FIFA’s proposal to establish a $20 billion commercial entity around the World Cup has ignited a fierce dispute with UEFA, which warns that football’s governance is not for sale. The plan centers on FIFA Forward Enterprise (FFE), a new company designed to manage commercial and event operations for the World Cup, Club World Cup, and other competitions. Joshua Kushner’s Thrive Eternal is expected to lead the private investor group, marking a significant entry of private capital into international football administration. The stakes are high, as the deal could redefine how global football tournaments are funded and governed, while raising concerns about political influence and the commodification of the sport.

The financial structure of the proposal involves FIFA selling minority, non-controlling stakes to raise as much as $4.2 billion, based on a total valuation of $20 billion. FIFA President Gianni Infantino described the initiative as "the democratization of football worldwide," asserting that FIFA would retain control over all governance and sporting decisions. Under the plan, FIFA’s 211 member associations could voluntarily access up to $20 million each in one-time capital. However, the deal requires approval from FIFA’s council and a majority of its member associations, with no timetable currently announced for these votes.

Key Deal Metrics

UEFA issued a sharp rebuttal via social media on July 28, 2026, rejecting FIFA’s distinction between commercial rights and governance. "It is not FIFA’s to sell," the European body stated. "None of us are the owners of football." UEFA emphasized that "the soul and governance of football are not assets to trade," though it did not clarify who would financially benefit from such a structure if implemented. The rejection highlights a deepening rift between Europe’s football governing body and FIFA over the direction of global football finance.

The controversy carries significant political dimensions due to the Kushner family’s ties to the U.S. administration. Joshua Kushner founded Thrive Capital and launched Thrive Eternal as a long-term investment vehicle, having previously expanded into professional sports with an investment in the San Francisco Giants. His brother, Jared Kushner, serves as an envoy for President Donald Trump, though Reuters reported that Jared is not a prospective investor in FFE. The political context is further complicated by Infantino’s close relationship with Trump, which defined the recently completed 2026 World Cup. FIFA had opened an office at Trump Tower ahead of the tournament, and Trump publicly intervened in a disciplinary controversy involving the U.S. team during the event.

The 2026 World Cup generated approximately $12 billion for FIFA, according to AP, strengthening Infantino’s position ahead of an expected reelection campaign. This financial success may have emboldened the push for FFE, but it also revives concerns from Infantino’s failed 2018 effort to pursue a secretive $25 billion deal with SoftBank for new global competitions. That earlier plan, which appeared to involve Saudi financing, was resisted by UEFA. Infantino later deepened FIFA’s ties with Saudi Arabia, the host of the 2034 World Cup, suggesting a continued strategy of leveraging high-value partnerships despite opposition from European stakeholders.

What the Numbers Show

The proposal’s reliance on a $20 billion valuation to raise only $4.2 billion indicates a strategic move to inject private capital without diluting FIFA’s control. However, the disparity between the massive valuation and the relatively modest capital raise suggests that the primary goal may be to legitimize private investment in football’s core assets rather than to fund immediate operational needs. With UEFA firmly opposing the deal and no clear timetable for approval, the venture remains at the center of a contentious debate over whether private capital can drive football’s growth without compromising its governance integrity.