Football Opinion & Analysis

BREAKING  •  FIFA FORWARD ENTERPRISE  •  THE BIGGEST FIGHT IN FOOTBALL

Less than two weeks after Spain lifted the World Cup trophy at MetLife Stadium, FIFA president Gianni Infantino has ignited the most explosive crisis in the history of the sport. A plan to sell a 20 percent stake in the commercial rights of the World Cup to private investors, led by Joshua Kushner’s Thrive Capital, has triggered a unanimous boycott threat from UEFA’s 55 nations, a rejection from CONCACAF, condemnation from the AFC, and the resignation of a senior FIFA adviser who called it “a bad deal for football.” I want to go through every detail of this because the implications for everyone who loves this sport are enormous.

By The Matchday PunditThursday July 31, 2026 • FIFA Forward Enterprise Analysis

The 2026 World Cup generated $15 billion in revenue for FIFA. That is more than double the $7.57 billion generated during the entire 2022 World Cup cycle. Spain beat Argentina in the final in front of a packed MetLife Stadium, the tournament was hailed as the most successful in the competition’s history, viewership records were broken across the United States and globally, and Gianni Infantino stood on the podium alongside Donald Trump and handed Rodri the trophy in what was one of the most watched moments in the history of sport. Less than two weeks later, Infantino has announced a plan that has united European football, North American football and Asian football in outright opposition. And he has done it in a way that has raised questions not just about the proposal itself, but about the governance of the sport at the very highest level. I want to walk through what is happening, who is behind it, what the opposition has said, and what I genuinely think this means for the future of football.

What Is FIFA Forward Enterprise and What Is Actually Being Proposed?

On Tuesday July 28, FIFA officially announced plans to create a new subsidiary called FIFA Forward Enterprise, or FFE, that would control all of the commercial and event operations of the world governing body. This includes the broadcast rights, sponsorship deals, ticketing and licensing fees for FIFA’s tournaments, most critically the men’s and women’s World Cups and the Club World Cup. In plain English, everything that makes the World Cup the most commercially valuable sporting event on the planet would be bundled into this new entity and a stake in it sold to private investors.

The financial numbers are staggering. FIFA values FFE at $20 billion. It is proposing to sell a 20 percent minority stake to raise up to $4.2 billion. FIFA says it will retain majority ownership and will maintain control over scheduling competitions, matches, governance and regulatory decisions. Investors would own a piece of the commercial machine but would not have a seat on FIFA’s Council or a vote in FIFA’s congress. In exchange for approving the deal, each of FIFA’s 211 member associations would receive $20 million immediately, with annual funding commitments increasing through to 2038.

The plan was first reported by The Times and the Financial Times before FIFA confirmed it publicly. JP Morgan has been engaged to work alongside FIFA as a financial adviser. Greg Maffei, the former CEO of Liberty Media during its acquisition and ownership of Formula One, has been a commercial adviser on the creation of FFE. Thrive Eternal, a permanent capital investment company founded by Joshua Kushner, is expected to lead the proposed investor group. Apollo Sports Capital, an offshoot of the private equity giant Apollo which has over $1 trillion in assets under management, is also reportedly in talks to join the investor group, potentially bringing a $1.1 billion commitment. And former Disney CEO Bob Iger serves as an adviser to Thrive Capital itself.

What is FIFA Forward Enterprise? A proposed new commercial subsidiary of FIFA that would control broadcast rights, sponsorship, ticketing and licensing for all FIFA tournaments including the World Cup and Club World Cup.

The valuation: $20 billion. FIFA proposes selling a 20 percent minority, non-controlling stake to raise up to $4.2 billion.

What member associations get: $20 million each, all 211 of them, if the deal is approved. Annual funding commitments increasing through 2038.

The lead investor expected: Thrive Eternal, founded by Joshua Kushner (brother of Jared Kushner, Donald Trump’s son-in-law).

Other investors: Apollo Sports Capital also in talks. Former Disney CEO Bob Iger serves as adviser to Thrive Capital. Greg Maffei, former Liberty Media CEO who oversaw Formula One, is commercial adviser to FIFA on FFE.

