He is very online but does not like the media. He flies all over the world in a fancy private plane provided by Qatar.He presides over a large organisation, with committees and a big rulebook, but makes all the key decisions and only tells a few people what he is doing.He loves shiny things and fireworks. He wants to do more business with the Kushner family and believes he is underpaid.His preferred strategy is to double down, flood the zone and ask for more — it is an approach that has worked well for him so far.Some people think he is amazing, some do not.Can you tell who it is yet?No, not him, the other one.Yes! It’s FIFA president Gianni Infantino, who is back in the news again after a break of… 24 hours?The newest Infantino headline is that he wants to put all the money-making parts of FIFA into a new company and then sell 20 per cent of it to private investors because… well, never mind about that. Have I mentioned that by letting him do this, each of FIFA’s 211 member countries will get $40million (£30m) over the next four years, as opposed to just $10m they are currently down for?I hadn’t? Right, well, that is the pitch, and those member associations have until September 19 — a whole 52 days away — to decide if they are in or out.Are FIFA really trying to sell the World Cup? An expert explainsChris WeatherspoonFor his supporters, the choice is simple. More money is the answer to every problem a national football federation might have. If you ran the game in Aruba or Zimbabwe, why wouldn’t you do this? Seriously.But, for his critics, this is the last chance to say “Enough!” or, at very least, “Hang on. Can we have a moment to think about this, please?”Given Infantino’s desire to move fast and fix/break things, this story will progress quickly.On one side, votes are being counted, contracts drawn up and logos designed, but on the other, potential rebels are firing off Zoom invites to federation chiefs for emergency meetings from their post-World Cup sun beds.So, without further ado, here is The Athletic’s attempt to answer five questions that jumped out to us on Tuesday evening.Who is going to invest in this new company and what is in it for them?The first thing to say is that FIFA was caught on the hop when it became clear on Tuesday that the broad brushstrokes of Infantino’s plan had leaked to the media.That forced the governing body to ask the London-based PR agency it has been working with on this project for months to start making calls to try to put a more positive spin on things, and also rush out a press release with more details about the scheme.Some might say we still only have the broad brushstrokes, but Infantino sent a five-page letter to the leaders of FIFA’s member associations on Tuesday evening. The Athletic has seen this letter. FIFA also published its own Frequently Asked Questions guide the next day.Between all that, we now know Infantino wants to create a subsidiary called FIFA Forward Enterprise (FFE) that “consolidates FIFA’s commercial and event operations”, which means FFE would take control of selling media rights, sponsorships and tickets for the men’s and women’s World Cups, the Club World Cups and so on.Old-fashioned FIFA would then focus on governing the game, disciplinary matters, rules and all the other bits nobody wants to pay for. However, it would also keep an 80 per cent share of FFE, with Infantino, or whoever else is FIFA president, also becoming chair of FFE’s board.The rest of FFE, if a majority of those 211 member associations say “yes”, will be sold to a “geographically-diversified investor group” led by Thrive Eternal, a long-term investment firm set up in April this year by Thrive Capital founder Joshua Kushner. He just so happens to be the younger brother of Jared Kushner, who is U.S. President Donald Trump’s son-in-law, advisor and special envoy for peace missions.The stake will be sold to a group led by Thrive Eternal (Getty Images)How Thrive was chosen for this opportunity has not been explained, beyond FIFA saying it has been advised by global bank JP Morgan, the Italian consultancy firm OpenEconomics and former Liberty Media chief executive Greg Maffei. How any of those advisors were chosen has not been explained either.According to the plan, Infantino wants to sell a fifth of FFE to the Thrive-led group for $4.2billion (£3.1bn). He will then distribute this windfall to those member associations who want to “participate” via a new funding scheme called FIFA Fast-Forward Programme (FFFP), on top of the regular FIFA Forward Programme (FFP) grants all federations have received since 2016.If the whole scheme is approved, member associations can look forward to a $20million one-off FFFP payment, plus an increased FFP grant over the next four years of another $20m, which gives us our $40m figure. If the stake sale is not given the green light, member associations will only get $10m via FFP between now and 2030, which is an increase on the last four-year cycle ($8m) but not the life-changing one Infantino is dangling in front of them.Thrive will not be short of potential partners, as private-equity firms and sovereign wealth funds have been lining up to do this type of deal for years.CVC Capital Partners has made similar, very lucrative investments in Formula 1 and rugby union, so will surely take a look at this one, too. You would think it would interest the likes of Ares, Blackstone, Apollo Global Capital, KKR and Dynasty. And “geographically-diversified” sounds like code for a Gulf-based sovereign-wealth body, such as Saudi Arabia’s Public Investment Fund.As for why these investors would do this deal, it is the same answer as our proverbial small federation: why not? One upfront payment for a cut of FIFA’s commercial revenues for… how long? Again, we are waiting for an answer on that.But the experience from every sporting body that has done this type of deal before is that the funds always win, in much the same way the funds won when the UK government asked for private investment to help it construct hospitals and schools. Yes, British taxpayers got their new building — but they could have had two or three of them by the time they finish paying for it.Who is Joshua Kushner and how close to Donald Trump is he?As mentioned, the 41-year-old American is the younger brother of Ivanka Trump’s husband Jared Kushner.His father is Charles Kushner, a property developer, lawyer and the current U.S. ambassador to France and Monaco, who was convicted of illegal campaign contributions, tax evasion and witness tampering in 2005. That brought him a two-year prison sentence and disbarred him from practising law in three states. However, he was pardoned by Trump, his son Jared’s father-in-law, at the end of his first presidential term in 2020. Charles used to be a Democrat but has more recently become a big donor to Trump’s campaigns.
FIFA’s $4.2bn World Cup stake sale: Who will invest? Who is the money for? Who could stop this?
World football's governing body could sell a percentage of a new subsidiary that "consolidates FIFA's commercial and event operations"










