FIFA is facing criticism from UEFA and UK Prime Minister Andy Burnham over plans to seek private investment in its competitions, including the FIFA World Cup. The world football governing body says the proposal is aimed at increasing football development funding to more than $10 billion through a new commercial subsidiary known as FIFA Forward […]
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FIFA is facing criticism from UEFA and UK Prime Minister Andy Burnham over plans to seek private investment in its competitions, including the FIFA World Cup.
The world football governing body says the proposal is aimed at increasing football development funding to more than $10 billion through a new commercial subsidiary known as FIFA Forward Enterprise.
Under the plan, the subsidiary would bring together FIFA’s commercial and event operations while allowing minority, non-controlling investment from external investors to support the future growth of football.
The proposal will require the approval of FIFA’s 211 member associations before it can be implemented.
If approved, American venture capital firm Thrive Capital is expected to lead the proposed investor group. The company was founded by Joshua Kushner, brother of Jared Kushner.
The proposal has, however, attracted strong criticism. Burnham said allowing private investment would amount to FIFA selling out, while UEFA argued that the move crosses a line that football’s governing institutions should not cross.
The debate is expected to continue as FIFA seeks the backing of its member associations for the proposed investment structure.
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