FIFA President Sets Deadline for Kushner-Backed World Cup Equity Plan
Theo Al Jazeera
FIFA President Gianni Infantino has set a September 19 deadline for member associations to accept a $20 million financial package tied to a plan to sell World Cup stakes to private investors, backed by Joshua Kushner's Thrive Capital. The proposal, which aims to establish a $20 billion FIFA subsidiary, has drawn strong opposition from UEFA and other confederations.
FIFA President Gianni Infantino has set September 19 as the deadline for the 211 member associations to accept a one-time $20 million financial support package each. The package is backed by Thrive Capital, the investment firm of Jared Kushner's brother Joshua Kushner, as part of a plan to sell stakes in the World Cup.
In a letter sent Wednesday, Infantino described the offer as a 'unique and exceptional funding opportunity' as he seeks to establish a FIFA subsidiary valued at $20 billion. Under the proposal, the subsidiary would be 20% owned by private investors and would be responsible for operating FIFA tournaments such as the World Cup and the Club World Cup.
'It is my duty and responsibility as FIFA president to present these groundbreaking opportunities to you, our members,' Infantino wrote in the letter, as quoted by the Associated Press.
The plan, revealed Tuesday and backed by Joshua Kushner's Thrive Capital, immediately drew outrage from Infantino's former colleagues at UEFA, European football's governing body. UEFA declared that 'the World Cup is not something FIFA can sell.' UEFA is expected to convene an emergency online meeting with its 55 member associations on Thursday.
Joshua Kushner is the brother of Jared Kushner, the son-in-law of former U.S. President Donald Trump. The FIFA equity plan is the latest ambitious project in Infantino's 11-year tenure, during which he has increasingly acted as a chief executive without consulting major football stakeholders. Previous plans included creating a FIFA Peace Award and attempting to hold the World Cup every two years instead of four.
Concerns about the previously secret plan were also voiced Wednesday by the Asian confederation and CONCACAF, the governing body for North and Central America and the Caribbean. 'We are extremely concerned about the lack of proper process,' CONCACAF said in a statement. The Asian Football Confederation (AFC), based in Kuala Lumpur, said it was 'disappointed that such an important matter has been announced before the AFC family had the opportunity to review and discuss it.'
Continental confederations, which run their own club and national team tournaments such as the Champions League, Euro, and Copa America, may see a threat from FIFA's plan as the organization seeks to boost revenue and value for investors by holding the men's and women's World Cups and the Club World Cup more frequently.
If the FIFA Forward Enterprise subsidiary is approved by a majority of the 211 members, each association would be promised $20 million in funding from the four-year commercial cycle tied to the 2030 men's World Cup. This would lead to 'a diverse group of international investors' joining Joshua Kushner's Thrive Capital as a cornerstone investor. 'The process will be led by J.P. Morgan,' Infantino's letter said.
If the plan is rejected, members would receive only the previously promised $10 million over the next four years. The plan also drew immediate opposition from Andy Burnham, the mayor of Manchester, whose city's government is preparing to support a bid for the 2035 Women's World Cup. 'Football does not belong to investors,' Burnham said in an Instagram video, according to the AP. 'Once you sell a piece of the World Cup, you have sold it short. Football belongs to the fans, and it always will.'
