Backlash to the proposed multi-billion private investment in FIFA, the organizer of soccer’s World Cup tournament, has come fast and furious, with cries of ruining ‘the beautiful game.’
According to one insider in the investor camp, however, a major cause of the vocal opposition comes down to a turf war—European soccer interests feeling threatened. What’s more: with FIFA recently offering lackluster financial projections, a deal that bolsters revenue-generating activities will help sustain the development of soccer worldwide.
“UEFA [the organizer of European soccer] is lashing out because this changes the balance of power in football from being European-centric to global-centric,” the source directly involved in the deal said. “It’s a shame to see.”
News of the plan to sell a stake in FIFA, the non-profit that oversees the World cup, and create the FIFA Forward Enterprise (a commercial subsidiary including ticketing, sponsorship, and broadcast) emerged early on Tuesday and triggered an immediate wave of backlash and recriminations. Among the most fiery: The UEFA Europa League issued a statement that declared: “None of us are the owners of football.”
The proposed deal, valuing FIFA’s commercial rights at $20 billion, would be led by Joshua Kushner’s Thrive Capital, and includes Greg Maffei, founder and CEO of BANN Ventures. Thrive would lead a group that would invest up to $4.2 billion to buy a stake. Apollo Sports Capital is also in talks to join the investor group, the source with direct knowledge of the deal said. (Apollo declined comment.)
According to one of the sources directly involved, the deal would help bolster the finances of soccer’s global governing body. For 2027-2030, FIFA has told investors in private meetings it is projecting a 7% increase in revenue per year, the source said. The organization is expecting 10% annualized growth in marketing and 4% annual decline in ticketing revenue.
The investor group is promising a hefty increase in annual funding to member associations as one of the deal’s selling points, according to a slide from the pitch deck viewed by Fortune. (The numbers are reiterated in FIFA’s release.)
The slide says that, while FIFA “member associations” currently receive $8 million in annual investment, under the terms of this deal, that number will become $20 million next year. Then, it offers projections: $22 million per association by 2031, and $24 million by 2035.
In FIFA, the member associations are the governing organizations that represent 211 countries, including the U.S. Soccer Federation, the Fédération Française de Football, and England’s Football Association. The relationship between FIFA and the UEFA, the governing body for soccer in Europe, has long been testy, with each group vying for political and economic control of the sport.
“Europe would be leaving $1.1 billion on the table by not signing this deal,” the source close to the deal said. “They’re essentially threatening to cut off their nose to spite their face.”
The news comes a little over a week after the conclusion of the 2026 World Cup, jointly hosted in the U.S., Canada, and Mexico. Viewership of the tournament—and the July 19 final between Argentina and Spain—broke records in the U.S. and globally. But FIFA was also criticized for the increasing commercialization of the tournament, including mandatory “hydration breaks” during each half of gameplay—a format change that gave broadcasters an opportunity to run advertising. FIFA President Gianni Infantino also courted controversy after fielding a phone call from U.S. President Donald Trump that resulted in a red card being revoked for a member of the U.S. squad.
According to the UK’s The Times, which broke news of the FFE, Infantino would become the commissioner of the new group. FIFA has said the outside investors will be limited to owning a minority stake in FFE, not in FIFA, and will “not play any operational role.”
The investor mix is notable: Thrive—founded by Kushner, Jared Kushner’s brother, in 2009—is investing through Thrive Eternal, the firm’s permanent holding company focusing on “qualities that cannot be replicated by technology.” Thrive Eternal also owns a stake in the San Francisco Giants.
Thrive declined comment for this story.
Apollo Sports Capital, meanwhile, is an offshoot of private equity giant Apollo, which has more than $1 trillion in assets under management. Apollo Sports launched in 2025, and is reportedly in talks to supply a $1.1 billion loan to the German Bundesliga.
The UEFA and FIFA did not respond to requests for comment in time for publication.