UEFA formally rejects FIFA's $20 billion private investment plan for World Cup

FIFA president Gianni Infantino has proposed creating a $20 billion company, the FIFA Forward Enterprise (FFE), to run the World Cup and other global competitions including the Club World Cup, with private investors purchasing minority, non-controlling stakes. UEFA responded with a direct rejection on Tuesday, marking the opening salvo in a governance battle over soccer's commercial future.

The plan, first reported by The Times of London and the Financial Times, would initially raise up to $4.2 billion based on the $20 billion equity valuation, according to FIFA's statement. FIFA is working with J.P. Morgan on the proposal. Among the named investors is Thrive Eternal, launched by Joshua Kushner, whose brother Jared Kushner is a son-in-law of U.S. President Donald Trump. The men's World Cup that concluded this month deepened the political and personal ties between Trump and Infantino, per reporting.

UEFA issued a formal statement declaring: "This crosses a line that football's governing institutions should never cross." The continental governing body added: "The soul and governance of football are not assets to trade, especially with zero transparency as to who gains financially" and "None of us are the owners of football. It is not FIFA's to sell."

According to FIFA's plan, the FFE would remain FIFA-owned and consolidate FIFA's commercial and event operations. However, should the proposal progress, it could lead to the World Cup being overseen by a company operating outside FIFA, the non-profit governing body of its 211 member federations worldwide. Each of those 211 members would need to approve the plan, and per FIFA's announcement, member federations would gain access to up to $20 million in one-off capital through the arrangement. Infantino defended the proposal by stating: "This is about the democratization of football worldwide."

The political dynamics echo a failed 2018 proposal in which Infantino pitched a secretive $25 billion offer over 12 years with SoftBank of Japan to create new global competitions backed by Saudi Arabian money. That plan collapsed after fierce UEFA resistance, which saw the continental body protecting its prize assets: the Champions League and the European Championship. Since the 2018 setback, Infantino's ties to Saudi soccer have deepened: Saudi Arabia is scheduled to host the 2034 World Cup, and the kingdom largely funded the revamped men's Club World Cup held in the United States last year.

Infantino, 56, is due to stand for re-election next year. If he wins, he would remain in post until 2031, when FIFA statutes require him to step down due to term limits. According to The Times, Infantino has been lined up to run the FFE as a commissioner once his FIFA tenure expires.

No timetable was announced on Tuesday for debate and decisions by FIFA, its ruling council chaired by Infantino, and the 211 member federations. FIFA's next scheduled online congress, set for November 23, will focus on confirming hosts for the Women's World Cup editions in 2031 and 2035, not FFE approval.