FIFA unveils 20 billion World Cup investment plan with Kushner family, sparks UEFA backlash
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13 hours · 2 summary articles
FIFA unveils 20 billion World Cup investment plan with Kushner family, sparks UEFA backlash
FIFA plans to sell World Cup stakes to private investors sparking UEFA backlash
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FIFA President Gianni Infantino's plan to create a $20 billion company to run the World Cup with private investors, including the Kushner family, was announced on Tuesday and immediately met with fierce opposition from European soccer body UEFA.
The new company, called FIFA Forward Enterprise (FFE), would manage competitions like the World Cup and Club World Cup. FIFA stated 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.
Among the intended investors is Thrive Eternal, launched by Joshua Kushner, whose brother Jared Kushner is a son-in-law of U.S. President Donald Trump. FIFA is working with J.P. Morgan on this initiative.
UEFA, the governing body for European soccer, responded with a strong statement: "It is not FIFA’s to sell. None of us are the owners of football." The organization added that the soul and governance of football are not assets to trade, especially with zero transparency as to who gains financially.
The plan was first reported by The Times of London and was detailed by Infantino to members who met in Manhattan on July 18 ahead of the World Cup final. FIFA emphasized that the proposal aims to democratize football worldwide and that a consultation process has begun.
UEFA, which comprises 55 of the FIFA members, said it takes the reports of the project extremely seriously and urged every national football association to do the same. The organization warned that the plan crosses a line that football’s governing institutions should never cross.
The men’s World Cup that finished this month deepened the political and personal ties between Trump and Infantino, fueling concerns about those ties, including from UEFA. FIFA is currently a Swiss-based not-for-profit association of its 211 national member federations worldwide. Those members must approve any plan and would get the chance to access up to $20 million in one-off capital, FIFA said.
Infantino stated in a FIFA statement that the plan is about the democratization of football worldwide. However, UEFA's response indicates a significant divide between FIFA and European football authorities.
The outline of Tuesday’s surprise announcement was detailed by Infantino to members who met in Manhattan on July 18 ahead of the World Cup final.
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Articles
Fifa puts the World Cup up for sale Footballs global governing body looks to sell a 20 stake in a new commercial entity
financial times · about 2 hours ago
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gdeltproject.org · about 5 hours ago
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gdeltproject.org · about 5 hours ago
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france24 · about 5 hours ago
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financial times · about 5 hours ago
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gdeltproject.org · about 5 hours ago
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observador · about 6 hours ago
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mastodon bot · about 6 hours ago
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gdeltproject.org · about 6 hours ago
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politico.eu · about 6 hours ago
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la vanguardia · about 7 hours ago
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rtv slovenia · about 7 hours ago
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tagesspiegel · about 7 hours ago
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thejournal · about 7 hours ago
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gdeltproject.org · about 7 hours ago
Europeans react to Infantino selling the goose to american plutocrats. #europe #fifa #uspol #corruption
mastodon bot · about 7 hours ago
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nu.nl · about 7 hours ago
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gdeltproject.org · about 7 hours ago
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handelsblatt · about 7 hours ago
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financial times · about 7 hours ago
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helsingin sanomat · about 7 hours ago
Uppgifter: Fifa vill sälja del av fotbolls-VM
svenska dagbladet · about 7 hours ago