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🇺🇸 United States /Economy & Trade

FIFA Scraps World Cup Investment Plan Amidst Member Backlash

From CBS News · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Outcome reported
  • FIFA has scrapped its controversial plan to allow private commercial investment in the World Cup after facing strong opposition from member nations.
  • The proposed FIFA Forward Enterprise (FFE) would have sold 20% of a new commercial company to private investors.
  • UEFA and CONCACAF had threatened boycotts, calling the plan irresponsible and stating the World Cup is not for sale.

FIFA, the global governing body for soccer, has abandoned its ambitious plan to bring private commercial investment into the World Cup following widespread backlash from its member nations. The proposal, known as FIFA Forward Enterprise (FFE), aimed to create a new company to manage commercial rights and event operations, with 20% to be sold to external investors.

FIFA President Gianni Infantino acknowledged the division the project had caused. "Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place," Infantino stated. The plan had envisioned an initial valuation of $20 billion for FFE, with $4.2 billion allocated to select long-term investors.

Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place.

— Gianni InfantinoFIFA President Gianni Infantino's statement on shelving the private investment plan.

Under the FFE structure, FIFA had projected that its 211 member associations would see their funding increase significantly, from $8 million per four-year cycle to approximately $20 million. The venture was expected to be led by Thrive Eternal, a subsidiary of Joshua Kushner's investment firm Thrive Capital. Kushner's brother-in-law is former President Trump, a connection that sources close to Thrive Capital sought to distance, emphasizing Kushner's lack of political ties and his history of donating to Democratic causes.

The opposition was swift and forceful. UEFA, Europe's powerful soccer federation, announced that its 55 member nations would boycott the World Cup if the plan proceeded, labeling it "irresponsible and indefensible." UEFA declared, "The World Cup cannot be treated as an investment product. It is one of football's greatest sporting legacies... the World Cup is not for sale." The Confederation of North, Central American and Caribbean Association Football (CONCACAF) also rejected the plan.

The World Cup cannot be treated as an investment product. It is one of football's greatest sporting legacies... the World Cup is not for sale.

— UEFAUEFA's statement rejecting FIFA's proposed investment plan.
DistantNews Editorial

Originally published by CBS News in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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