Key facts
- FIFA has abandoned its plan to sell a stake in its commercial rights.
- The deal aimed to raise up to $4.2 billion, valuing a new arm at $20 billion.
- Joshua Kushner's firm, Thrive Capital, was a key investor in the proposed deal.
- European nations threatened to boycott the World Cup if the plan was not scrapped.
- FIFA President Gianni Infantino confirmed the proposal would not proceed due to divisions.
FIFA has scrapped its controversial plan to sell a stake in its commercial rights to outside investors, a deal that had been valued at $20 billion. The proposal, which aimed to raise up to $4.2 billion by selling approximately 20 percent of a new commercial arm, collapsed following significant opposition from European soccer officials and a rift within FIFA's leadership.
Joshua Kushner, brother of White House diplomatic adviser Jared Kushner, was involved through his firm Thrive Capital, which was set to anchor the deal. The plan drew widespread criticism, with UEFA and other European entities threatening to boycott the World Cup unless it was abandoned entirely, calling it a "sale" of football.
FIFA President Gianni Infantino confirmed the proposal's failure, stating that it had created divisions no longer in the interest of the original objective. The decision marks a significant setback for Infantino, who had overseen a highly lucrative World Cup in North America just prior to the deal's unraveling. With the outside investment off the table, FIFA will continue to manage its commercial rights in-house.