FIFA proposes USD 20 billion commercial subsidiary to expand global football funding amid governance backlash

FIFA has unveiled plans to establish a USD 20 billion commercial subsidiary to manage its event and commercial operations while retaining governance control. The proposal seeks external investment of up to 20% and has intensified debate over the commercialization of global football and the future governance of the sport.

FIFA has announced plans to establish FIFA Forward Enterprise (FFE), a new commercial subsidiary valued at approximately USD 20 billion that would oversee the governing body's commercial activities and major tournament operations, including the FIFA World Cup. According to an official statement, FIFA intends to retain full governance authority while offering external investors minority ownership of up to 20%, potentially raising around USD 4.2 billion in fresh capital.

The governing body said the proceeds would support an expanded funding framework for its 211 member associations. Eligible national federations could access one-time capital allocations of up to USD 20 million for projects including sports infrastructure, coaching development, grassroots football, women's football, national teams and competition programs. FIFA indicated that available funding could increase to USD 24 million during the 2035-2038 cycle. The proposed investment group is expected to be led by Thrive Eternal, an investment vehicle established by Joshua Kushner, while JPMorgan is advising on the capital-raising process.

The proposal has triggered strong opposition from UEFA, which argued that introducing private investors into FIFA's commercial operations raises significant governance and transparency concerns. The disagreement reflects broader tensions between the two organizations over the commercial direction of international football and the balance between financial expansion and institutional oversight.

FIFA is the global governing body for association football, responsible for organizing international competitions including the FIFA World Cup and overseeing football development across 211 member associations. The organization generates substantial revenue primarily through broadcasting rights, sponsorship agreements and commercial partnerships linked to its global tournaments.

The initiative could reshape the financial structure of international football by creating a dedicated commercial platform capable of attracting long-term institutional capital while maintaining FIFA's regulatory authority. For investors, sports businesses, broadcasters and commercial partners, the proposal signals growing institutional interest in sports-related infrastructure and intellectual property. However, its ultimate implementation will depend on approval by the FIFA Council and member associations, making governance considerations as significant as the financing opportunity itself.