FIFA is moving forward with a controversial plan to raise billions of dollars by selling minority stakes in the commercial rights to the World Cup, according to reports. The proposal involves selling shares in a subsidiary of the nonprofit organization that oversees the tournament to outside investors. Among those involved in the bid are Joshua Kushner's Thrive Capital and former Liberty Media CEO Greg Maffei, according to Fortune and NPR.
The plan has sparked backlash, particularly from European soccer stakeholders who fear it could alter the sport's balance of power, Fortune reported, citing an insider. NPR added that the subsidiary would hold FIFA's commercial rights, allowing investors to profit from events like the World Cup.
FIFA has not publicly disclosed the exact amount it aims to raise, but the move represents a significant shift from its traditional nonprofit funding model. Critics argue that selling stakes to private investors could prioritize profits over the sport's development. Supporters, however, say it could provide much-needed revenue for global soccer initiatives.
Joshua Kushner, the brother of former White House adviser Jared Kushner, and Maffei, a media and sports investment veteran, are leading the investor group. The deal remains under negotiation, and it is unclear when a decision may be announced.