FIFA’s proposal to create a $20 billion commercial subsidiary around the World Cup has turned a fight over soccer governance into a broader story about money, private investment, and President Donald Trump’s orbit.
The plan, announced by FIFA on Tuesday, would create FIFA Forward Enterprise, or FFE, a FIFA-owned subsidiary bringing together commercial rights and event operations across its tournaments, including the World Cup and Club World Cup.
FIFA says FFE could raise up to $4.2 billion from long-term investors buying minority, noncontrolling stakes.
The organization says the money would expand development funding for its 211 member associations, while FIFA would keep control of football governance, competitions, the match calendar, and all sporting decisions.
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In a newly published FAQ, FIFA said the proposal has not yet been set up and would move forward only if backed by a majority of member associations and approved by the FIFA Council. It also said investors would have no role in decisions over FIFA governance, the World Cup format, tournament frequency, expansion or other sporting matters.
FIFA says that, subject to final agreements and required approvals, Thrive Eternal, a permanent capital holding company, is expected to lead the proposed investor group for FFE.
Thrive Eternal was founded by Joshua Kushner, brother of Jared Kushner, who is Trump’s son-in-law.
Separately from the proposed FFE investor structure, FIFA also opened a representative office at Trump Tower in New York, a move announced with FIFA President Gianni Infantino and Trump at Trump Organization’s Manhattan headquarters.
Any potential investors would thereafter buy into the FIFA events via Thrive Eternal.
The connections do not show that the Trump family controls FIFA.
They show how a proposed FIFA commercial company, an expected Kushner-founded lead investor and Trump’s visible relationship with Infantino have become part of the same controversy.
