FIFA plans to create a new subsidiary called FIFA Forward Enterprise and sell minority stakes to outside investors to raise up to $4.2 billion, with the venture valued at roughly $20 billion. J.P. Morgan is facilitating the deal and Thrive Eternal, the investment firm led by Joshua Kushner, is expected to lead the investor consortium. The European Commission, through sport commissioner Glen Micallef, warned on July 29 of significant competition law risks. UEFA has accused FIFA of attempting to ‘sell the soul of football’ and is convening an emergency meeting of its 55 member associations, not ruling out a boycott of future FIFA events, including the World Cup.
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