FIFA is reportedly exploring the sale of its newly established commercial arm, FIFA Forward Enterprise, to a private equity fund linked to Joshua Kushner, brother of Jared Kushner, who is married to former U.S. President Donald Trump’s daughter. The proposed transaction has sparked concerns among stakeholders in the sports world about potential conflicts of interest and the broader implications of increased financialization in international football.
FIFA President Gianni Infantino has been at the center of this initiative, which would mark a significant shift in how the organization manages its commercial rights. Critics argue that the World Cup, as a global sporting event governed by a non-profit organization, is not a proprietary asset that can be sold to private investors. The involvement of a fund connected to the Trump family has also raised questions about the appropriateness of such a deal and whether it would constitute an inside arrangement.
The trend of private equity and hedge funds investing heavily in sports organizations has grown in recent years. Major firms such as CVC Capital Partners, Apollo Global Management, and Blackstone have made significant acquisitions and investments in various sports leagues and events. For example, CVC’s purchase of Formula 1 in the early 2000s for approximately $1 billion eventually led to a lucrative sale to Liberty Media for $8 billion, with the sport's valuation reportedly reaching as high as $25 billion. Similarly, private equity interests have penetrated European football clubs, with notable teams like Atletico Madrid, Chelsea, and Real Madrid receiving investments from such sources.
UEFA, the governing body for European football, has publicly criticized FIFA’s potential sale. Its opposition echoes the firm resistance it showed in 2021 when a proposed breakaway European Super League, heavily backed by financial institutions, was ultimately abandoned following widespread backlash from clubs, fans, and national associations. Despite this, a significant portion of clubs in Europe’s top five leagues have accepted private equity financing, reflecting a broader acceptance of commercial investment in football.
The legality of FIFA’s ability to sell its commercial enterprise remains uncertain. FIFA’s statutes require the approval of its 211 member associations, and it is unclear whether such consent will be forthcoming. Historical precedents from other sectors show that questions about ownership and privatization can be navigated given sufficient determination.
Financially, FIFA is on track to generate an estimated $13 billion over the next four years from World Cup-related revenues, including ticket sales, advertising, and broadcasting rights. Expanding into new markets and platforms—such as the recently launched Club World Cup in the United States, women’s football tournaments, social media, streaming, and merchandise sales—suggests further growth in commercial opportunities.
While the proposed deal involving Infantino and Kushner may face substantial hurdles and could ultimately be abandoned, it underscores the increasing trend toward monetizing international sports properties and the evolving business models within global football governance.