Looks like Gianni Infantino, the head of FIFA (Fédération Internationale de Football Association), is looking to cash in even more on his “stewardship” of international futbol:
FIFA Explores Stake Sale in New $20 Billion Entity
The soccer body looks to capitalize on the success of the World Cup
FIFA, soccer’s highest governing body, is exploring raising more than $4 billion by selling a stake in a new commercial venture.
The venture would be valued at around $20 billion and house the group’s broadcast rights, sponsorship, ticketing and licensing businesses across men’s, women’s and youth soccer, FIFA said Tuesday. It said is working with investment bankers at JPMorgan JPM -3.53%decrease; down pointing triangle and advisers including OpenEconomics.
The new venture would allow FIFA to cash in on the surging popularity and revenue generated by organizing the world’s most watched sporting event, the World Cup. The organization said the proceeds would be distributed as funding for member organizations.
Hmmmm. Who could be behind this privatization of the world’s most publicly played sport? Who would want to make FIFA and national soccer federations subject to the almighty profit motive?
Yep. that’s right. From the article:
Joshua Kushner’s investment firm Thrive Capital is expected to lead the proposed investor group through its Thrive Eternal holding company, FIFA said.
Joshua Kushner is the 31-year-old younger brother of Jared Kushner. There are unsubstantiated rumors that Trump interacted with Infantino on this proposal. This article makes it a point to state that, “Kushner is the brother of U.S. President Donald Trump's son-in-law Jared Kushner. The Trump administration is reportedly aware of Infantino's plan, per The Times.”
The good news? Infantino needs the approval of the 211 member associations of FIFA. And UEFA (Union of European Football Associations) is having none of it.
FIFA President Gianni Infantino’s plan to create a $20 billion company running the World Cup with private investors, including the Kushner family, was announced Tuesday — and immediately attacked by European soccer body UEFA.
“It is not FIFA’s to sell,” UEFA said in a statement. “None of us are the owners of football.”
…
“The soul and governance of football are not assets to trade — especially with zero transparency as to who gains financially,” UEFA said Tuesday, responding to the reports of selling stakes in FIFA competitions.
These guys corrupt and destroy everything that is good in the world.
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