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07/28 11:06 CDT FIFA plan for Kushner-backed $20 billion operation to run World
Cup meets fury from Europe's UEFA
FIFA plan for Kushner-backed $20 billion operation to run World Cup meets fury
from Europe's UEFA
By GRAHAM DUNBAR
AP Sports Writer
GENEVA (AP) --- FIFA President Gianni Infantino's plan to create a $20 billion
company running the World Cup with private investors including the Kushner
family was announced Tuesday --- and immediately attacked by European soccer
body UEFA.
"It is not FIFA's to sell," UEFA said in a statement. "None of us are the
owners of football."
Infantino's plans to form FIFA Forward Enterprise (FFE) running competitions
like the World Cup and Club World Cup were first reported by The Times of
London and the Financial Times.
FIFA said in a statement 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."
FIFA is working with J.P. Morgan while investors would include Thrive Eternal
launched by Joshua Kushner, whose brother Jared Kushner is a son-in-law of U.S.
President Donald Trump.
The men's World Cup that finished this month only deepened the political and
personal ties between Trump and Infantino, and fueled concerns about those ties
including from UEFA.
"The soul and governance of football are not assets to trade --- especially
with zero transparency as to who gains financially," UEFA said Tuesday,
responding to the reports of selling stakes in FIFA competitions.
FIFA is currently a Swiss-based not-for-profit association of its 211 national
member federations worldwide.
Those 211 members must approve any plan and would get the chance "to access up
to $20 million in one-off capital," FIFA said.
"This is about the democratization of football worldwide," Infantino said in a
FIFA statement.
UEFA, however, said it took reports of the project "extremely seriously. So
should every national Football Association."
"This crosses a line that football's governing institutions should never
cross," said UEFA, which comprises 55 of the FIFA members.
FIFA's previous attempt to privatize assets The project announced Tuesday is the second time in Infantino's increasingly controversial 11-year presidency he has tried to push through a multi-billion dollar deal with private backers. In 2018, Infantino proposed a secretive $25 billion offer over 12 years with SoftBank of Japan to create new global competitions, including an expanded men's Club World Cup, seemingly backed by Saudi Arabian money. That ultimately failed after meeting fierce resistance from UEFA, which saw threats to its prize assets: the Champions League and the European Championship. Infantino still built closer ties to Saudi soccer and the kingdom's Crown Prince Mohammed Bin Salman. Saudi Arabia will host the 2034 World Cup and largely funded the revamped men's Club World Cup hosted in the U.S. last year.
Infantino's future? The financial success of the just-ended World Cup has looked likely to ensure Infantino is re-elected next year unopposed for a fourth and final term in office through 2031. Speculation has swirled for years that Infantino might want a different global role in soccer beyond his FIFA presidency, which is due to end when he is 61. The Times reported Tuesday that a CEO-like commissioner role of the new FFE operation could be created for Infantino. "This has never been discussed," FIFA said in a statement Tuesday. "However, the FIFA president and the FIFA administration will and must have leading roles in this entity --- if approved." There was no timetable suggested Tuesday for debate and decisions by FIFA, its ruling Council chaired by Infantino, and the 211 members. FIFA is scheduled to hold an online congress on Nov. 23 to confirm hosts of the Women's World Cup editions in 2031 and 2035. ___ AP soccer: https://apnews.com/hub/soccer and AP World Cup coverage
FIFA's previous attempt to privatize assets The project announced Tuesday is the second time in Infantino's increasingly controversial 11-year presidency he has tried to push through a multi-billion dollar deal with private backers. In 2018, Infantino proposed a secretive $25 billion offer over 12 years with SoftBank of Japan to create new global competitions, including an expanded men's Club World Cup, seemingly backed by Saudi Arabian money. That ultimately failed after meeting fierce resistance from UEFA, which saw threats to its prize assets: the Champions League and the European Championship. Infantino still built closer ties to Saudi soccer and the kingdom's Crown Prince Mohammed Bin Salman. Saudi Arabia will host the 2034 World Cup and largely funded the revamped men's Club World Cup hosted in the U.S. last year.
Infantino's future? The financial success of the just-ended World Cup has looked likely to ensure Infantino is re-elected next year unopposed for a fourth and final term in office through 2031. Speculation has swirled for years that Infantino might want a different global role in soccer beyond his FIFA presidency, which is due to end when he is 61. The Times reported Tuesday that a CEO-like commissioner role of the new FFE operation could be created for Infantino. "This has never been discussed," FIFA said in a statement Tuesday. "However, the FIFA president and the FIFA administration will and must have leading roles in this entity --- if approved." There was no timetable suggested Tuesday for debate and decisions by FIFA, its ruling Council chaired by Infantino, and the 211 members. FIFA is scheduled to hold an online congress on Nov. 23 to confirm hosts of the Women's World Cup editions in 2031 and 2035. ___ AP soccer: https://apnews.com/hub/soccer and AP World Cup coverage
