FIFA has announced plans to establish a commercial subsidiary, FIFA Forward Enterprise, to oversee its business and event operations. The governing body intends to sell a non-controlling interest of up to 20 percent in its major competitions, including the World Cup, to private investors. With the new entity valued at approximately $20 billion, FIFA aims to raise $4.2 billion from the sale.
To secure the required approval from member associations, Gianni Infantino has offered each of the 211 members $40 million. This is the second time the FIFA chief has attempted to privatize football assets, following a 2018 proposal for a multi-billion dollar project to create more global competitions funded by private investors.
The proposal has triggered a fierce backlash from elite European clubs and UEFA, which accused FIFA of attempting to sell the soul of football. UEFA stated that the World Cup is not FIFA's to sell and that the soul and governance of the sport are not assets to trade. Critics have warned that the move could create conflicts between the profit motives of investors and FIFA's role as the sport's regulator.
The tension between the organizations has intensified, with UEFA describing the initiative as a line that football's governing institutions should never cross. Consequently, UEFA is holding an emergency meeting to discuss its next steps and is considering its legal position regarding the plan.