Key facts
- FIFA plans to sell up to 20% of its World Cup and other tournament stakes.
- A new subsidiary, FIFA Forward Enterprise, valued at $20 billion, will manage these events.
- The aim is to raise approximately $4.2 billion from private investors.
- UEFA strongly opposes the plan, calling it a betrayal of football's governance and soul.
- UK Prime Minister Andy Burnham stated the World Cup is not a product for sale.
- UEFA has called an emergency meeting to discuss a potential boycott.
FIFA has announced plans to sell stakes of up to 20% in the World Cup and other major events to private investors, creating a new subsidiary, FIFA Forward Enterprise, valued at $20 billion to manage these competitions. The governing body aims to raise approximately $4.2 billion from these minority stakes, with all proceeds to be reinvested in global football development.
However, the proposal has faced intense criticism from UEFA, Europe's football governing body, which has accused FIFA President Gianni Infantino of pressuring national associations and stated that the 'soul and governance of football are not assets to trade.' UEFA has scheduled an emergency meeting to discuss its response.
UK Prime Minister Andy Burnham echoed these sentiments, asserting that the World Cup is not a product for sale. The plan involves financial institutions like JPMorgan and potential investors such as Thrive Eternal, founded by Joshua Kushner. The proposal requires approval from FIFA's 211 member associations and its council, with a deadline of September 19 set for member support, accompanied by a $40 million financial incentive for early backing.
The English Football Association stated they were unaware of the proposal, while EU Commissioner for Sport Glenn Micallef warned against the 'relentless commercialisation of football.'