European football’s governing body, UEFA, on Tuesday issued a stern threat to FIFA after reports surfaced that FIFA was seeking private investment in the World Cup and other events hosted by the world body.
FIFA said on Tuesday that it plans to create a semi-private subsidiary, FIFA Forward Enterprise (FFE), to sell minority, non-controlling stakes in the business operations of the World Cup and other tournaments. While retaining majority control, FIFA aims to raise $4.2 billion from long-term investors later this year.
British newspaper The Times reported that FIFA president Gianni Infantino stood to profit from the scheme after his proposed next term at the helm of the world body runs out in 2031. Reports have also stated that discussions with potential investors were already underway. It comprises Thrive Capital, an investment company founded and led by Joshua Kushner, brother of US President Donald Trump’s son-in-law Jared and a subsidiary of JP Morgan Chase, the US bank that unsuccessfully attempted to bankroll the European Super League.