FIFA is facing backlash after announcing it will seek outside investors to fund a newly formed commercial arm that would control operations for future World Cup tournaments.
The international organization is looking to raise $4.2 billion at a $20 billion valuation to fund a newly formed commercial arm called FIFA Forward Enterprise, and among the potential investors is Thrive Eternal, an investment vehicle launched by Joshua Kushner – brother of President Donald Trump's son-in-law Jared Kushner, reported CNN.
"So is the World Cup up for sale?" said CNN's Kate Bolduan. "FIFA is apparently looking for new investors, which is sparking these big new questions, and people are not happy about it."
The plan has enraged UEFA, European soccer's governing body, which is holding an emergency meeting to discuss the proposal, including a possible World Cup boycott, according to multiple reports.
"This crosses a line that football's governing institutions should never cross," UEFA said in a statement, adding that "the soul and governance of football are not assets to trade" and warning there is "zero transparency as to who gains financially."
"None of us are the owners of football," the statement added. "It is not FIFA's to sell."
FIFA President Gianni Infantino defended the plan as necessary for FIFA's "next stage of growth," saying it would create a dedicated commercial structure with value "shared more and better all around the world." Each of FIFA's 211 member federations could receive a roughly $20 million stake if they opt into the new subsidiary.
The controversy adds to mounting political risk for Infantino, whose re-election bid could be complicated by his close relationship with Trump. House Judiciary Committee ranking Democrat Jamie Raskin (D-MD) has requested records from FIFA, including gifts given to Trump and visitor logs from FIFA's Miami headquarters and Trump Tower office.
If Democrats win a House majority in November, they could gain subpoena power and potentially compel Infantino's testimony — with the election falling just two weeks before candidates must declare for FIFA's presidential vote next March.
Raskin was pointed in his criticism of the investment plan, accusing FIFA of pursuing "a multibillion-dollar deal with Jared Kushner's brother to sell ownership stakes in the World Cup to private investors."
Jared Kushner's own investment firm, Affinity Partners, has separately drawn congressional scrutiny for raising billions from foreign sovereign wealth funds while he leads U.S. diplomatic negotiations with those same governments.
FIFA and the White House did not immediately respond to requests for comment.
