FIFA announced plans Tuesday to sell a 20% stake in a $20 billion private vehicle that will run its commercial operations, as the body looks to capitalize on the lucrative men’s World Cup.
The new entity seeks to raise up to $4.2 billion from external investors, a major departure from the soccer body’s traditional funding model. The brother of US President Donald Trump’s son-in-law is set to lead the investor group, drawing condemnation from Europe’s UEFA, which accused FIFA of offering “zero transparency as to who gains financially,” adding that the World Cup was “not FIFA’s to sell.”
FIFA’s president has faced scrutiny for the “ruthless commercialization drive” during his 10-year tenure, CNBC noted, as well as his close relationship with Trump.