Financial advisers: JP Morgan is working alongside FIFA on the project.

The deadline: September 19, 2026. FIFA’s 211 member associations must decide by then. A majority vote plus FIFA Council approval is required.

Revenue context: The 2026 World Cup generated $15 billion for FIFA, more than double the $7.57 billion generated during the entire 2022 World Cup cycle.

The Kushner Connection. The Trump Relationship. The Political Minefield.

I want to be precise about this because it matters enormously and the lines between different members of the Kushner family need to be clearly drawn to be fair to everyone involved. Joshua Kushner founded Thrive Capital in 2009. He is the younger brother of Jared Kushner, who is married to Ivanka Trump, the daughter of US President Donald Trump. Joshua Kushner is not Jared Kushner. He has no reported role in the Trump administration. According to public records, his most recent political donation was to the Obama Foundation. He is, by any fair assessment, a private investor whose connection to the Trump family is fraternal rather than political.

However. The optics of this situation are genuinely extraordinary, and I think it is important to say why. Bloomberg reported that the idea for FFE first arose last year during private discussions between Infantino and Joshua Kushner. Infantino has openly cultivated his relationship with Donald Trump throughout the 2026 World Cup, attending events with the President and sharing the podium with him at the final at MetLife Stadium. During the World Cup itself, Trump publicly admitted his involvement in the controversial decision to overturn a red card shown to US striker Folarin Balogun, a direct interference in the refereeing of a FIFA competition that should by any reasonable standard be entirely independent from political pressure. And separately from the FFE proposal, FIFA has opened a representative office at Trump Tower in New York, announced with both Infantino and Trump present at the Trump Organisation’s Manhattan headquarters.

None of these individual facts proves improper conduct. But taken together, the picture they paint is of a FIFA presidency that has become increasingly enmeshed with the political and financial interests of a very specific circle of individuals connected to the most powerful politician on the planet. When the expected lead investor in a plan to commercialise the World Cup is the younger brother of the US President’s son-in-law, when the President has already admitted involvement in a refereeing decision during a FIFA tournament, and when FIFA has literally opened an office in a building with the President’s name on it, the questions about independence and governance write themselves. UEFA understood this immediately. CONCACAF understood it too. And the football world is now dealing with the consequences.

“The 2026 World Cup made $15 billion. Infantino wants to sell a piece of its commercial future to private investors connected to the Trump orbit. UEFA said no. CONCACAF said no. The AFC said no. Football is in crisis.”

The Backlash. Every Major Voice Against This Deal.

The speed and unanimity of the opposition to this plan is something I genuinely did not expect. I have watched FIFA navigate controversy for my entire adult life and I have become accustomed to the organisation’s ability to manage dissent, keep smaller federations onside with financial inducements, and wait out storms of criticism from Europe. But what has happened in the 72 hours since Infantino announced FFE is unlike anything I have seen before. Three of the six continental confederations have rejected the plan outright. UEFA has voted unanimously to boycott all FIFA competitions, including the World Cup, if the plan proceeds. Senior adviser Carlos Cordeiro has resigned. British Prime Minister Andy Burnham has weighed in publicly. The English FA said it was “completely unaware” of the proposal. And FIFA itself appears to have partially backed off, insisting in a statement that “nobody is selling football” and blaming “erroneous reporting” for the scale of the reaction.

UEFA (Unanimous vote of all 55 member nations, July 30)

“UEFA and its national associations will not participate in FIFA competitions. Some things are simply too important to sell. The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale.”

UEFA (On the proposal itself)

“This crosses a line that football’s governing institutions should never cross. The soul and governance of the game are under threat. Irresponsible and indefensible.”

CONCACAF (41 member nations, July 30)

“Deep concerns about the lack of due process surrounding the proposal, the artificially short deadline imposed, and the absence of any review or approval by the relevant FIFA governance bodies. The need for private equity investment to fund new and existing FIFA Forward programs following the most profitable FIFA World Cup in history was questioned.”

