Members of the Union of European Football Associations (UEFA) are threatening to boycott FIFA World Cup tournaments following a virtual emergency meeting among the soccer body\u2019s 55 member nations.<\/p>\n
A boycott would see top European contenders such as France, England, Portugal and Spain, the sporting event\u2019s recently crowned world champions, out of future men\u2019s or women\u2019s FIFA World Cup tournaments.\u00a0The next scheduled FIFA tournament is the women\u2019s under-20 World Cup hosted by Poland, starting on Sept. 5.<\/p>\n
Just over two weeks after the 2026 World Cup tournament wrapped up, which resulted in a record income of about $12 billion, what led to this breakdown?<\/p>\n
FIFA president Gianni Infantino announced a plan to create a $20-billion company with private investors on Tuesday, which would form a commercial subsidiary called FIFA Forward Enterprise (FFE).<\/p>\n
The FFE would run competitions, including the World Cup, and would \u201cinvite third parties to make minority, non-controlling investments\u201d into the company.<\/p>\n
FIFA said in a statement the FFE would raise up to $4.2 billion later this year to help fund development programs \u201cbased on an initial equity valuation of $20 billion by carefully selecting long-term investors who will purchase minority, non-controlling interests.\u201d<\/p>\n
\u201cThis is about the democratization of football worldwide,\u201d Infantino said in the statement, which added that \u201ca consultation process has begun.\u201d<\/p>\n
However, if Infantino\u2019s plan is approved, American venture capital firm Thrive Eternal is expected to lead the proposed investor group for FFE, which was founded by Joshua Kushner \u2014 the brother of U.S. President Donald Trump\u2019s son-in-law Jared.<\/p>\n
Banking institution J.P. Morgan is currently advising the world football\u2019s governing body.<\/p>\n
To be enacted, the plan needs to be passed by a vote of FIFA\u2019s 211 members. Infantino has also written to members that they will receive $40 million (30 million pounds) as a result of accepting his plan.<\/p>\n
A deadline of Sept. 19 has been set for federations to respond and gain access to an initial $20 million (15 million pounds).<\/p>\n
In a statement released on Thursday, the UEFA \u201cunanimously and unequivocally reject FIFA\u2019s proposal to transfer ownership interests in the World Cup and other FIFA competitions to private investors.\u201d<\/p>\n
\u201cThe World Cup cannot be treated as an investment product. It is one of football\u2019s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent,\u201d the statement reads. \u201cNo part of it should ever be surrendered to private investors.\u201d<\/p>\n
\u201cAs a result of today\u2019s discussion, no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety and binding assurances have been given that FIFA will never again open its governance or competitions to private ownership.\u201d<\/p>\n
The statement also reads: \u201cSome things are simply too important to sell. The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale.\u201d<\/p>\n