UEFA has rejected a reported FIFA proposal to sell stakes in the World Cup to private investors as a "line that football's governing institutions should never cross" and that the World Cup is "not FIFA's to sell." A source said the former Liberty Media CEO has been involved as a commercial adviser in the creation of the FIFA enterprise. (EPA Images pic)ZURICH: FIFA is planning to sell a significant minority stake in a new commercial entity with a valuation of about US$20 billion, a source familiar with the matter told Reuters on Tuesday.World soccer's governing body is working with bankers at JPMorgan to raise billions of dollars by bringing in external investors to take as much as a 20% stake in the entity, the source said, adding that former Liberty Media CEO Greg Maffei has been involved as a commercial adviser on the creation of the Fifa enterprise.Fifa did not immediately respond to a request for comment."Thrive Eternal, a new investment strategy launched by venture capital firm Thrive Capital, is expected to be a lead investor in the entity," the source said.The strategy is a permanent capital vehicle focused on making a small number of long-term investments in franchises and cultural institutions.Thrive Eternal took a minority stake in Major League Baseball’s San Francisco Giants this year.The vehicle was founded by Joshua Kushner, the brother of Jared Kushner, US president Donald Trump’s son-in-law.
Former Walt Disney CEO Bob Iger serves as an adviser.The Financial Times first reported on the stake sale. GENEVA (AP) — FIFA President Gianni Infantino’s plan to create a $20 billion company running the World Cup with private investors including the Kushner family was announced Tuesday — and immediately attacked by European soccer body UEFA. “It is not FIFA’s to sell,” UEFA said in a statement.
“None of us are the owners of football.” Infantino’s plans to form FIFA Forward Enterprise (FFE) running competitions like the World Cup and Club World Cup were first reported by The Times of London and the Financial Times. FIFA said in a statement that FFE would raise up to $4.2 billion later this year to help fund development programs “based on an initial equity valuation of $20 billion by carefully selecting long-term investors who will purchase minority, non-controlling interests.” FIFA is working with J.P. Morgan while investors would include Thrive Eternal launched by Joshua Kushner, whose brother Jared Kushner is a son-in-law of U.S.
The men’s World Cup that finished this month only deepened the political and personal ties between Trump and Infantino, and fueled concerns about those ties including from UEFA. “The soul and governance of football are not assets to trade — especially with zero transparency as to who gains financially,” UEFA said Tuesday, responding to the reports of selling stakes in FIFA competitions. FIFA is currently a Swiss-based not-for-profit association of its 211 national member federations worldwide.
Those 211 members must approve any plan and would get the chance “to access up to $20 million in one-off capital,” FIFA said. “This is about the democratization of football worldwide,” Infantino said in a FIFA statement. UEFA, however, said it took reports of the project “extremely seriously.
So should every national Football Association.” “This crosses a line that football’s governing institutions should never cross,” said UEFA, which comprises 55 of the FIFA members. ___ AP soccer: https://apnews.com/hub/soccer and AP World Cup coverage Source President Donald Trump.The men’s World Cup that finished this month only deepened the political and personal ties between Trump and Infantino, and fueled concerns about those ties including from UEFA.“The soul and governance of football are not assets to trade — especially with zero transparency as to who gains financially,” UEFA said Tuesday, responding to the reports of selling stakes in FIFA competitions.FIFA is currently a Swiss-based not-for-profit association of its 211 national member federations worldwide.Those 211 members must approve any plan and would get the chance “to access up to $20 million in one-off capital,” FIFA said.“This is about the democratization of football worldwide,” Infantino said in a FIFA statement.UEFA, however, said it took reports of the project “extremely seriously.
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