FIFA has abandoned its proposal to sell minority stakes in a new commercial subsidiary managing World Cup and other tournament rights, sources told the New York Post on Friday. Private investors, including a group expected to be led by Joshua Kushner’s Thrive Eternal, and adviser JPMorgan have pulled out of the deal amid intense opposition.
The plan, valued at around $20 billion with a targeted $4.2 billion raised from selling roughly 20% of FIFA Forward Enterprise (FFE), is effectively dead after less than a week of public scrutiny. The collapse marks a major setback for FIFA President Gianni Infantino, who had pushed the initiative to accelerate development funding for the organization’s 211 member associations.
The New York Post cited four sources familiar with the matter confirming the deal’s demise. Thrive has begun discussions about dropping the idea, while JPMorgan does not expect it to proceed. The rapid unraveling followed UEFA’s threat of a boycott of FIFA competitions (including future World Cups), rejections by CONCACAF and the Asian Football Confederation (AFC), and internal criticism.
Earlier on Friday, senior FIFA adviser Carlos Cordeiro resigned in protest, calling the proposal “a bad deal for football” and “mortgaging football’s future.” FIFA’s chief operating officer also voiced strong internal dissent. FIFA had publicly insisted “nobody is selling football” and pledged to continue consultations, but the loss of key financial backers rendered the project unviable.
