FIFA’s Gianni Infantino held secret talks with Joshua Kushner on media stake sale

FIFA President Gianni Infantino quietly started negotiations with venture investor Joshua Kushner last year about selling a stake in the organization’s media and commercial division. The talks, which predated any public announcement by roughly a year, have now evolved into one of the most contentious proposals in global sports history. The result of those back-channel conversations is the FIFA Forward Enterprise, or FFE, a new commercial entity designed to bundle FIFA’s most lucrative revenue streams, including media rights, sponsorships, and ticketing for marquee events like the World Cup. FIFA proposed the entity to its 211 member associations around July 18, with a formal announcement following on July 28. The target valuation: approximately $20 billion. The deal structure and who’s involved FIFA plans to retain majority control of the FFE while offering a minority stake of up to 21% to outside investors. The initial fundraising goal sits at $4.2 billion, with proceeds earmarked for expanded development programs across FIFA’s member associations. Thrive Eternal, a venture led by Joshua Kushner, is positioned as the lead investor spearheading the consortium. J.P. Morgan was broug...