FIFA Signals It May Revise Controversial Equity-Sale Plan
FIFA said it remains “committed” to establishing a separate commercial entity and selling a stake to outside investors, while signaling that it may adjust the proposal in response to strong opposition from soccer organizations around the world. The global soccer governing body announced the plan Tuesday. It would establish a new FIFA Forward commercial entity and sell 20% of the new company. The plan, led by FIFA President Gianni Infantino, would value the entity at $20 billion. UEFA and the Confederation of North, Central America and Caribbean Association Football, known as Concacaf, publicly opposed the proposal Thursday. Early Friday, FIFA issued a statement saying the project would continue and emphasizing that “no one is selling football.” “We respect the views and concerns expressed publicly by all parties, and reaffirm our commitment to open and democratic consultation,” FIFA said. “The consultation process originally envisaged has been disrupted by inaccurate media reports. We will continue the consultation process to ensure that all member associations can vote on the basis of facts.” FIFA added that all terms of the proposal are “open for discussion.” The statement said member associations could approve or reject the proposal in full, or revise its terms in full or individually. UEFA, which oversees European soccer and has 55 member associations, said Thursday that it would boycott all FIFA competitions, including the World Cup, unless FIFA abandoned the plan completely. Hours later, Concacaf opposed the proposal and urged FIFA to seek an alternative. The Asian Football Confederation said it was “deeply concerned that FIFA’s unilateral action appears to undermine the foundations of the global confederation system.” It called on FIFA to allow more time and conduct more extensive consultations on the plan. FIFA’s statement suggested that opposition from the continental confederations may not fully represent the views of their member associations. “Everyone has the right to express opposition and request further clarification, but no single organization can claim to represent all 211 member associations worldwide,” FIFA said. The proposal surprised many people in soccer, including some senior FIFA executives. Concacaf said it, too, learned of the fundraising plan through the media. Several organizations also objected to FIFA’s tight timetable. FIFA is requiring member associations to vote by Sept. 19 on whether to approve the proposed sale of a stake in the new commercial company. The proposed lead investor is Thrive Eternal Fund, which is managed by Joshua Kushner. Joshua’s brother, Jared Kushner, is married to Ivanka Trump, the daughter of U.S. President Donald Trump. The plan’s connection between the vote and the release of funds has also raised concerns. FIFA said member associations that support the plan would immediately receive $20 million, followed by another $20 million over the next four years. UEFA said Thursday that FIFA’s handling of the process was “irresponsible and unjustified,” and accused Infantino of pursuing “governance by pressure.” “This is not merely a serious failure of leadership; it is FIFA abandoning its responsibility as the guardian of world football,” UEFA said.
The global soccer governing body announced the plan Tuesday. It would establish a new FIFA Forward commercial entity and sell 20% of the new company. The plan, led by FIFA President Gianni Infantino, would value the entity at $20 billion.
UEFA and the Confederation of North, Central America and Caribbean Association Football, known as Concacaf, publicly opposed the proposal Thursday. Early Friday, FIFA issued a statement saying the project would continue and emphasizing that “no one is selling football.”
“We respect the views and concerns expressed publicly by all parties, and reaffirm our commitment to open and democratic consultation,” FIFA said.
“The consultation process originally envisaged has been disrupted by inaccurate media reports. We will continue the consultation process to ensure that all member associations can vote on the basis of facts.”
FIFA added that all terms of the proposal are “open for discussion.” The statement said member associations could approve or reject the proposal in full, or revise its terms in full or individually.
UEFA, which oversees European soccer and has 55 member associations, said Thursday that it would boycott all FIFA competitions, including the World Cup, unless FIFA abandoned the plan completely.
Hours later, Concacaf opposed the proposal and urged FIFA to seek an alternative.
The Asian Football Confederation said it was “deeply concerned that FIFA’s unilateral action appears to undermine the foundations of the global confederation system.” It called on FIFA to allow more time and conduct more extensive consultations on the plan.
FIFA’s statement suggested that opposition from the continental confederations may not fully represent the views of their member associations.
“Everyone has the right to express opposition and request further clarification, but no single organization can claim to represent all 211 member associations worldwide,” FIFA said.
The proposal surprised many people in soccer, including some senior FIFA executives. Concacaf said it, too, learned of the fundraising plan through the media.
Several organizations also objected to FIFA’s tight timetable. FIFA is requiring member associations to vote by Sept. 19 on whether to approve the proposed sale of a stake in the new commercial company.
The proposed lead investor is Thrive Eternal Fund, which is managed by Joshua Kushner. Joshua’s brother, Jared Kushner, is married to Ivanka Trump, the daughter of U.S. President Donald Trump.
The plan’s connection between the vote and the release of funds has also raised concerns. FIFA said member associations that support the plan would immediately receive $20 million, followed by another $20 million over the next four years.
UEFA said Thursday that FIFA’s handling of the process was “irresponsible and unjustified,” and accused Infantino of pursuing “governance by pressure.”
“This is not merely a serious failure of leadership; it is FIFA abandoning its responsibility as the guardian of world football,” UEFA said.