Infantino wants to create a subsidiary called Fifa Forward Enterprise (FFE), which would consolidate Fifa’s commercial and event operations. FFE would take control of selling media rights, sponsorships and tickets for the men’s and women’s World Cups, the Club World Cups and other Fifa events.
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Fifa would continue to govern football, handle disciplinary matters and oversee the game’s rules. It would retain an 80% stake in FFE, while the serving Fifa president would chair the subsidiary’s board.
The remaining 20% would be sold to a geographically diversified investor group led by Thrive Eternal, a long-term investment firm established by Joshua Kushner in April.
The proposal requires the support of a majority of Fifa’s 211 member associations. They were given until September 19, a period of 52 days, to decide whether to support the plan.
How much is the proposed stake worth?
Infantino wants to sell the 20% stake to the Thrive-led group for $4.2 billion, or about £3.1 billion, The Athletic reported.
The proceeds would be distributed to member associations that choose to participate through a new funding scheme called the Fifa Fast-Forward Programme (FFFP). The payments would be in addition to grants under the existing Fifa Forward Programme (FFP), which federations have received since 2016.
If the plan is approved, participating associations would receive a one-off FFFP payment of $20 million. They would also receive an additional $20 million through increased FFP grants over the following four years, taking the total to $40 million.
If the stake sale is rejected, member associations would receive $10 million through FFP between now and 2030. That would be higher than the $8 million available during the previous four-year cycle but far below the sum offered under the new proposal.
Supporters of Infantino’s plan argue that more money could help national football federations meet their needs. Critics see the vote as a final opportunity to challenge the proposal or demand more time to examine it, according to The Athletic.
Why has the proposal caused controversy?
Fifa was caught off guard when the broad details of the proposal emerged in the media, The Athletic reported.
The governing body then asked a London-based public relations agency that had worked on the project for months to contact stakeholders and present the proposal more positively. Fifa also issued a news release containing further details.
Infantino sent a five-page letter to the heads of Fifa’s member associations on Tuesday evening. Fifa published a frequently asked questions guide the following day.
The report said the plan was progressing quickly. On one side, votes were being counted, contracts prepared and logos designed. On the other, potential opponents were organising emergency online meetings with federation chiefs.
Questions also remain about how Thrive Eternal was selected. Fifa said it had been advised by global bank JP Morgan, Italian consultancy OpenEconomics and former Liberty Media chief executive Greg Maffei.
Fifa has not explained how Thrive was chosen or how the three advisers were selected, according to The Athletic.
The governing body has also not said how long private investors would receive a share of its commercial revenues.
Who is Joshua Kushner?
Joshua Kushner, 41, is the founder of Thrive Capital and the younger brother of Jared Kushner, who is married to US President Donald Trump’s daughter Ivanka Trump.
Jared is Trump’s son-in-law, adviser and special envoy for peace missions, according to The Athletic.
Joshua established Thrive Capital at the age of 24 with $5 million in seed capital. Seventeen years, nine funds and several prominent investors later, the firm has $50 billion in assets under management. Joshua’s personal wealth is estimated at about $5 billion, the report said.
He made his money through investments in media and technology start-ups, including Instagram, OpenAI and Spotify.
How close is Joshua Kushner to Trump?
Joshua remains a Democrat, a point that Fifa, FFE’s public relations team and Thrive have sought to emphasise, according to The Athletic.
Joshua and his wife, supermodel Karlie Kloss, have donated to Barack Obama’s foundation. Kloss has publicly supported the last three Democratic presidential candidates and campaigned for abortion rights.
The report also said Joshua and Kloss were invited to Taylor Swift’s recent wedding to NFL star Travis Kelce. The Athletic cited these details while describing the couple’s non-MAGA credentials as strong.
Joshua nevertheless remains close to his father and brother, whom the report described as key figures in Trump’s circle.
His father, Charles Kushner, is a property developer and lawyer. The Athletic described him as the US ambassador to France and Monaco.
Charles was convicted in 2005 of illegal campaign contributions, tax evasion and witness tampering. He received a two-year prison sentence and was disbarred from practising law in three states.
Trump pardoned Charles in 2020, near the end of his first presidential term. Charles was previously a Democrat but has more recently become a major donor to Trump’s campaigns, according to the report.
The Athletic said it was impossible to determine whether Joshua’s family connections had helped, hindered or had no effect on his business career.
What are Joshua Kushner’s sporting investments?
Joshua bought a small stake in the NBA’s Memphis Grizzlies in 2019. He later sold it and acquired a similar holding in the Miami Heat. Thrive would also like a stake in a new NBA team in Las Vegas if the league creates one, according to The Athletic.
Joshua’s biggest move in sport so far has probably been the first transaction by Thrive Eternal. In April, the firm agreed to buy a minority stake in baseball’s San Francisco Giants.
The deal was awaiting league approval when The Athletic published its report.
