FIFA is preparing to sell a significant minority stake in a newly created entity valued at approximately €17.5bn ($20bn), according to the Financial Times. The move would open one of sport's most valuable franchises to institutional investors for the first time, provoking a sharp governance dispute.

Under the proposal, FIFA would establish FIFA Forward Enterprise, a wholly-owned subsidiary consolidating commercial and event operations. External investors would buy minority, non-controlling stakes to raise up to €4.9bn ($5.6bn), while FIFA retains sole control over governance, competitions, and regulatory decisions. All net benefits would be reinvested in the game.

Thrive Capital's new permanent capital vehicle, Thrive Eternal, is expected to lead the investor group for as much as a 20% stake. Founded by Joshua Kushner with adviser Bob Iger, Thrive Eternal recently took a minority stake in the San Francisco Giants. Former Liberty Media CEO Greg Maffei advised on the entity's creation.

UEFA fiercely opposes the plan, stating "the soul and governance of football are not assets to trade." President Gianni Infantino counters that the plan spreads commercial success to grow the wider game. The tension between monetising FIFA's commercial arm while insisting governance remains untouched will define how investors judge the proposal.