FIFA is creating a new entity, FIFA Forward Enterprise (FFE), to house its commercial revenues and is pitching a 20 per cent stake valued at $20bn to investors. The Switzerland-based non-profit is working with JPMorgan Chase to raise up to $4.2bn this year, with Joshua Kushner's Thrive Capital in talks to lead the deal. The move deepens ties between FIFA boss Gianni Infantino and US President Donald Trump, who presented the World Cup trophy together this year.

Critics were caught off guard. UK Prime Minister Andy Burnham said football "does not belong to investors," while UEFA president Aleksander Čeferin declared football "is not FIFA's to sell." Čeferin, who helped defeat the European Super League in 2021, faces pressure to respond.

Meanwhile, Wachtell Lipton's co-chair who led OpenAI's trial win over Elon Musk has departed. Wall Street banks are demanding more collateral from hedge funds amid AI stock losses. Index rebalancing trades generated record flows, with Millennium Management teams earning $3.7bn in June. Billionaire Mark Walter's insurer reclassified related-party assets tied to the Los Angeles Dodgers.