AFC (Asian Football Confederation)

“The proposed FFE cannot realistically achieve the necessary broad consensus and unity required to move forward. The AFC stands in solidarity with UEFA and CONCACAF. Fundamental weaknesses in FIFA’s consultation and decision-making processes must now be addressed.”

English FA

“Completely unaware of this proposal and have no substantive details, including what the proposition actually is, and what conditions are attached. We are deeply concerned about the lack of information and transparency.”

British Prime Minister Andy Burnham

“Football does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine. The World Cup is not a product.”

Carlos Cordeiro (Senior FIFA adviser, resigned in protest)

“A bad deal for football.”

FIFA response (Early Friday July 31)

“Nobody is selling football. FIFA acknowledges and respects feedback and concern aired in public. FFE is part of a democratic process, a consultation process. Above all, it is an opportunity but not an obligation.”

Why Is Infantino Doing This Now?

This is the question I keep coming back to. The 2026 World Cup just generated $15 billion in revenue. FIFA is not a struggling organisation. It is not facing insolvency or even financial difficulty. So why, less than two weeks after the most profitable World Cup in history, is its president proposing to sell a piece of its commercial future to private investors? ESPN’s analysis puts it well: Infantino’s proximity to Trump and his influential and hugely wealthy circle has created an opportunity to exploit the sport’s global popularity with a new, more aggressive approach to generating income. But there is also a longer game being played here.

According to The Times, which broke this story, Infantino himself would become commissioner of the new FFE group after his FIFA presidency ends in 2031, with compensation potentially comparable to NFL commissioner Roger Goodell’s reported annual salary of around $64 million a year. That detail alone should make every football supporter sit up and pay attention. This is not simply a plan to generate money for the development of the game in smaller nations. This is a plan that would, if it proceeds, transform the most powerful man in world football into the most highly paid executive in world sport after leaving his current position. The financial incentive for Infantino personally is not a side note. It is a central fact of this story.

There is also the political dimension of the $20 million that each of FIFA’s 211 member associations stands to receive if the deal is approved. UEFA and CONCACAF and the AFC can reject this plan. They have the combined votes to defeat it. But Infantino’s strategy has always been to rely on the smaller federations whose votes are easier to influence with direct financial incentives. As the University of Bristol’s Dr Pau Lopez Gaitan told ESPN: “Now the big nations are scared of the consequences and the small ones are a bit more hopeful because of the trickle-down promise FIFA has given to everyone.” Twenty million dollars is an enormous amount of money for a small footballing nation. That is the wedge Infantino is trying to drive.

Infantino and Trump. Infantino cultivated a close public relationship with Trump throughout the 2026 World Cup. Trump admitted involvement in the red card overturn for US striker Folarin Balogun. FIFA opened an office at Trump Tower in New York, announced at Trump Organisation headquarters with both men present.

Joshua Kushner. Founder of Thrive Capital and Thrive Eternal, expected lead investor in FFE. Brother of Jared Kushner (Trump’s son-in-law). No reported ties to the Trump administration. His most recent public political donation was to the Obama Foundation. Bloomberg says the FFE idea arose during private discussions between Infantino and Kushner last year.

Greg Maffei. Former CEO of Liberty Media during its acquisition and ownership of Formula One. Commercial adviser to FIFA on FFE. His Formula One experience is directly relevant to the commercial model Infantino appears to be trying to replicate with football.

Bob Iger. Former Disney CEO, serves as an adviser to Thrive Capital. Disney is one of the world’s largest holders of broadcasting rights and his involvement in the investor group advising on a plan to commercialise World Cup broadcast rights is significant.

Apollo Sports Capital. Offshoot of Apollo, which has over $1 trillion in assets under management. Reportedly in talks to join the investor group. Already discussing a $1.1 billion loan to the German Bundesliga.

Infantino’s personal stake. The Times reports Infantino could become FFE commissioner after his FIFA presidency ends in 2031, with compensation potentially comparable to Roger Goodell’s reported $64 million annual salary at the NFL.

What Happens Now?

