The World Cup trophy made an appearance at MetLife Stadium on July 15, 2026, shortly before the final. FIFA has proposed a new subsidiary to run the World Cup's commercial operations.
FIFA wants to set up FIFA Forward Enterprises, or FFE, and sell a 20% stake in it to outside investors. FIFA announced this week that outside investors would inject $4.2 billion, implying an enterprise value of roughly $20 billion for FFE. Thrive Capital, the private-equity shop run by Joshua Kushner, has already endorsed the plan.
UEFA, European soccer's governing body, and Concacaf, which oversees the sport in North America, have both rejected the proposal. UEFA has gone so far as to warn that it may skip FIFA competitions, potentially even the World Cup, should this plan advance.
UEFA said: "The World Cup cannot be treated as an investment product. No part of it should ever be surrendered to private investors. The World Cup is not for sale."
Together, the two confederations count 96 of FIFA's 211 members. Still, FIFA says it will take the plan to all member associations for consultation and a vote.
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Carlos Cordeiro, one of FIFA President Gianni Infantino's senior advisers, resigned immediately in protest. Writing on LinkedIn on Friday, Cordeiro said: "Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally. It is a bad deal for FIFA's Member Associations, a bad deal for football, and a bad deal for the long-term future of the game."
FIFA blamed "incorrect media reports" for the negative response. "Nobody is selling football," FIFA said in a statement. "This is not something FIFA would ever entertain." FIFA also said: "No single entity can claim to represent all 211 member associations around the world."
Private-equity firms are going further than ever in turning sports into financial assets. Their appeal lies in reliable revenue and growth potential, partly as a counterweight to AI bets.
In 2024, the NFL permitted selected private-equity firms to take stakes of not more than 10% in teams. MLB lets one fund hold as much as 15% of a club, while total private-equity ownership can reach 30%. The NBA and NHL also top out at a 30% combined limit, though their per-fund caps are higher - 20%.
UEFA's warning gets to the heart of it: "The moment external investors acquire ownership interests in FIFA competitions, football changes forever. Commercial return becomes a permanent obligation. Investor expectations become a daily pressure."
This month, Sam Porter, chief strategy officer at Apollo Sports Capital, told a sports gathering hosted by The Wall Street Journal: "I think anywhere where there's a product that people are turning up for that's entertainment, and it's creating an economic environment, I think it's possible that [private equity investment] will happen."
Last year, Avenue Capital Group co-founder Marc Lasry told CNBC Sport: "People view that sports is pure. The hurdle is, at the end of the day, always, no one wants to be first."
College sports could be the coming private-equity frontier, with investors possibly putting money directly into teams. That has not occurred so far, mainly because universities are hesitant about accepting private capital. With valuations soaring in the major leagues as more money floods in, investors are scouting fresh options.
According to FIFA, the venture is dead unless most member associations back it. If it fails, commercial operations stay as they are and FFE never launches.
The vote will test whether FIFA can overcome the opposition of two confederations that together represent 96 member associations. It also shows how the private-equity model that has already entered American leagues is now being considered for international competition.
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