FIFA President Gianni Infantino confirmed Friday that the organization has abandoned plans to sell a 20% stake in a new commercial unit overseeing World Cup operations in a deal that could have raised up to $4.2 billion.
Deal Collapses Under Federation Pressure The proposal, unveiled Tuesday, aimed to fund a subsidiary called FIFA Forward Enterprise, with Thrive Capital's Thrive Eternal fund set to lead investors.
Thrive Capital is founded by billionaire venture capitalist Joshua Kushner, the younger brother of President Donald Trump's son-in-law, Jared Kushner.
The dropping of the plan followed opposition from European soccer's governing body UEFA, whose 55 members voted to boycott FIFA events over the proposal, calling the World Cup not "an investment product." UEFA also accused FIFA of putting the sport's "soul" up for sale.
CONCACAF, the federation representing 41 member nations across North America, Central America and the Caribbean, rejected the proposal on Thursday.