As of Friday July 31, the combined opposition of UEFA (55 nations), CONCACAF (41 nations) and the AFC would be sufficient to defeat the FFE proposal if it comes to a vote, since a majority of 211 member associations is required. CAF (the African confederation) has said it will discuss the proposal at a meeting next week. CONMEBOL (South America) had not released a statement by Friday afternoon. OFC (Oceania) has begun a consultation with its members. The September 19 deadline remains in place as far as FIFA is concerned, though the scale of the opposition suggests Infantino will have to significantly rethink his approach before that date arrives.

The immediate crisis is about the Women’s World Cup playoff which is scheduled for October, and the Under-20 Women’s World Cup and Under-17 Men’s and Women’s World Cups which take place even sooner. If UEFA’s boycott holds, those competitions become impossible to stage in their current form. The clock is ticking for FIFA to find a resolution that does not end in the most catastrophic outcome in the organisation’s history: a World Cup without European nations. That is not a hypothetical. That is where this ends if Infantino does not back down.

And Infantino’s own presidency is now under genuine threat. ESPN reports that a FIFA presidential vote is scheduled for next March in Rabat, Morocco, with the November 18 deadline for candidates to declare. The speed and unanimity of the opposition to FFE has rattled his previously unassailable position. He has never faced a revolt of this scale from this many confederations simultaneously. Whether he recalibrates or doubles down will define the next several months of football politics in a way that nothing else in recent memory has.

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What I Actually Think About All of This

I want to be clear about where I stand on this because I do not think neutrality serves anyone here. FIFA generating $15 billion from the most successful World Cup in history and then immediately proposing to sell a piece of its commercial future to private investors is not a coincidence. It is a strategy. The plan as described gives private investors a financial stake in the commercial operations of the World Cup while FIFA claims it retains control over governance and scheduling. But anyone who understands how private equity operates knows that financial stakes in commercial operations create pressure for financial returns, and financial returns in sport mean more games, more commercial breaks, more tournaments, more content, and less consideration for the players, the fans and the integrity of the competition that created the value in the first place. We have watched this happen in American sports for decades. We have watched it happen in Formula One. We are watching it happen in women’s tennis. The sport that resists it longest is the one that preserves its soul most completely.

I also want to say something about the $20 million that FIFA is offering each of its 211 member associations to approve this deal. That is a deliberate strategy to buy votes from smaller federations who genuinely need the money. I understand why a small footballing nation in the Pacific, or in central Africa, or in the Caribbean, would look at $20 million and find it very difficult to say no on principle. That is precisely the point. The architecture of this vote is designed to exploit the financial imbalance between UEFA and CONCACAF nations on one side and the smaller confederations on the other. It is a remarkably cynical use of development funding as a political instrument, and UEFA is right to call it out.

The Formula One comparison is the one that concerns me most. Liberty Media bought Formula One, applied commercial strategies that dramatically increased revenue, expanded the calendar, created new races, drove up media rights fees, and produced a sport that is significantly more commercially successful than it was ten years ago. It also produced a sport that its most passionate traditional fans say has lost something they cannot quite name but feel very deeply. The calendar is too long. The races are sometimes in places that feel wrong. The human stories get filtered through a commercial lens before they reach the audience. Football’s version of that, with private equity investors holding a 20 percent stake in the commercial rights to the World Cup, is not a hypothetical scenario. It is the explicit plan that Gianni Infantino announced less than two weeks after Spain lifted the trophy in New Jersey.

UEFA’s position is the correct one. The World Cup does not belong to FIFA. It belongs to the game. It belongs to the 211 nations who have been building football in every corner of the planet for over a century. It belongs to the players who have given their bodies and years of their lives to reach it. It belongs to the supporters who have scraped together money they could not easily spare to follow their teams thousands of miles from home. It belongs, as the British Prime Minister said, to the people who fill the stands and stand on the touchline in the rain. Private equity investors should not own any piece of that, regardless of how many layers of governance structure are built around the arrangement. Football is not Formula One. And the World Cup is not a franchise.

I am watching this very closely. And I think this is far from over.

FIFA