UEFA and Prime Minster Andy Burnham have criticised FIFA proposals to seek private investment in its tournaments such as the World Cup. FIFA, the governing body of football announced that it hopes to expand “football development funding” to over $10 billion (£7.5 billion) and bring in third-party investment in a new venture.
According to The Times, the plans could result in the organisation’s president Gianni Infantino earning tens of millions of pounds.
In its statement, the organisation said that it plans to “invite third parties to make minority, non-controlling investments” into a new subsidiary, FIFA Forward Enterprise (FFE) to “consolidate” its commercial and events operations. The 211 member nations of the organisation still need to vote on the plans.
Thrive Eternal, an American venture capital firm founded by Joshua Kushner, the brother of American president Donald Trump’s son-in-law Jared, would be expected to lead the FFE, according to FIFA.
In a statement, UEFA has said that the proposal “crosses a line” with Prime Minster Andy Burnahm said that going ahead with these plans show that the governing body has “sold out.”
“Let me say this very directly. Football does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine. The World Cup is not a product. It is the greatest competition in world sport, and it was never anyone’s to sell. Dress the deal up however you like. Once you have sold a piece of it, you have sold out,” he wrote on X, adding that “Football belongs to the fans. It always has, and it always will.”
The Football Association (FA) said that it did not know about the plans when they were released.
Do you think private investment has a place in international football, or should tournaments such as the World Cup remain free from outside ownership interests? Let us know in the comments and follow EyeOnLondon for more sport and world news.
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