FIFA’s World Cup sell-off opens new battle for control of football

FIFA is seeking to raise up to US$4.2bn by selling minority stakes in a new commercial company that would manage the business operations of the World Cup and its other competitions.The proposed FIFA Forward Enterprise would be valued at about US$20bn and bring together broadcast, sponsorship, ticketing, hospitality and licensing rights connected to FIFA tournaments.FIFA president Gianni Infantino said: “This is about the democratisation of football worldwide.”The governing body would retain majority control of the company and says investors would receive minority, non-controlling interests.FIFA has appointed JP Morgan to work on the proposal, with Thrive Eternal expected to lead the investor group.Thrive Eternal is run by Joshua Kushner, brother of Jared Kushner, the son-in-law of US president Donald Trump. The political connection is likely to intensify scrutiny of the process following criticism of Infantino’s relationship with the Trump administration during the 2026 World Cup.FIFA’s 211 member associations would be offered access to one-off capital of up to US$20m if the plan is approved.The governing body also wants to increase its development distributions, presenting the proposal as a way to direct more of the World Cup’s commercial value towards national federations.Infantino said the structure would allow “the commercial side of the game to operate as a focused, dedicated business, with its value shared more and better all around the world”.The plan requires approval from a majority of FIFA’s member associations, although no timetable has been announced for a vote.UEFA issued an unusually direct response, warning that private investment could blur the boundary between football regulation and commercial decision-making.UEFA said: “This crosses a line that football’s governing institutions should never cross. UEFA takes it extremely seriously. So should every National Football Association. So should every stakeholder: leagues, clubs, players, supporters, governments and everyone who cares about the future of the game. The soul and governance of football are not assets to trade - especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA’s to sell.”The dispute centres on whether private investors could gain indirect influence over decisions involving tournament size, frequency, scheduling and host selection.FIFA insists it would retain exclusive authority over the international calendar, regulations and sporting matters.Investors would nevertheless expect returns from a company whose value depends on increasing revenue from FIFA competitions.That could create pressure to expand tournaments, add fixtures, increase ticket and hospitality prices or prioritise host markets with the greatest commercial potential.The men’s World Cup expanded from 32 to 48 teams in 2026, while a possible increase to 64 teams for the 2030 tournament remains under consideration.Tebas has accused FIFA of prioritising its short-term tournament income over the leagues and clubs that sustain football throughout the year.Tebas said: “The football industry is not just the World Cup, which is the most important event. Not everything can revolve around the World Cup. It is national competitions that support this sport.“They are destroying the football industry, which generates tens of thousands of jobs, for an event that lasts 40 days and involves a minority of players. We need fewer national teams and more protection for national football, at all levels. They don’t realise, they are making irresponsible decisions.”Burnham also challenged the principle that FIFA should be able to monetise ownership interests in competitions built through national associations, clubs, players and supporters.Burnham said: “Football does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine. The World Cup is not a product. It is the greatest competition in world sport, and it was never anyone’s to sell.“Dress the deal up however you like. Once you have sold a piece of it, you have sold out. Football belongs to the fans. It always has, and it always will.”The initiative follows FIFA’s record commercial performance at the 2026 World Cup, giving Infantino a stronger financial platform from which to seek external investment.It also revives memories of a US$25bn proposal involving SoftBank in 2018 that would have financed an expanded Club World Cup and a new global national-team competition.That process collapsed following opposition from UEFA and concerns over transparency and investor influence.Reports have suggested Infantino could eventually take a commissioner or chief executive role at FIFA Forward Enterprise after his presidency ends.FIFA said that possibility had not been discussed, but added that its president and administration would have leading roles in the new company if the proposal is approved.The next stage will depend on whether FIFA’s smaller associations prioritise access to substantial new capital over warnings that the organisation is placing its most valuable competitions under permanent pressure from private investors.