The Union of European Football Associations, or UEFA, has voted unanimously with all 55 members to boycott all FIFA competitions, including the World Cup, if FIFA proceeds with plans to sell ownership rights of the tournament to private investors. FIFA has announced plans to establish a subsidiary called FIFA Forward Enterprises to manage the World Cup and allow investors to buy up to 20 percent of shares, aiming to raise up to 4.2 billion US dollars in external funding based on a company valuation of 20 billion US dollars. The deal is backed by Thrive Capital, led by Joshua Kushner, and FIFA has hired JPMorgan to oversee the transaction. UEFA stated that no member national team will participate in FIFA competitions as long as this proposal remains, unless it is fully withdrawn and FIFA provides a binding guarantee that it will not allow private sector ownership of its governance structure or competitions again. Meanwhile, FIFA President Gianni Infantino has set a deadline of September 19 for the 211 football associations to decide whether to support the fundraising plan, with each association potentially receiving up to 40 million US dollars over the next four years.
JPMorgan Chase & CoJPMorgan is hired to oversee the FIFA transaction, but the deal is threatened by UEFA's boycott, creating uncertainty.
Thrive Capital backs the FIFA investment deal, which faces a UEFA boycott that could block the plan.