FIFA faces crisis as secret World Cup privatization plan leaks

FIFA President Gianni Infantino spent roughly a year quietly building a plan to sell off a piece of the World Cup’s commercial rights to private investors. It took about two weeks for the whole thing to fall apart.

The proposal, which centered on a new subsidiary called FIFA Forward Enterprise (FFE), would have consolidated the commercial management of FIFA’s flagship tournaments, including the men’s and women’s World Cups, under a single entity. A minority stake of approximately 20-21% was to be sold at an implied valuation of $20 billion, raising around $4.2 billion. Infantino formally withdrew the plan on July 31, 2026, after leaked details triggered a revolt among FIFA’s own leadership.

The pitch that bypassed FIFA’s own boardroom

The core promise was straightforward: more money for everyone. FIFA’s 211 member associations currently receive somewhere between $8 million and $10 million each under existing development programs. Under the FFE proposal, that figure would have jumped to as much as $40 million per association starting in 2027.

The proposal was developed over approximately a year with minimal internal consultation, then pushed toward an internal vote in mid-July 2026. FIFA’s top leadership, including members of its governing council, were largely kept in the dark until the final stages.

The private investor at the center of the deal was Thrive Eternal, a firm led by Joshua Kushner. Kushner, a venture capitalist and brother of former White House senior adviser Jared Kushner, would have become a stakeholder in arguably the most valuable property in global sports.

Behind the scenes, Italian lawyer Mario Gallavotti played a central coordinating role. Gallavotti’s relationship with Infantino stretches back more than two decades, and he has taken charge of some of FIFA’s most sensitive political and commercial initiatives from the organization’s headquarters in Zurich.

Why it collapsed

When details of the FFE plan leaked in late July 2026, the reaction inside FIFA was swift and hostile. Council members who had been excluded from the process publicly questioned both the substance of the proposal and the manner in which it had been developed.

Selling a stake in World Cup commercial rights to private investors would fundamentally alter FIFA’s operating model. FIFA is structured as a Zurich-based nonprofit, and introducing outside equity holders into its revenue engine raises questions about fiduciary duties, profit distribution, and who ultimately controls the terms under which the world’s most-watched sporting event is packaged and sold.

Infantino’s withdrawal statement on July 31 acknowledged the obvious: the plan had caused divisions contrary to FIFA’s interests.

What a $20 billion valuation says about sports commercialization

The $20 billion implied valuation for FFE, while never tested in an actual market transaction, offers a window into how FIFA views the commercial potential of its tournament portfolio.

The $4.2 billion that FFE was supposed to generate would have represented one of the largest single capital raises in sports history. Its failure means FIFA’s member associations will continue operating under existing funding levels for the foreseeable future, which for many smaller federations translates into stagnation rather than growth.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.