The FA have deep concerns over FIFA’s leaked plans to sell stakes in the World Cup.
News broke on Tuesday that FIFA boss Gianni Infantino was considering selling parts of the tournament to private investors and forming a new company in a deal that could be worth around £15billion, which the governing body later confirmed in a hastily-issued statement.
The report added that Infantino could become the commissioner of that company once his role at FIFA ends in 2031, a highly lucrative position that estimates suggest could pay him more than $50million-a-year.
The bank JPMorgan is said to be handling the process and the Donald Trump administration is understood to have been consulted.
Should their plans be successful, FIFA plan to give each of their 211 member associations a stake in the company – which they can choose to keep or sell – worth £15million each.
In a statement, an FA spokesperson confirmed they had been left in the dark over the controversial proposals which have sparked outrage amongst the football community.
The statement said: ‘We were completely unaware of this proposal and have no substantive details, including what the proposition actually is, and what conditions are attached.
‘Based on the limited information, we are deeply concerned about the lack of process and governance to get to this point, and the apparent substance and principles involved.
‘When the proposal is shared in the full and transparent way now promised by FIFA, we will make our views clear, and comment further.’
FIFA intend to set up FIFA Forward Enterprise (FFE), a new company for FIFA’s commercial and event operations, and say the new body would be responsible for ‘operational delivery of FIFA tournaments’.
FIFA claim their plans would help advance their FIFA Forward development programme, which distributes capital to member associations. The governing body hopes to increase funding from £6m to £15m for the 2027-30 international cycle.
The venture is expected to be led by Joshua Kushner’s Thrive Capital. Kushner is the brother of Trump’s son-in-law Jared.
FIFA are also receiving advice from American investment banking firm JP Morgan.
More to follow.
