Behind the scenes, FIFA President Gianni Infantino began exploring a major deal with venture capitalist Joshua Kushner in 2025, aiming to sell a stake in FIFA’s powerful media and commercial division. What started as discreet negotiations has grown into the FIFA Forward Enterprise, a $20 billion proposal that could drastically alter how world football manages its most lucrative assets.
The FIFA Forward Enterprise, or FFE, would consolidate rights to sponsorships, media broadcasts, and ticket sales for global events like the World Cup under one commercial umbrella. FIFA aims to retain control while selling up to 21% equity to outside investors, targeting a fundraising total of $4.2 billion. Those funds are promised to fuel development programs across FIFA's 211 member associations, many of which are in regions with limited football infrastructure.
Joshua Kushner’s Thrive Eternal leads the investor group, with J.P. Morgan advising on the complex deal structure. The involvement of Kushner, brother of Jared Kushner and founder of Thrive Capital, adds a political layer to the controversy, as critics highlight connections to former US administration circles. UEFA has spoken out forcefully, worried that commercializing FIFA’s governance risks undermining the sport’s sovereignty.
The deal timing coincides with growing conversations about crypto and digital assets in sports, although FIFA has no immediate plans to link the FFE with crypto tokens. Still, as other sectors explore tokenized assets, such links could emerge in the future.
