UEFA revolts against FIFA’s $20 billion privatization plan, forcing Infantino to retreat

FIFA President Gianni Infantino tried to sell a piece of the World Cup to private investors. The world’s most powerful football confederations told him, in diplomatic terms, to forget about it. UEFA publicly declared it has lost confidence in Infantino and announced it would review his plan to sell stakes in a new commercial subsidiary. The announcement caps one of the most turbulent weeks in recent FIFA history, one that saw a $20 billion proposal materialize, face a boycott threat, and collapse in roughly four days. The $4.2 billion plan that lasted less than a week Here’s what Infantino was selling. FIFA proposed creating a new entity called FIFA Forward Enterprise, or FFE, designed to manage commercial and operational rights for major tournaments including the World Cup. The valuation? A cool $20 billion. The plan was to retain majority control while offloading up to 21% to private investors. That minority stake was expected to raise approximately $4.2 billion, earmarked for football development around the globe. The lead investor lined up was Thrive Eternal, connected to entrepreneur Joshua Kushner. JPMorgan Chase was advising on the deal. The proposal surfaced publicly around...