UEFA has scheduled an emergency meeting after FIFA president Gianni Infantino's proposal to privatise the World Cup emerged. The £15billion plan would raise funds through private investment and the sale of equity in the tournament.
On the back of what was a rather controversial World Cup 2026, the future of football's premier international competition now hangs in the balance. This week, plans were unveiled to create a £15bn-valued commercial subsidiary, FIFA Forward Enterprise (FFE), to run FIFA's events such as the World Cup, by selling a 20 per cent minority stake (£3.2bn).
Backlash and boycott threat
This went down like a lead weight with the likes of UEFA, The Football Association, European Leagues, European Football Clubs, the Union of European Clubs, the Football Supporters Association and Football Supporters Europe.
A boycott has been mooted and a crunch meeting will be held at 2pm on Thursday, July 30, to determine whether European nations will abstain from future tournaments.
Infantino's proposal and defence
Under Infantino's plans, the 211 member associations of FIFA would receive around £30m each and a September 19 deadline has been set for access to an initial £15m, if members approve by then.
On Wednesday, he defended wanting to sell a minority commercial stake in the World Cup to investors, saying: "The fans remain the cornerstone of the beautiful game, and the sport they watch and love will not change. FIFA obviously continues to govern football without any external interference. We want to help creating the next 'Cabo Verdes'."
"Fans from everywhere in the world would gain immeasurably from this game-changing potential because it will transform football in their countries. But again, it is simply a choice for our members."
Details of the plan and investment
The proposal would see FIFA retain control over sporting governance and match calendars, whilst FFE would handle highly lucrative commercial assets such as broadcasting rights, sponsorship deals and ticketing.
Private equity firm Thrive Eternal, founded by Joshua Kushner, brother of US President Donald Trump's son-in-law Jared Kushner, is lined up to lead the investment group. Global banking giant J.P. Morgan is serving as the primary financial advisor.
UEFA's response
UEFA responded in a statement, ahead of the emergency meeting, saying: "Today we have learned of FIFA's deadline to associations to support their proposals or have the one-off payout offer withdrawn. This says everything you need to know about this plan."
"But having held discussions with many stakeholders across the game, UEFA knows there is significant and growing opposition to FIFA's scheme."
"FIFA cannot continue to use our sport to enrich themselves and their friends. We can grow the game correctly. It's time to prioritise associations, clubs, leagues, players and fans."
