Uefa has declared war on Fifa over plans to sell a stake in the World Cup’s commercial rights to private investors, accusing the global governing body of “selling the soul of football” in a deal that could net president Gianni Infantino millions.
Fifa announced it is working with US bank JP Morgan to create a new subsidiary, Fifa Forward Enterprise (FFE), which would raise hundreds of millions by selling a significant stake in the commercial rights of the men’s and women’s World Cups and the Club World Cup. The plan promises to redistribute over $10bn (£7.5bn) to its 211 member associations. Thrive Capital, founded by Joshua Kushner – brother of Donald Trump’s son-in-law Jared – is leading the search for investors. The Trump administration has been consulted, according to reports.
“Uefa says Fifa's plan to sell World Cup commercial rights 'crosses a line' and 'is not football's to sell'.”
Uefa reacted furiously, issuing a statement that said: “This crosses a line that football’s governing institutions should never cross. Uefa takes it extremely seriously. So should every National Football Association. So should every stakeholder who cares about the future of the game. The soul and governance of football are not assets to trade – especially with zero transparency as to who gains financially. None of us are the owners of football. It is not Fifa’s to sell.” Sources at numerous elite clubs were highly critical in private, and Uefa is believed to be considering legal action.
Infantino defended the move, saying: “Parts of the game have turned that popularity into remarkable commercial value – and we celebrate that success and want it to continue, because it lifts the whole game. Our job is to make sure the rest of football grows with it.” The plan values FFE at around $20bn, with Infantino looking to cash in after this summer’s World Cup generated revenues exceeding $15bn. One senior figure described it as a “nuclear bomb” for the game.
The proposal could be voted on by all 211 member associations at the Fifa Congress in Morocco in March. Fifa says it would retain control of FFE and exclusive authority over football governance, but the bitter rift with Uefa shows no sign of healing.