GENEVA (AP) 鈥� FIFA President Gianni Infantino鈥檚 plan to create a $20 billion company running the with private investors including the Kushner family was announced Tuesday 鈥� and immediately attacked by European soccer body UEFA.
鈥淚t is not FIFA鈥檚 to sell,鈥� UEFA said in a statement. 鈥淣one of us are the owners of football.鈥�
Infantino’s plans to form FIFA Forward Enterprise (FFE) running competitions like the World Cup and were first reported by The Times of London and the Financial Times.
FIFA said in a statement that FFE would raise up to $4.2 billion later this year to help fund development programs “based on an initial equity valuation of $20 billion by carefully selecting long-term investors who will purchase minority, non-controlling interests.鈥�
FIFA is working with J.P. Morgan while investors would include Thrive Eternal launched by Joshua Kushner, whose brother is a son-in-law of .
The men鈥檚 World Cup that finished this month only deepened the political and personal ties between Trump and Infantino, and including from UEFA.
鈥淭he soul and governance of football are not assets to trade 鈥� especially with zero transparency as to who gains financially,鈥� UEFA said Tuesday, responding to the reports of selling stakes in FIFA competitions.
FIFA is currently a Swiss-based not-for-profit association of its 211 national member federations worldwide.
Those 211 members must approve any plan and would get the chance 鈥渢o access up to $20 million in one-off capital,鈥� FIFA said.
鈥淭his is about the democratization of football worldwide,鈥� Infantino said in a FIFA statement.
UEFA, however, said it took reports of the project 鈥渆xtremely seriously. So should every national Football Association.鈥�
鈥淭his crosses a line that football鈥檚 governing institutions should never cross,鈥� said UEFA, which comprises 55 of the FIFA members.
FIFA’s previous attempt to privatize assets
The project announced Tuesday is the second time in Infantino鈥檚 increasingly controversial 11-year presidency he has tried to push through a multi-billion dollar deal with private backers.
In 2018, over 12 years with SoftBank of Japan to create new global competitions, including an expanded men鈥檚 Club World Cup, seemingly backed by Saudi Arabian money.
That ultimately failed after meeting fierce resistance from UEFA, which saw threats to its prize assets: the Champions League and the European Championship.
Infantino still built closer ties to Saudi soccer and the kingdom鈥檚 . Saudi Arabia will host the 2034 World Cup and largely funded the revamped men鈥檚 Club World Cup hosted in the U.S. last year.
Infantino鈥檚 future?
The financial success of the just-ended World Cup has looked likely to ensure Infantino is re-elected next year unopposed for a fourth and final term in office through 2031.
Speculation has swirled for years that Infantino might want a different global role in soccer beyond his FIFA presidency, which is due to end when he is 61.
The Times reported Tuesday that a CEO-like commissioner role of the new FFE operation could be created for Infantino.
鈥淭his has never been discussed,鈥� FIFA said in a statement Tuesday. 鈥淗owever, the FIFA president and the FIFA administration will and must have leading roles in this entity 鈥� if approved.鈥�
There was no timetable suggested Tuesday for debate and decisions by FIFA, its ruling Council chaired by Infantino, and the 211 members.
FIFA is scheduled to hold an online congress on Nov. 23 to confirm hosts of the Women’s World Cup editions in 2031 and 2035.
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