes after record World Cup income and amid scrutiny of Infantino’s political relationships, including ties with Trump, as well as questions about any future role he might hold in the proposed company.