Opposition is growing in the soccer world to a plan by the sport’s governing body, FIFA, to spin off its events, principally the World Cup, as a separate commercial entity and invite investors to take a stake in it.
The new company, FIFA Forward Enterprise, has been valued at about $20 billion. FIFA would seek to sell a roughly 20% stake in the entity. Among the potential investors is Thrive Eternal, led by Joshua Kushner, brother of Donald Trump’s son-in-law Jared, according to the Financial Times.
Among the opponents of the plan are the sport’s governing bodies in North America and Europe.
Concacaf, which runs soccer in North America, Central America and the Caribbean, said it was “deeply concerned by the lack of due process” when the plan was conceived. The federation said it was disappointed that the plan has been revealed “before any discussion with the relevant governance bodies and stakeholders has taken place.”
UEFA, which runs the sport in Europe, said FIFA’s plan “crosses a line that [soccer’s] governing institutions should never cross.” It added, “The soul and governance of [soccer] are not assets to trade – especially with zero transparency as to who gains financially. None of us are the owners of [soccer]. It is not FIFA’s to sell.”
