European football bodies mull World Cup boycott over FIFA commercial deal
Translated from Slovenian, summarized and contextualized by DistantNews.
At a glance
- European football associations are considering boycotting the World Cup if FIFA proceeds with selling a stake in a new commercial subsidiary.
- UEFA strongly opposes the plan, calling it a violation of football's integrity and stating FIFA has no right to sell it.
- The proposed FIFA Forward Enterprise would allow private investors to buy a 20% stake, aiming to raise nearly $3.7 billion, with a valuation of 17.56 billion euros.
European football associations are reportedly considering a boycott of the World Cup to protest FIFA President Gianni Infantino's plan to sell a significant stake in a new commercial subsidiary.
Sky News reported that UEFA members will discuss their opposition to the proposal during a virtual emergency session before the end of the week. UEFA, led by Aleksander ฤeferin, has reacted sharply to FIFA's intention, stating that FIFA has crossed a line that "leading football institutions should never cross."
"The soul and governance of football are not assets for trading โ especially with complete lack of transparency about who would financially benefit," UEFA stated. "None of us own football. FIFA has no right to sell it."
The new entity, FIFA Forward Enterprise (FFE), is intended to allow private investors to acquire approximately a 20% stake. FIFA confirmed that JP Morgan is advising on the project, with Thrive Capital, led by Josh Kushner, reportedly leading the investor group. The FFE, valued at 17.56 billion euros, would consolidate FIFA's commercial rights, sponsorships, ticketing, licensing, and tournament operations. FIFA aims to raise nearly 3.7 billion euros from external investors through this venture.
The soul and governance of football are not assets for trading โ especially with complete lack of transparency about who would financially benefit. None of us own football. FIFA has no right to sell it.
Originally published by Delo in Slovenian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.