FIFA gets fitted for private equity’s golden boot

TKO group

29/07/2026 02:39

The author is a Reuters Breakingviews columnist.  The opinions expressed are her own.
By Karen Kwok
NEW YORK, July 28 (Reuters Breakingviews) - FIFA President Gianni Infantino is looking to play a financial blinder. Barely two weeks after the World Cup final, the global federation has proposed a new vehicle housing its broadcast, sponsorship and ticketing operations. It plans to then sell minority stakes to a group led by Joshua Kushner’s Thrive Capital, at an equity valuation of $20 billion. It would be the audacious culmination of a years-long gold rush.
After all, private capital is already crowding the pitch. Sports M&A topped $8 billion globally this year through July 13, according to LSEG data, while PitchBook reckons that over a third of clubs in Europe’s Big Five soccer leagues now have private-equity, venture-capital or private-credit backers. Some investors have ended up offside: just look at the involvement of Saudi Arabia’s upstart LIV Golf league, from which it is now backing away.
The FIFA challenge is, if anything, harder. European soccer’s governing body, UEFA, has come out vehemently against the plan. The worldwide organization has already courted controversy, awarding U.S. President Donald Trump its inaugural peace prize and overturning a red card awarded to American striker Folarin Balogun during the World Cup. Joshua Kushner’s brother Jared Kushner is Trump’s son-in-law.
Infantino is nonetheless striking from a position of strength. FIFA reckons that its revenue from the 2023-to-2026 World Cup cycle should exceed $15 billion, nearly doubling the previous four-year period. A $20 billion valuation would then equate to a bit over 5 times average annual revenue during that time. That’s a discount to Wrestlemania and Ultimate Fighting Championship promoter TKO Group TKO.N, where shares trade at over 7 times average four-year revenue, and racing outfit Formula One FWONA.O, which sits at 6 times.
Yet recent results imply that nearly $11 billion of this cycle’s expected haul should arrive this year, meaning FIFA’s financials are overwhelmingly tied to one single event. Perhaps it can diversify by raising the profile of the Women’s World Cup and other tournaments. Still, assuming private backers want a 15% annualized return, their mooted $4.2 billion investment for a 20% stake would have to grow in value to $7.3 billion. Assuming no cash distributions, FFE overall would need to be worth nearly $37 billion by 2030, an 85% jump.
FIFA will also have a say over future stake sales or transfers, according to a source familiar with the matter, meaning investors must be prepared to lock up for the long haul. A majority of member associations and the FIFA Council must approve the plan. Striking a deal for the beautiful game would be the crowning achievement of sports-crazed investors. They just shouldn’t expect an open goal.
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CONTEXT NEWS
FIFA said on July 28 that it plans to create a new commercial subsidiary valued at $20 billion, offering a stake of up to ​20% to a group of investors led by Thrive Eternal, a fund run by Joshua Kushner-founded Thrive Capital.
Under the plan, the world soccer governing body would establish FIFA Forward Enterprise (FFE), ‌a subsidiary consolidating the organization's commercial and event operations. It said it would retain sole ⁠control as well as "exclusive authority" over soccer governance, competitions, the match calendar and all regulatory and sporting decisions.
The sport's European governing body, UEFA, said the proposal "crosses a line that football's governing institutions should never cross."
The proposal is subject to approval by FIFA's 211 member associations and the FIFA Council.
FIFA is working with JPMorgan to bring in external investors.
     

(Editing by Jonathan Guilford; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on KWOK/karen.kwok@thomsonreuters.com))