FIFA confirmed plans to sell up to a 21% stake in a new subsidiary called FIFA Forward Enterprise (FFE), targeting a $20 billion valuation and aiming to raise roughly $4.2 billion from private investors. The Times first reported the plan, and FIFA confirmed the outline the same day. FFE would house the World Cup's broadcast rights, ticketing, licensing, and sponsorship revenues — effectively letting investors buy into the tournament's commercial engine.
The deal structure
FFE investors would collect a direct share of future profits on top of the $4.2 billion raised immediately. Member federations would receive payouts valued at up to $86 million each over 12 years. Joshua Kushner is reportedly negotiating to lead the purchase through his investment fund, Thrive Eternal. JPMorgan Chase is advising FIFA on the sale. FIFA's four-year cycle capped by the 2026 World Cup produced a record $15 billion in revenue, giving the plan some financial heft.
UEFA's swift condemnation
UEFA condemned the plan within hours of the report, stating that football's governance should not be traded. The European body didn't mince words — it sees the move as a step toward privatizing the sport's biggest event. FIFA president Gianni Infantino defended the plan as reinvestment in the game, not a sale. He argues the money flows back to development, but critics aren't buying it.
Critics' concerns
Opponents expect FFE to push ticket prices higher, add matches to the calendar, and move broadcasts behind paywalls. The structure gives private investors a direct claim on future World Cup revenue, which could incentivize squeezing more money out of fans and broadcasters. Infantino's defense hasn't quieted the backlash.
Crypto's tangential role
No crypto exchange is among the tournament's official sponsors, but Kraken is the crypto exchange supporter. Kalshi's prediction market added three million users during the 2026 World Cup, and rapper Drake lost $1.5 million on a prediction bet on Argentina. Separately, Britain's Financial Conduct Authority issued crypto sponsorship warnings to Premier League clubs days before the World Cup, citing money laundering concerns. The FFE plan doesn't directly involve crypto, but the overlap shows how digital assets keep circling the sport.
FIFA's 211 member associations and the FIFA Council must approve the plan before launch. No timeline has been set, but the governing body is moving fast. The vote will determine whether football's commercial future stays in-house or opens to outside capital.
