FIFA, led by president Gianni Infantino, is planning a new company to manage the commercial operations of the World Cup and Club World Cup. The proposed FIFA Forward Enterprises, or FFE, could sell up to a 21% ownership stake to raise $4.2 billion. FIFA would retain majority ownership and continue its role as world football’s governing body, but the proposal would open the commercial structure of its leading competitions to outside investors for the first time.

The plan is not final and requires majority backing from FIFA’s 211 member countries as well as approval from the 37-member FIFA Council. FIFA says the objective is football development rather than profit. Through a proposed FIFA Fast-Forward Programme, each member country could receive up to $20 million for special and emergency development projects. Regular Forward Programme funding is planned to rise from $8 million every four years to $20 million in 2027-30, $22 million in 2031-34 and $24 million in 2035-38.

JP Morgan is serving as financial adviser. Thrive Eternal and Apollo Sports Capital are listed as potential investors. UEFA, Concacaf and the Football Association of England raised concerns over consultation and information, while La Liga president Javier Tebas criticised the proposal. FIFA estimates World Cup and Club World Cup revenue will reach about $15 billion in 2023-26.