CONCACAF rejects Infantino's World Cup investment plan after UEFA's boycott threat
Summary
CONCACAF, the soccer association for North, Central America, and the Caribbean, rejected FIFA president Gianni Infantino’s plan to sell part of the World Cup rights to private investors. UEFA, the European soccer group, had also threatened to boycott FIFA events in protest of the plan, which includes a $20 billion subsidiary partly owned by private equity.Key Facts
- CONCACAF opposed FIFA’s plan to sell 20% of World Cup commercial rights to private investors.
- UEFA threatened to boycott the World Cup and other FIFA competitions because of this plan.
- FIFA’s plan involves creating a new company called FIFA Forward Enterprise (FFE) valued at $20 billion.
- The main private investor in FFE is Thrive Capital, a New York investment firm run by Joshua Kushner.
- Joshua Kushner is the brother of Jared Kushner, who is President Donald Trump’s son-in-law.
- CONCACAF criticized the plan for having a rushed process and lack of proper approval from FIFA’s governing bodies.
- The Asian Football Confederation also expressed concern, saying FIFA’s actions threaten continental football.
- Infantino promises that if members approve the plan, their funding from FIFA would increase significantly by 2038.
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