Aleksander Ceferin did not attend the World Cup final. That absence, already a signal of fractured relations between European soccer’s governing body and FIFA, now looks like a prelude to something far larger.
UEFA is considering a full boycott of FIFA events, including the World Cup and Club World Cup, according to reporting published Tuesday. The trigger is a deal that would open soccer’s global governing body to private investment for the first time in its history.
FIFA announced Tuesday morning that it plans to raise approximately $4.2 billion by selling a 20 percent stake in a newly created subsidiary called FIFA Forward Enterprise. The company would manage FIFA’s commercial and event operations. FIFA itself would retain majority ownership and control over competition scheduling, governance, and regulatory matters. The equity valuation placed on the new entity is $20 billion.
Word of the proposal reached UEFA only hours before FIFA’s public announcement, according to Sky News. The European federation’s response was immediate and pointed. “This crosses a line that football’s governing institutions should never cross,” UEFA said in a statement. The organization characterized the deal as a threat to “the soul and governance of football,” insisting that soccer “is not FIFA’s to sell” and questioning the lack of transparency around who would benefit financially.
The investment group leading the fundraising effort is Thrive Eternal, a fund created by Josh Kushner’s Thrive Capital, which previously acquired a minority stake in the San Francisco Giants. JPMorgan is advising FIFA on the transaction. Under the proposal, FIFA’s 211 member associations would each receive $20 million in immediate funding if the deal wins approval, with annual distributions to members scheduled to increase through 2038.
FIFA president Gianni Infantino sits at the center of the proposal’s development and its most contested details. The Times reported Tuesday that Infantino could assume a role as “commissioner” or chief executive of the new company after his final presidential term ends in 2031. Infantino denied the claim directly to the newspaper, stating the idea “has never been discussed.” FIFA’s official announcement did not address his potential involvement beyond his current role.
Infantino has also drawn scrutiny for what observers describe as a close relationship with U.S. President Donald Trump, to whom he awarded the inaugural “FIFA Peace Prize” in December. Two sources cited by the Times said FIFA consulted with the Trump administration on the investment plans. Jared Kushner, Trump’s son-in-law and older brother of Thrive Capital’s founder, is not among the investors.
Opposition to the deal is not confined to UEFA’s leadership. British Prime Minister Andy Burnham rejected the framing of the World Cup as a commercial product available for investor capture. “Football does not belong to investors. It belongs to the people who fill the stands and who stand on the touchline week in, week out, rain or shine,” Burnham said, adding that the World Cup “belongs to the fans.”
The financial logic behind FIFA’s push is not hard to follow. The organization generated $15 billion in revenue from the 2026 World Cup cycle, nearly double the $7.57 billion the 2022 cycle produced. Earlier this year, Infantino pledged to “unleash the commercial potential and opportunity that FIFA has,” language the organization has since cited repeatedly in announcing the new venture.
By contrast, UEFA’s leverage is equally clear. Withdrawal from FIFA tournaments would strip those events of their most commercially valuable participants and the audiences that follow them.
The proposal requires approval from a majority of FIFA’s 211 member associations before proceeding. UEFA has scheduled an emergency virtual meeting this week to discuss the plans and coordinate a response. Whether the boycott threat is a negotiating position or a genuine line in the sand may depend on how many of those 211 associations decide that $20 million upfront is worth the cost of what UEFA says would be surrendered alongside it.
More context on the proposal and UEFA’s response is available at https://www.forbesafrica.com/current-affairs/2026/07/29/european-teams-considering-fifa-world-cup-boycott-over-investment-proposal.