FIFA has abandoned a plan to bring private investors into a new commercial company controlling parts of the World Cup business after strong opposition from major football confederations. The proposed FIFA Forward Enterprise, or FFE, would have been valued at about $20 billion, with external investors able to acquire a minority stake.
Thrive Eternal, an investment vehicle connected to Joshua Kushner’s Thrive Capital, had been expected to lead the investor group. The proposal attracted attention because Thrive is best known for backing technology and AI companies, raising the question of why a tech-focused investor wanted exposure to global football.
Thrive Sees Sport as Resistant to AI Disruption
Thrive Eternal was created in April to invest in businesses and institutions with qualities that technology cannot easily reproduce. Its strategy includes sports teams and other assets built around tradition, identity and shared experiences.
That stands apart from Thrive Capital’s investments in technology companies such as OpenAI. The investment thesis is that AI may substantially change industries including entertainment and software, while live sports could retain or increase their cultural and commercial value.
Thrive Eternal has already agreed to invest in Major League Baseball’s San Francisco Giants and has reportedly considered opportunities involving a possible NBA franchise in Las Vegas.
For the World Cup proposal, the investors were reportedly prepared to commit up to $4.2 billion. The structure was designed around a long holding period rather than a quick private-equity exit.
FIFA Wanted to Raise Billions Upfront
FIFA announced the FFE proposal on July 28. Under the plan, the organisation would create a separate company responsible for commercial and event operations, including businesses connected to the World Cup and other FIFA competitions.
The company would have had an implied valuation of $20 billion and planned to raise as much as $4.2 billion from outside investors. FIFA said the money would help increase football development funding to more than $10 billion.
Its 211 member associations would have been offered access to as much as $20 million each in additional funding under a new Fast-Forward programme. FIFA said participation would have been voluntary and that benefits generated by FFE would ultimately be reinvested into football.
FIFA described the structure as a way to separate football governance from commercial operations.
Major Confederations Rejected the Proposal
The plan faced immediate opposition from UEFA, Concacaf and the Asian Football Confederation. Critics questioned whether outside investors should gain an economic interest in commercial rights linked to the World Cup and whether member associations had been properly consulted.
FIFA withdrew the proposal on July 31 after resistance escalated and the possibility of boycotts emerged.
The dispute has continued beyond the withdrawal. UEFA, Concacaf and the AFC have since accused FIFA’s leadership of a breach of trust over how the proposal was handled, while some football officials have called for FIFA president Gianni Infantino to step down.
Private Capital Is Already Deeply Involved in Sport
The controversy does not mean investor interest in football is disappearing. U.S. investment groups, private-equity firms and institutional investors already own stakes in numerous European football clubs and other major sports businesses.
The World Cup offers something particularly difficult for investors to reproduce: a global competition with an established audience, limited supply and decades of cultural recognition. Those characteristics fit Thrive Eternal’s thesis that certain physical and cultural experiences may become more valuable as AI makes digital content increasingly abundant.
FIFA’s specific proposal has been withdrawn, but the financial logic behind it remains. Football’s growing commercial rights, expanding tournaments and global audiences are likely to keep attracting investors looking for assets that cannot easily be replicated by technology.
Featured image credits: Pixnio
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