FIFA is facing an angry response from UEFA after unveiling plans for a new commercial subsidiary that could open some of world football’s most valuable assets to private investors. The proposed company, FIFA Forward Enterprise, or FFE, would bring FIFA’s commercial rights and the operational delivery of its tournaments under one roof. FIFA has placed an initial equity valuation of $20 billion on the venture.

The project has immediately raised questions about the future ownership and commercial direction of competitions including the men’s and women’s World Cups and the Club World Cup. UEFA believes the proposal represents a fundamental change in the way international football is governed and financed. FIFA, however, insists that control of sporting decisions would remain entirely in its hands.

A $20 billion company built around FIFA’s biggest assets

According to FIFA’s official announcement about the proposed structure, FFE would consolidate broadcasting, sponsorship, ticketing and licensing rights alongside the practical organisation of FIFA tournaments. The new company would remain owned and controlled by FIFA, which would retain a majority of the seats on its board. FIFA would also keep exclusive authority over competitions, regulations, the international match calendar and other sporting decisions.

The governing body hopes to raise as much as $4.2 billion from investors before the end of 2026. That figure is based on the proposed company’s initial $20 billion valuation, with investors receiving minority interests that would not give them control of the business. FIFA says any net financial benefits generated by FFE would be reinvested in football around the world.

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According to Reuters reporters Echo Wang and Rohith Nair, FIFA could offer outside investors a combined stake of up to 20 per cent. The organisation has held discussions with J.P. Morgan about working on the process, while consultancy OpenEconomics has already begun contacting potential long term investors. The proposal must still be approved by a majority of FIFA’s 211 member associations, as well as by the FIFA Council.

Kushner company expected to lead investor group

Thrive Eternal is expected to lead the proposed group of investors if the project is approved. The permanent capital company was launched by Joshua Kushner, whose brother, Jared Kushner, is married to US President Donald Trump’s daughter Ivanka Trump. Former Disney chief executive Bob Iger is also an adviser to the company.

FIFA has stressed that Thrive Eternal and any other investors would have no operational role in running competitions. Outside investors would be buying shares in a FIFA subsidiary rather than in FIFA itself. The governing body therefore argues that its structure and authority would remain unchanged.

Member associations offered billions in additional funding

The plan is closely connected to a significant expansion of FIFA’s global development programme. FIFA wants to increase its total investment in football development to more than $10 billion over the next four years. Funding available to each member association would rise from $8 million to $20 million during the 2027 to 2030 cycle.

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Member associations could also choose to join a separate programme giving them access to as much as $20 million in additional capital. The money would be intended for areas including stadiums, training facilities, coaching, grassroots football, national teams and the women’s game. The associations would not automatically become shareholders in FFE, as suggested in some early reports.

UEFA says FIFA has crossed the line

UEFA has rejected FIFA’s assurances and warned that the proposal could change the relationship between football’s governing institutions and private capital. In a statement quoted by AP sports writer Graham Dunbar, UEFA said: “This crosses a line that football’s governing institutions should never cross.” The European body also criticised what it described as a lack of transparency over who could ultimately benefit financially.

UEFA’s central concern is that investors seeking higher returns could eventually place pressure on FIFA to expand tournaments, stage them more frequently or make decisions primarily on commercial grounds. FIFA maintains that investors would have no authority over such matters. Nevertheless, UEFA argues that the commercial value and governance of football cannot be separated as easily as FIFA suggests.

A decision that could reshape world football

The proposal remains at the consultation stage, and no final timetable for its approval has been announced. FIFA will need support from its national associations before FFE can formally be established, giving those federations a decisive role in the process. The promise of considerably larger development payments is likely to make the proposal attractive to many smaller football nations.

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The dispute is therefore about more than the sale of shares in a new company. It reflects two sharply different views of how football’s wealth should be generated, controlled and distributed. FIFA sees private investment as a way to unlock billions of dollars for the global game, while UEFA fears that the same money could permanently alter who benefits from football’s most valuable competitions.

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