FIFA proposed a new commercial subsidiary, FIFA Forward Enterprise, on July 28, valuing it at $20 billion and planning to sell up to a 20% minority stake to outside investors.
The company would have combined FIFA’s broadcasting, sponsorship, ticketing, licensing, and tournament operations while letting FIFA retain control over competitions and regulations. Joshua Kushner’s Thrive Eternal was expected to join the investor group.
UEFA quickly condemned the proposal, and both CONCACAF and the Asian Football Confederation later criticized FIFA over a lack of consultation and transparency. Facing mounting opposition, FIFA president Gianni Infantino withdrew the proposal on August 1, saying it had created divisions that were no longer in the game’s interest.
FIFA unveils a bold new plan
FIFA announced the proposal on Tuesday, July 28. The organization planned to establish FIFA Forward Enterprise as a FIFA-owned and controlled subsidiary to handle its commercial rights and tournament operations, taking over commercial rights for events such as the World Cup and Club World Cup. The Times of London and the Financial Times first reported details of the project before FIFA issued its public statement.
FIFA said the subsidiary could have raised up to $4.2 billion later in 2026 by selling non-controlling interests to long-term investors, with JPMorgan advising on the structure. FIFA said the investment would have expanded development funding for its 211 member associations.
What exactly is FIFA Forward Enterprise
FIFA Forward Enterprise, or FFE, would operate as a separate commercial subsidiary controlled by FIFA. It would consolidate broadcasting, sponsorship, ticketing, licensing, and tournament delivery activities related to FIFA’s men’s, women’s, and youth competitions. FIFA said it would still control football decisions and scheduling.
Outside investors could purchase up to a 20% stake. FIFA would retain perpetual majority ownership and sole authority over football governance, competition formats, scheduling, regulations, and sporting decisions. No investor would gain control over matches or competitions.
JPMorgan estimated an initial equity valuation of approximately $20 billion. That figure represents the proposed company’s valuation for the investment process, not money FIFA has already received. It also shows how much money major tournaments can generate today.
Kushner family emerges as key investor
Joshua Kushner’s Thrive Eternal investment vehicle was expected to participate in or lead the proposed outside investor group. Kushner founded Thrive Capital, while Thrive Eternal operates as an affiliated long-term investment vehicle. His brother Jared Kushner is married to Ivanka Trump, the daughter of President Donald Trump, making Joshua Kushner’s involvement a point of political interest.
Those family connections attracted attention, particularly because Trump and Infantino appeared together frequently during the 2026 World Cup, though no evidence established that Trump influenced the selection of investors.
The investor talks ended when FIFA withdrew the proposal on August 1, following opposition from UEFA, CONCACAF, and the Asian Football Confederation.
UEFA pushes back hard against the plan
UEFA condemned the proposal shortly after reports emerged, saying it crossed a line that football’s governing institutions should never cross and warning it posed a serious threat to the sport’s integrity. UEFA, which represents 55 of FIFA’s 211 member associations, urged national federations to treat the proposal seriously and called an emergency meeting for July 30 to coordinate its response.
Infantino pursued another major private-investment proposal in 2018. That plan involved a reported $25 billion package to create or expand international competitions, including a revamped Club World Cup and a global Nations League.
Media reports identified Japan’s SoftBank as a leading potential investor and connected some of the available capital to Saudi investment in SoftBank’s Vision Fund. FIFA did not officially identify the investors and denied that sovereign wealth funds would directly participate.
UEFA and European clubs strongly resisted the project, which FIFA eventually delayed and did not implement in its original form. Saudi Arabia will host the 2034 World Cup, while its Public Investment Fund later became an official partner of the expanded 2025 Club World Cup.
Fun fact: Infantino speaks 7 languages, including Arabic and Portuguese.
Money on the table for federations
Under FIFA’s existing plan, each association is budgeted to receive $8 million in FIFA Forward development funding for the current cycle.
The FFE proposal would have increased that amount to $20 million per association for the 2027-30 cycle. Associations could also have sought up to $20 million through a separate, optional one-off FIFA Fast Forward Program, for a total of up to $40 million during the 2027-30 period.
Regular FIFA Forward funding would then have risen to $22 million for 2031-34 and $24 million for 2035-38, with those figures covering multiyear cycles rather than annual payments.
Trump ties raise fresh questions now
FIFA announced the proposal shortly after the 2026 World Cup, which the United States, Canada, and Mexico jointly hosted. Trump attended the July 19 final in New Jersey and joined Infantino and other leaders during the trophy presentation, part of a public friendship that grew closer throughout the tournament.
The relationship between Trump and Infantino drew scrutiny, and Joshua Kushner’s potential involvement heightened political interest in the commercial proposal, though UEFA’s formal criticism focused primarily on governance, consultation, and transparency rather than the Trump connection.
What comes next for Infantino’s plan
FIFA had started consulting its 211 member associations, saying the proposal needed support from a majority of associations and approval from the FIFA Council before it could proceed. Member associations interested in the optional $20 million Fast Forward payment faced a Sept. 19 deadline, which UEFA criticized as pressuring national federations into a quick decision.
Facing mounting opposition from UEFA, CONCACAF, and the Asian Football Confederation, FIFA president Gianni Infantino withdrew the FIFA Forward Enterprise proposal entirely on August 1, saying it had created divisions no longer in the game’s interest. Separately, Infantino has said he will seek re-election as FIFA president in 2027, though no official process has confirmed he will run unopposed.
Little-known fact: Infantino holds Swiss, Italian, and Lebanese citizenship, the last one gained in 2025.
TL;DR
- FIFA unveiled a plan for a $20 billion company called FIFA Forward Enterprise, with private investors, including the Kushner family, expected to take minority stakes.
- UEFA called the plan a serious threat to football’s integrity, and member federations could have seen yearly development payments rise to $20 million and beyond.
- Facing opposition from UEFA, CONCACAF, and the Asian Football Confederation, FIFA president Gianni Infantino withdrew the proposal on August 1, meaning it will not move forward in its current form.
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This article was made with AI assistance and human editing.
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