FIFA proposes plan to sell stakes in the World Cup, angering UEFA

FIFA has proposed a plan to sell stakes in the World Cup and other events to private investors, provoking a furious response from the European football governing body, UEFA.

Under the plans announced by FIFA on Tuesday, a $20bn subsidiary would be created to run the World Cup and other events.
World football’s governing body said it would retain a majority share in the new FIFA Forward Enterprise, offering minority stakes to external investment to raise up to $4.2bn.

The plan still needs to be voted on by FIFA’s 211 member nations.

If successful, the proposed investor group is expected to be led by a vehicle founded by Joshua Kushner, the brother of US President Donald Trump’s son-in-law, Jared Kushner, FIFA said.

UEFA said the proposal “crosses a line that football’s governing institutions should never cross”.

Reinvested in the game
FIFA has just held a 48-team World Cup across the United States, Canada and Mexico – the biggest in the tournament’s history.

It is one of the world’s wealthiest sporting organisations, generating billions of dollars, largely from broadcasting rights, sponsorship and other commercial deals linked to the World Cup.

But it says this proposal can increase funds to widen access to the sport and strengthen global participation, with all net benefits to be reinvested in football.

“Football is the world’s most popular sport,” FIFA President Gianni Infantino said in a statement.

“Parts of the game have turned that popularity into remarkable commercial value – and we celebrate that success and want it to continue, because it lifts the whole game.
“Our job is to make sure the rest of football grows with it: FIFA exists to support sustainable, inclusive development in every corner of the world.”

FIFA said that in addition to retaining sole control of the subsidiary, it would retain authority over football governance, competitions, match calendars and regulatory and sporting decisions.