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GENEVA (AP) – FIFA President Gianni Infantino plans to create a $20 billion company to run FIFA. world cup<\/span> The joint venture with private investors, including the Kushner family, was announced on Tuesday, but was quickly attacked by European soccer body UEFA.<\/p>\nUEFA said in a statement: “It is not FIFA that is selling.” “None of us own the football.”<\/p>\n
Infantino plans to set up a commercial subsidiary called FIFA Forward Enterprises (FFE) to run tournaments such as the World Cup. club world cup<\/span> It was first reported by The Times of London.<\/p>\nFIFA said in a statement that FFE will raise up to $4.2 billion later this year to fund its development program “based on an initial equity valuation of $20 billion, by carefully selecting long-term investors to purchase a minority non-controlling interest.”<\/p>\n
FIFA is working with JPMorgan, and potential investors include Thrive Eternal, founded by Joshua Kushner’s brother. Jared Kushner<\/span> is the son-in-law of US President Donald Trump<\/span>.<\/p>\nThe men’s World Cup, which ended this month, further deepened this feeling. Political and personal ties between Trump and Infantino<\/span>and fueled concerns about their relationship<\/span> include From UEFA<\/span>.<\/p>\n“The soul and governance of football are not tradable assets, especially when there is zero transparency as to who benefits financially,” UEFA said on Tuesday, following reports of a share sale in FIFA competitions.<\/p>\n
FIFA is currently a non-profit organization headquartered in Switzerland and made up of 211 national federations around the world.<\/p>\n
FIFA said those members would have to approve any plans and would have the chance to “access up to $20 million in one-time funds.”<\/p>\n
“This is about the democratization of football around the world,” Infantino said in a FIFA statement, adding: “A consultation process has begun.” <\/p>\n
But UEFA said it “takes reports about the project extremely seriously and national football associations should do the same.”<\/p>\n
UEFA, which is made up of 55 FIFA member countries, said: “This crosses a line that soccer’s governing body should never cross.”<\/p>\n
FIFA provides $20 million to member federations<\/h2>\n
FIFA said Tuesday’s surprise announcement was detailed by Infantino to the squad gathered in Manhattan on July 18 ahead of the World Cup final. Infantino promised to “unlock the commercial potential and opportunities of FIFA”.<\/p>\n
FIFA’s statement on Tuesday about the proposed project revealed how much funding each of its 211 member nations could receive by 2038 under the “FIFA Fast Forward Programme”.<\/p>\n
The currently committed development funding will be $20 million through the 2027-30 World Cup commercial cycle instead of $8 million each, then $22 million in the next cycle and $24 million.<\/p>\n
FIFA set a record World Cup revenue of around $12 billion starting with the 2026 tournament. Unprecedented high ticket prices<\/span> We provide hospitality throughout the United States, Canada, and Mexico. It was already unclear how that funding would be matched by Spain, Portugal and Morocco, which will co-host the 2030 men’s tournament.<\/p>\nFIFA said member federations could choose whether to participate in the new financial opportunities.<\/p>\n
“FIFA will have sole control over the FFE and will retain exclusive authority over football governance, competitions, match schedules and all regulatory and sporting decisions,” the soccer body said.<\/p>\n
FIFA’s Integrity Standards are: questioned<\/span> During the World Cup, team coach<\/span>, Norwegian Football Federation<\/span> and the Council of Europe, Europe’s highest public institution.<\/p>\nPrevious attempts by FIFA to privatize assets<\/h2>\n
The project announced Tuesday is the second time during Mr. Infantino’s increasingly controversial 11-year tenure as president that he has tried to push through multibillion-dollar contracts with private backers.<\/p>\n
In 2018, Infantino secretly proposes $25 billion offer<\/span> It has been working with Japan’s Softbank for more than 12 years to create new world competitions, including an expansion of the Men’s Club World Cup, which is believed to be supported by Saudi funding.<\/p>\nThe plan ultimately failed due to fierce resistance from UEFA, which perceived a threat to its prize money assets of the Champions League and European Championship.<\/p>\n
Infantino still has closer ties with Saudi football and Saudi football Crown Prince Mohammed bin Salman<\/span>. Saudi Arabia will host the 2034 World Cup<\/span> And it provided most of the funding for the revamped Men’s Club World Cup held in the United States last year.<\/p>\nWhat does the future hold for Infantino?<\/h2>\n
The financial success of the just-concluded World Cup means Infantino is certain to be re-elected unopposed next year and serve a fourth and final term until 2031.<\/p>\n
at his place Re-elected in 2023<\/span> In Rwanda, Infantino suggested that CEOs with similar financial results would remain in their jobs permanently.<\/p>\nSpeculation has swirled for years that Infantino may want another global role in football beyond his role as FIFA president, which ends at the age of 61.<\/p>\n
The Times reported on Tuesday that a commissioner role, similar to CEO of the new FFE business, could be created for Mr. Infantino.<\/p>\n
“This matter has never been discussed,” FIFA said in a statement on Tuesday. \u201cHowever, if approved, the FIFA President and the FIFA Executive will and must play a leading role in this organization.\u201d<\/p>\n
On Tuesday, no schedule was proposed for discussions and decisions by FIFA, the governing board chaired by Infantino and its 211 member states.<\/p>\n
FIFA is scheduled to hold an online meeting on November 23 to decide on the host country for the Women’s World Cup. 2031 and 2035.<\/span><\/p>\n___ AP Soccer: https:\/\/apnews.com\/hub\/soccer<\/span> and AP World Cup coverage<\/span><\/p>\n<\/p><\/div>\n
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