ZURICH (Realist English). FIFA has scrapped its controversial plan to create a commercial subsidiary, FIFA Forward Enterprise (FFE), valued at $20 billion, and sell a 20% stake to private investors for $4.2 billion.
FIFA President Gianni Infantino announced the decision on 31 July, just three days after the announcement, which sparked an unprecedented wave of global outrage.
“After careful listening to all views, it has become clear that this project has created divisions of such a nature that, regardless of the level of support, no longer serve the interests of the original objective. Our goal has always been and will continue to be to unite and improve. As a result, this proposal will not be implemented,” Infantino stated.
The plan: $20 billion, the Kushners and JPMorgan
FIFA announced the plan on Tuesday, 28 July. The organisation intended to create a commercial subsidiary, FIFA Forward Enterprise (FFE), to which media and commercial rights to the World Cups (men’s and women’s), Club World Cups and other tournaments would be transferred. Private investors were offered a 20% stake in FFE for $4.2 billion, valuing the entire company at $20 billion.
The “cornerstone investor” was to be the New York‑based investment firm Thrive Eternal, founded by Joshua Kushner – brother of Jared Kushner, son‑in‑law of US President Donald Trump.
JPMorgan Chase served as the financial adviser for the deal and was to assemble a pool of investors from sovereign wealth funds, institutional investors and family offices. Negotiations between Kushner and Infantino had been ongoing since 2025.
Infantino sent letters to all 211 national associations, promising each of them $40 million ($30 million) in additional funding if they supported the initiative.
Revolt of three confederations: UEFA, CONCACAF and AFC
Infantino’s plan met with immediate and overwhelming resistance.
UEFA, at an emergency meeting on Thursday, unanimously (55 votes in favour) voted to boycott all FIFA tournaments – including the men’s and women’s World Cups – if the plan was not fully withdrawn. UEFA stated that the “soul and governance” of the game were under threat. “Some things are too important to sell. The World Cup belongs to football. It always will. And as long as Europe has a voice, it will never be sold.”
CONCACAF (41 associations) on the same day said it “rejects” the plan, expressing “deep concern.”
The Asian Football Confederation (AFC) issued a statement on 31 July expressing “solidarity with UEFA and CONCACAF.” The AFC said the plan “cannot realistically achieve the necessary broad consensus” and sharply criticised the lack of transparency and consultation.
The three confederations control 136 votes out of 211 in FIFA. Infantino needed 106 votes for approval. Even without taking into account possible votes against from Africa (CAF) and South America (Conmebol), which adopted a wait‑and‑see position, the plan was doomed.
Resignations and internal revolt: ‘a one‑man project’
On 31 July, Infantino received two crushing blows from within his own organisation.
Infantino’s senior adviser for global strategy and governance, Carlos Cordeiro – a former vice‑chairman of Goldman Sachs and former president of the US Soccer Federation – resigned. In his statement, he called the plan “a bad deal for FIFA’s member associations, a bad deal for football, and a bad deal for the long‑term future of the game.” Cordeiro stressed that he was not involved in the plan’s development and is “categorically” opposed to it.
FIFA Chief Operating Officer Kevin Lamour – a long‑time colleague of Infantino – issued an unprecedentedly harsh statement. He called the plan “a one‑man project” and said that staff had been “deceived” by a lack of transparency. “Not only should this project not continue, but the time has come for football’s political leaders to ask themselves the right questions and make the right decisions. And if this means I lose my job, so be it. At least I will sleep soundly.”
UK Prime Minister Andy Burnham also stated that Infantino is “not the right person to lead FIFA.”
JPMorgan back in the spotlight
US bank JPMorgan Chase has once again found itself at the centre of a football scandal – five years after the failed European Super League project, which the bank also advised.
JPMorgan advised FIFA on the deal for several months and was to assemble a global group of investors. One sports investor told the Financial Times that the bank risks emerging from this dispute “with a big black eye.”
A source familiar with the situation admitted: “Anything to do with football elicits the same reaction – the only thing that could be even more polarising is politics.”
Infantino has promised to “reunite the football world” in the coming days and weeks. However, his position has been severely undermined. His re‑election as FIFA president in March 2027 is now in doubt. UEFA is already discussing the possibility of fielding its own candidate.
As Norwegian Football Federation President Lise Klaveness stated: “My clear impression now is that he has lost an enormous amount of trust.”
