FIFA’s plan to sell a substantial stake in its commercial assets has been abruptly halted amid widespread backlash and internal dissent, placing the organization’s president, Gianni Infantino, under intense scrutiny.
The proposal, developed over more than a year with involvement from venture capitalist Joshua Kushner—brother of Jared Kushner—and financial giant JPMorgan, aimed to create a separate entity holding all of FIFA’s commercial rights, including those to the World Cup. The plan involved selling roughly 20 percent of this entity to private investors for $4.2 billion, valuing FIFA’s commercial business at approximately $20 billion.
JPMorgan played a central role in securing investors for the deal alongside Thrive Eternal, a subsidiary of Mr. Kushner’s Thrive Capital. The existence of the plan was kept confidential until a detailed report exposed it, prompting immediate and vocal opposition across the global soccer community. European soccer associations threatened to boycott the World Cup if the plan proceeded, while regional federations and world leaders, including Britain’s Prime Minister Andy Burnham, condemned it as an inappropriate commercialization of the sport’s premier tournament.
The controversy drew parallels to the 2021 Super League collapse, another high-profile effort to restructure major soccer competitions that faced fan and stakeholder revolt. Following the uproar, FIFA canceled the vote on the proposed transaction before it reached its 211 member associations.
Within FIFA, leaders have publicly criticized Infantino for failing to consult senior officials, with several key figures resigning or calling for leadership change. Carlos Cordeiro, a senior adviser to Infantino and former Goldman Sachs executive, termed the proposal illogical given FIFA’s strong financial position, noting the organization holds billions in reserves with no debt. FIFA’s chief operating officer, Kevin Lamour, accused Infantino of misleading staff and described the internal handling of the affair as marked by “contempt and intimidation.”
JPMorgan’s involvement has come under particular scrutiny. The bank’s logo appeared on FIFA presentation materials related to the deal, and it reportedly assessed reputational risks before proceeding. Sources familiar with the matter said the bank’s asset and wealth management division, led by Mary Erdoes, was primarily responsible for the engagement with FIFA, and that Erdoes and Infantino had developed a rapport, frequently appearing together at industry events. JPMorgan declined to comment on the specifics of its role or its financial ties to Infantino or Kushner.
Observers highlighted that JPMorgan’s repeated involvement in controversial attempts to restructure soccer’s commercial landscape—from the failed 1997 Project Gandalf to the 2021 Super League—reflects ongoing issues in sports governance. Fan groups argued that such ventures fundamentally misunderstand the nature of soccer’s global audience, which has proven unwilling to accept attempts to commodify the sport’s central competitions without broad consent.
Legal scrutiny is expected to intensify. Europe’s soccer governing body has demanded FIFA preserve all documentation related to the deal, including communications with JPMorgan. In his final public statement on the matter, Infantino acknowledged the plan’s divisive impact and vowed to abandon the project, signaling a potential shift in FIFA’s approach to future commercial strategies.