Additional Coverage:
- European nations have won more than half of all World Cups. Now they’re threatening to boycott the next one (fortune.com)
FIFA’s most recent World Cup shattered revenue records, delivering the highest profits in the organization’s history-just as President Gianni Infantino had promised. Official estimates place the 2026 tournament’s earnings between $9 billion and $13 billion, surpassing the $11 billion forecast made before the event kicked off.
When factoring in the entire 2023-2026 cycle, which includes the Club World Cup and the Women’s World Cup alongside the men’s competition, total revenue is projected to exceed $15 billion-roughly double what FIFA earned during the 2022 Qatar cycle. Infantino hailed this financial success as evidence that the tournament “opened a lot of doors, a lot of opportunities, a lot of possibilities.”
Yet, the costs tied to hosting largely fell on the cities themselves. According to reports, FIFA’s contracts placed the responsibility for security, transportation, and stadium upgrades on host locations, while FIFA retained all revenue from ticket sales, sponsorships, and media rights.
Now, Infantino is pushing for even more expansion. FIFA is reportedly considering increasing the number of teams in the 2030 World Cup from 48 to 64 under a new initiative called FIFA Forward Enterprise (FFE). Announced just days after the record-breaking tournament concluded, this plan has sparked significant controversy-particularly among European football associations, which have dominated World Cup history and are now threatening to boycott the next event in protest.
Europe’s teams have won 13 of the 23 men’s World Cups to date, including four of the last five tournaments and seven of the last ten. They hold the majority of top world rankings and performed strongly in the latest tournament, with Spain claiming the title over Argentina. Despite this dominance, the financial restructuring FIFA implemented means much of the enormous profit funnels back to FIFA itself, while host cities shoulder many expenses.
The FFE proposal revealed on July 28 outlines the creation of a commercial subsidiary valued at $20 billion, which FIFA would control while selling minority stakes to outside investors. This move aims to raise up to $4.2 billion, with each of FIFA’s 211 member associations potentially receiving up to $40 million. Thrive Capital, a firm founded by Joshua Kushner (brother of Jared Kushner), is expected to lead the investment group.
To approve the plan, FIFA set a tight September 19 deadline requiring 75% of members to agree. Initially, Infantino offered $20 million per association but doubled the offer to $40 million the very next day following backlash. For many smaller federations reliant on FIFA funding for essentials like coaching and youth development, this payout represents a substantial incentive that is difficult to refuse-even amid concerns about what they might be relinquishing.
Critics argue this structure amounts to “governance by intimidation.” UEFA, the governing body for European football and manager of 55 national associations, condemned the approach, describing it as a coercive tactic rather than a genuine consultation.
UEFA demanded that FIFA drop the plan, warning that otherwise its members would boycott both the men’s and women’s World Cups. In their words, this marks “a profound failure of leadership” and an abdication of FIFA’s custodial responsibilities over the sport.
The pushback extends beyond Europe. CONCACAF criticized the proposal for lacking proper process, the Asian Football Confederation expressed disappointment over being excluded from discussions, and the EU’s sport commissioner declared, “Hands off our game.” Even within FIFA’s ranks, the plan cost Infantino a key ally: senior advisor Carlos Cordeiro resigned, calling the deal “bad for FIFA’s Member Associations, bad for football, and bad for the long-term future of the game.”
Defending the initiative, Infantino described it as “an opportunity but not an obligation,” while FIFA insisted “nobody is selling football” and attributed the uproar to “erroneous reporting.”
The involvement of Thrive Capital reflects their typical investment style-concentrated bets on promising ventures, as they famously did with OpenAI, supporting the company through multiple high valuations. The FIFA Forward Enterprise proposal represents a similar attempt to apply a venture capital approach to the world’s biggest soccer event.
As the September deadline looms, tensions between FIFA and its member associations are reaching a boiling point, setting the stage for an imminent showdown over the future governance and financial structure of global football.