On 28 July 2026, nine days after the World Cup final, FIFA announced the most consequential structural change to its commercial model in its history, drawing much condemnation from UEFA, politicians and fans alike.

Below I assess the proposal on its own terms, examine the financial architecture, and set out the governance and political critique. It is the clearest expression yet of the conversion of FIFA’s commercial assets into electoral and political capital.

By way of contrast I include Infantino’s sale’s pitch

What FIFA announced

Per FIFA’s media release (28 July 2026), the administration is “exploring the concept” of consolidating FIFA’s commercial rights, broadcast, sponsorship, ticketing and licensing, together with the operational delivery of all FIFA tournaments (men’s, women’s and youth) into FIFA Forward Enterprise (FFE), a new FIFA-owned and controlled subsidiary. FFE would raise up to $4.2bn “later this year” from minority, non-controlling investors at an implied equity valuation of $20bn,  a stake of up to 20% approximately. FIFA says it would retain sole control via majority board representation and exclusive authority over football governance, competitions, the international match calendar and all regulatory and sporting decisions, that investors would have no operational role, that “all net benefits of FFE will be reinvested back into football,” and, in its own words,  that “for FIFA, nothing changes.” The consultation follows “the receipt of a proposal” from an undisclosed originator.

The headline of the release, however, is not the structure but the money offered to the electorate. The development-funding ladder is set out below.

The proposed investor group is expected to be led by Thrive Eternal, a permanent-capital holding company launched by Thrive Capital, founded by Joshua Kushner, brother of Jared Kushner, President Trump’s son-in-law, which this year took a minority stake in Major League Baseball’s San Francisco Giants and counts former Disney CEO Bob Iger as an adviser.

Greg Maffei, CEO of BANN Ventures and formerly President and CEO of Liberty Media during its acquisition and ownership of Formula One, has been a key commercial adviser and will remain involved. J.P. Morgan is engaged as financial adviser, OpenEconomics is engaging prospective investors, and Fortune reports Apollo Sports Capital is in talks to join the group. Launch is conditional on the support of a majority of the 211 member associations and approval of regulatory updates by the FIFA Council.

FIFA does not need the capital. This is the first and most important analytical point. FIFA projects cycle revenue above $15bn and a cycle net profit above $1bn, holds financial assets above $5bn, and has just approved a 2027–2030 budget targeting more than $14bn. No funding gap exists that a $4.2bn equity raise is required to fill. 

The raise is therefore not a financing decision; it is a political one, and the arithmetic proves it.

The reinvestment claim cannot be squared with investor returns. FIFA states that “all net benefits of FFE will be reinvested back into football.” But minority investors deploying $4.2bn of permanent capital require a return, through dividends, preferred distributions, valuation growth and exit rights, or some combination. Whatever mechanism applies, value must ultimately flow out of football’s commercial income to service that capital; the two statements are irreconcilable as written. None of the return mechanics, dividend policy, governance rights, exit provisions, any liquidation preference or IPO pathway — has been disclosed. UEFA’s charge of “zero transparency as to who gains financially” is, on the published information, simply accurate.

The valuation cuts both ways. A $20bn implied equity value equates to roughly 1.3× the record 2023–2026 cycle revenue, or about 5× annualised revenue, for perpetual rights over the World Cup and FIFA’s entire tournament portfolio. Against precedent transactions, Liberty Media’s $8bn enterprise-value acquisition of Formula One in 2016, since worth multiples of that, a case can be made that $20bn under-prices a perpetual interest in football’s crown-jewel inventory, meaning member associations would be selling cheaply.

The opposite case is that investors are paying a full multiple for cash flows attached to a politicised not-for-profit facing active EU competition proceedings. That both cases are arguable is itself the point: no independent valuation, fairness opinion or competitive process has been disclosed.

The precedents are also cautionary in the other direction, France’s Ligue 1 sold 13% of its media business to CVC for €1.5bn in perpetuity and the deal is now widely regarded within French football as a strategic disaster; LaLiga’s CVC arrangement (Impulso) remains contested by its biggest clubs. Notably, the Maffei/Liberty playbook was applied to a private commercial business; applying it to the game’s global regulator is categorically different.

Infantino, having been forced to make public his plans, has come out fighting – below is his response both in video and transcript format.

There’s been universal condemnation from UEFA, and strikingly our new British Prime Minister, Andy Burnham

Let me say this very directly.

Football does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine.

The World Cup is not a product. It is the greatest competition in world sport, and it was never…

— Andy Burnham (@andyburnham) July 28, 2026

I’ll be publishing a much more comprehensive analysis of where FIFA is in the next few days but the contrast between my analysis (above) and Infantino’s sales pitch below is worthy of note.

Infantino’s sales pitch

Transcript:

Well, FIFA 4 Enterprise or FFE is actually a proposal, an offer, it’s part of a democratic process, a consultation process, and above all it is an opportunity but not an obligation and as I said it kicks off the consultation process. 

If and only if it is approved by the majority of our 211 member associations and the FIFA Council it would be a FIFA-owned and controlled subsidiary consolidating FIFA’s commercial and event operations. 

It would simply commercialise and organise all FIFA-owned competitions along with sponsorship brokers licensing a new venture for the benefit of FIFA’s 211 member associations, however unlocking previously uncaptured commercial value. 

Too little of football’s growing commercial value reaches the parts of the game that need it most. Capturing that value requires additional expertise, additional insight, distinct from governing and developing the sport.

 FIFA has been transformed over the past decade through sweeping governance reforms and a major expansion of development and competitions. 

Strengthening the commercial side of the game is the natural next step in this evolution. 

So we believe that the FFE proposal would unlock the sport’s potential in every corner of the world across men’s, women’s and youth’s football. 

In the next forward cycle alone, distributions would rise from $8 million per MA to $20 million. 

Additionally, each MA would also have the option to access a further $20 million through the FIFA Fast Forward programme, taking the potential funding to $40 million per MA for this next cycle.

 It is a golden opportunity to turbo-charge the development of the game globally. 

But again, it is just an offer, not an obligation, and we are having the fiduciary duty to do so and we are here to discuss it with everyone. 

The fans remain the cornerstone of the beautiful game and the sport they watch and love will not change. FIFA obviously continues to govern football without any external interference and the flagship tournament it organises, like the FIFA World Cup or the FIFA Women’s World Cup, will always remain. 

More revenue returned to the member associations means more investment in better pitches, stronger national teams and more pathways for young girls and young boys everywhere in the world.

 We care about everyone. 

So the benefits of sustained investments are already visible. 

A decade of raising support through FIFA Forward helped nations like Capo Verde, Curaçao, Jordan and Uzbekistan reach the FIFA World Cup for the very first time. 

We want to help creating the next Capo Verdes. 

Fans from the corners of these four countries of the world and many, many other fans from everywhere in the world would gain immeasurably from this game-changing potential because it will transform football in their countries.

 But again, it is simply a choice for our members.