GENEVA (AP) \u2014 FIFA President Gianni Infantino\u2019s plan to create a $20 billion company running the World Cup with private investors including the Kushner family was announced Tuesday \u2014 and immediately attacked by European soccer body UEFA.<\/p>\n
\u201cIt is not FIFA\u2019s to sell,\u201d UEFA said in a statement. \u201cNone of us are the owners of football.\u201d<\/p>\n
Infantino’s plans to form a commercial subsidiary, which would be called FIFA Forward Enterprise (FFE), running competitions like the World Cup and Club World Cup was first reported by The Times of London.<\/p>\n
FIFA said in a statement FFE would raise up to $4.2 billion later this year to help fund development programs “based on an initial equity valuation of $20 billion by carefully selecting long-term investors who will purchase minority, non-controlling interests.\u201d<\/p>\n
FIFA is working with J.P. Morgan while intended investors include Thrive Eternal launched by Joshua Kushner, whose brother Jared Kushner is a son-in-law of U.S. President Donald Trump.<\/p>\n
The men\u2019s World Cup that finished this month only deepened the political and personal ties between Trump and Infantino, and fueled concerns about those ties including from UEFA.<\/p>\n
\u201cThe soul and governance of football are not assets to trade \u2014 especially with zero transparency as to who gains financially,\u201d UEFA said Tuesday, responding to the reports of selling stakes in FIFA competitions.<\/p>\n
FIFA is currently a Swiss-based not-for-profit association of its 211 national member federations worldwide.<\/p>\n
Those members must approve any plan and would get the chance \u201cto access up to $20 million in one-off capital,\u201d FIFA said.<\/p>\n
\u201cThis is about the democratization of football worldwide,\u201d Infantino said in a FIFA statement, which added that \u201ca consultation process has begun.\u201d <\/p>\n
UEFA, however, said it took reports of the project \u201cextremely seriously. So should every national Football Association.\u201d<\/p>\n
\u201cThis crosses a line that football\u2019s governing institutions should never cross,\u201d said UEFA, which comprises 55 of the FIFA members.<\/p>\n
FIFA’s $20M offer to member federations<\/p>\n
The outline of Tuesday\u2019s surprise announcement was, FIFA said, detailed by Infantino to members who met in Manhattan on July 18 ahead of the World Cup final. There, Infantino promised to \u201cunleash the commercial potential and opportunity that FIFA has.\u201d<\/p>\n
FIFA\u2019s statement Tuesday about its proposed project led on how much money each of its 211 members could get through 2038 in the \u201cFIFA Fast-Forward Program.\u201d<\/p>\n
Instead of the currently promised $8 million each in development funds through the 2027-30 World Cup commercial cycle, it would be $20 million, then $22 million and $24 million in the following cycles.<\/p>\n
FIFA banked record World Cup income of about $12 billion from the 2026 tournament which had unprecedented high prices for tickets and hospitality across the U.S., Canada and Mexico. It already was unclear how that money could be matched from Spain, Portugal and Morocco co-hosting the 2030 men\u2019s edition.<\/p>\n
Member federations could choose if they wanted to take part in the new financial opportunities, FIFA said.<\/p>\n
\u201cFIFA would retain sole control of FFE and exclusive authority over football governance, competitions, match calendar, and all regulatory and sporting decisions,\u201d the soccer body said.<\/p>\n
FIFA\u2019s integrity standards were called into question during the World Cup, including by team coaches, Norway’s soccer federation and a top European public body, the Council of Europe.<\/p>\n
FIFA’s previous attempt to privatize assets<\/p>\n
The project announced Tuesday is the second time in Infantino\u2019s increasingly controversial 11-year presidency he has tried to push through a multi-billion dollar deal with private backers.<\/p>\n
In 2018, Infantino proposed a secretive $25 billion offer over 12 years with SoftBank of Japan to create new global competitions, including an expanded men\u2019s Club World Cup, seemingly backed by Saudi Arabian money.<\/p>\n
That ultimately failed after meeting fierce resistance from UEFA, which saw threats to its prize assets: the Champions League and the European Championship.<\/p>\n
Infantino still built closer ties to Saudi soccer and the kingdom\u2019s Crown Prince Mohammed Bin Salman. Saudi Arabia will host the 2034 World Cup and largely funded the revamped men\u2019s Club World Cup hosted in the U.S. last year.<\/p>\n
Infantino\u2019s future?<\/p>\n
The financial success of the just-ended World Cup has looked likely to ensure Infantino is re-elected next year unopposed for a fourth and final term in office through 2031.<\/p>\n
At his re-election by acclaim in 2023 in Rwanda, Infantino suggested any CEO delivering similar financial results would be kept in the job forever.<\/p>\n
Speculation has swirled for years Infantino might want a different global role in soccer beyond his FIFA presidency, which is due to end when he is 61.<\/p>\n
The Times reported Tuesday that a CEO-like commissioner role of the new FFE operation could be created for Infantino.<\/p>\n
\u201cThis has never been discussed,\u201d FIFA said in a statement Tuesday. \u201cHowever, the FIFA president and the FIFA administration will and must have leading roles in this entity \u2014 if approved.\u201d<\/p>\n
There was no timetable suggested Tuesday for debate and decisions by FIFA, its ruling Council chaired by Infantino, and the 211 members.<\/p>\n
FIFA is scheduled to hold an online congress on Nov. 23 to confirm hosts of the Women’s World Cup editions in 2031 and 2035.<\/p>\n
___ AP soccer: https:\/\/apnews.com\/hub\/soccer and AP World Cup coverage<\/p>\n
Graham Dunbar, The Associated Press<\/p>\n","protected":false},"excerpt":{"rendered":"GENEVA (AP) \u2014 FIFA President Gianni Infantino\u2019s plan to create a $20 billion company running the World Cup…\n","protected":false},"author":2,"featured_media":831890,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[440],"tags":[49,48,77,561,82],"class_list":["post-831889","post","type-post","status-publish","format-standard","has-post-thumbnail","category-soccer","tag-ca","tag-canada","tag-international","tag-soccer","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/831889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=831889"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/831889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/831890"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=831889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=831889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=831889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}