The European football’s governing body has launched a scathing attack on FIFA following the global organization’s surprise announcement of a $20 billion commercial spin-off, warning that the sport’s integrity is not an asset to be traded to private equity.
The controversial proposal, unveiled on Tuesday, would see FIFA establish a wholly-owned subsidiary named FIFA Forward Enterprise (FFE) to consolidate its commercial and event operations.
To fund the venture, FIFA plans to invite external investors to purchase minority, non-controlling stakes, aiming to raise $4.2 billion.
Despite the influx of private capital, FIFA insists it would retain sole control and “exclusive authority” over football governance, global competitions, the match calendar, and all regulatory decisions.
However, the move has triggered fierce backlash from UEFA, which argued the proposal “crosses a line that football’s governing institutions should never cross.”
“UEFA takes this extremely seriously,” the European body said in a blistering statement. “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.”
FIFA President Gianni Infantino, who is up for re-election next year, has framed the spin-off as a means to radically increase financial support for the sport’s grassroots globally.
Under the plan, FIFA would establish an optional program allowing member associations to access up to $20 million in one-off capital.
Infantino argued that the initiative aims to increase baseline funding per member association from $8 million to $20 million for the 2027–2030 cycle, with a target of $24 million by the 2035–2038 cycle.
A FIFA spokesperson noted that the proposal will soon be presented to the 211 member associations and the FIFA Council, which will act as the sole final decision-makers on the matter.
Wall Street and private capital
To execute the complex financial structuring, FIFA has enlisted bankers at JPMorgan to bring in external investors for up to a 20% stake in the new entity.
Former Liberty Media CEO Greg Maffei has been tapped as a commercial adviser for the creation of the enterprise. Furthermore, Thrive Eternal, a new permanent capital vehicle launched by venture capital firm Thrive Capital focused on long-term investments in cultural institutions and sports franchises, is expected to be a lead investor.
Thrive Eternal, which recently acquired a minority stake in Major League Baseball’s San Francisco Giants, was founded by Joshua Kushner, brother of Jared Kushner, the son-in-law of US President Donald Trump.
A source familiar with the matter clarified that Jared Kushner himself is not a potential investor.
Internal surprise
Infantino reportedly managed to keep the plans tightly under wraps until reports leaked in the Times and the Financial Times.
The surprise announcement allegedly caught FIFA Council members off guard, as they had been largely sidelined from the decision-making process.
The rift between UEFA and FIFA has been widening in recent years, culminating in UEFA President Aleksander Čeferin refusing to attend the recent World Cup final following a series of bitter disagreements over disciplinary procedures, refereeing logistics, and match operations.
This is not Infantino’s first attempt to inject private capital into FIFA’s operations.
In 2018, he agreed to a deal in principle with Japan’s SoftBank to secure $25 billion in funding for an expanded Club World Cup and a global Nations League.
That proposal ultimately collapsed after failing to garner sufficient support, largely due to staunch opposition from European football leaders who feared it would dilute the sport’s traditional structures.
