On the eve of the 2026 World Cup final in New York, speculation circulated that Gianni Infantino, president of football’s global governing body Fifa, would unveil a significant new initiative. No announcement was made at the event, and attention quickly shifted to the match between Spain and Argentina. However, 10 days later, Fifa’s intended plan was disclosed: to establish a new company encompassing Fifa’s commercial rights and to sell a 20 percent stake in it to private investors at a valuation of $20 billion.
The investment effort, led by Thrive Eternal, an investment fund controlled by Joshua Kushner, brother of Jared Kushner, faced delays initially due to concerns over the completeness of the proposal materials. Kushner and Greg Maffei, former chairman of Liberty Media, reportedly formulated the concept during a private meeting at the Allen & Co conference in Sun Valley last year. The plan aims to inject billions of dollars into the sport, with funds to be distributed globally to boost development.
Infantino has argued that the move would unlock "previously uncaptured commercial value," providing financial support to improve pitches, strengthen national teams, and promote youth participation. If approved at a Fifa member vote scheduled for September 19, participating associations would receive an immediate payment of $20 million and see their annual distributions increase from $2 million to $5 million. The Indonesian football association has publicly voiced its support for the initiative.
Football's commercial landscape already includes significant private investment, with many clubs owned by wealthy individuals, private equity firms, or sovereign funds. Some leagues, including those in Spain and France, have previously sold stakes in their commercial operations, often during financial hardship, such as the COVID-19 pandemic. Nonetheless, the proposal to sell part of Fifa itself has generated strong backlash.
Uefa, the governing body for European football, condemned the plan, stating that the World Cup "cannot be treated as an investment product" and should never be surrendered to private investors. Similar opposition has come from Concacaf, which manages football in North and Central America and the Caribbean, many of whose members reportedly first learned of the plan through media reports. The Asian Football Confederation criticized the lack of wide consultation, noting that major stakeholders had been presented with a nearly finalized proposal and were given only 53 days to consider it.
The secrecy surrounding the plan and Infantino’s close ties with former US President Donald Trump—highlighted by Trump’s involvement in Fifa events and a strategic partnership with a Trump-affiliated group aimed at Gaza’s reconstruction—have drawn further criticism. Some question the need for outside investors, pointing out that Fifa reportedly has billions in reserves and no debt. Carlos Cordeiro, a former senior adviser who recently resigned, emphasized that Fifa could fund development from existing resources.
Many observers believe the plan faces an uphill battle, citing the collapse of the European Super League in 2021 as an example of strong fan and regulatory resistance to major commercial restructurings in football. Uefa has pledged that none of its 55 member associations will participate in Fifa competitions if the plan proceeds without assurances that private investment will be permanently prohibited.
Concerns about Infantino’s leadership have grown, with some members of Concacaf expressing eroding confidence and the Asian Football Confederation calling for institutional reforms. British Prime Minister Andy Burnham publicly urged Infantino to step down. Despite the mounting opposition, Infantino insists he enjoys the support of Fifa’s membership and remains determined to pursue the plan, with one ally describing the standoff as a "fight to the death." A challenge to Infantino’s presidency ahead of next year’s election and potential votes of no confidence are now subjects of discussion within football’s governing circles.