FIFA Stake Controversy
FIFA plans $20 billion commercial stake sale, with Kushner fund linked, drawing UEFA criticism.
Anonymous
Key Points
1
Greg Maffei, the former Liberty Media CEO, has been involved as a commercial adviser on the creation of the FIFA enterprise.
2
Thrive Eternal’s bid to lead the deal is underpinned by a high-profile advisory network, including former Disney CEO Bob Iger, and the vehicle has already taken a minority stake in Major League Baseball’s San Francisco Giants.
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Financial Times reporting (cited via Sports Business Journal) indicates FIFA aims to value the new entity at about $20 billion and seek roughly a 20% stake from external investors, with Thrive Eternal in talks to lead the deal and final approval pending.
4
OpenEconomics is named as an adviser in discussions with prospective long-term investors, alongside JPMorgan as banker, according to the reporting.
FIFA is planning to spin off its commercial operations into a new entity valued at around $20 billion and sell a roughly 20% minority stake to outside investors, The Wall Street Journal reported. The deal would raise up to $4.2 billion, with JPMorgan Chase leading the fundraising effort.
Joshua Kushner's investment fund Thrive Eternal is in talks to lead the deal, according to Sports Business Journal. If completed, it would mark one of the biggest privatization moves in sports history — and one of the most controversial.
How the $20B FIFA Commercial Entity Would Work
FIFA plans to carve out its media rights, sponsorship deals, ticketing, and other commercial assets into a standalone vehicle called the FIFA Forward Enterprise, The Wall Street Journal reported. Investors would buy a stake capped at around 20%, leaving FIFA and its president Gianni Infantino in full control of strategy and governance.
Investors would not receive regular dividends. Instead, their return would come from the rise in value of the new entity over time. A large share of the proceeds would flow to FIFA's 211 member associations through the FIFA Forward Programme, subject to member consultation.
Kushner, Iger, and the High-Profile Names Behind the Bid
Thrive Eternal, the fund led by Joshua Kushner, is identified as the potential lead investor, according to Sports Business Journal. The fund's advisory network includes former Disney CEO Bob Iger, giving it significant media and entertainment firepower. Thrive Eternal has already taken a minority stake in Major League Baseball's San Francisco Giants.
Greg Maffei, the former CEO of Liberty Media, has also been involved as a commercial adviser on building out the new FIFA entity, The Wall Street Journal reported. OpenEconomics is named as an additional adviser in discussions with prospective long-term investors, alongside JPMorgan as the lead banker.
UEFA Fires Back, Calling the Plan a Threat to Football
UEFA reacted with fury to the reports. The European soccer body warned that selling stakes in the World Cup could "undermine football's soul" and damage long-standing governance structures, according to Yahoo Sports. UEFA also raised sharp concerns about a lack of transparency over who would benefit from the deal.
Critics point out that Infantino himself could stand to gain financially from the arrangement, Express reported. The backlash signals a deep rift between FIFA's leadership and European clubs and federations, who fear losing influence over the sport's biggest commercial assets.
World Cup Expansion Plans Add More Fuel to the Fire
Discussions around the deal have touched on expanding World Cup-related ventures, including the newly expanded Club World Cup, Daily Star reported. FIFA sees the 2026 men's World Cup in North America as a major catalyst for boosting the new entity's value before any stake sale is finalized.
Talks have been ongoing for months, but final approval has not yet been secured, according to Sports Business Journal. FIFA has said it will consult member associations before any deal closes — though critics argue that consultation process remains vague and lacks binding power.
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