cnbc_topnews

FIFA is embroiled in a $20 billion World Cup controversy. Here's what's going on

📰 source: cnbc_topnews · 💼 business

fifa announced on tuesday it plans to form a subsidiary, fifa forward enterprises (ffe), to run the world cup and sell stakes of up to 20% to investors. the move values ffe at $20 billion and aims to raise up to $4.2 billion. president gianni infantino is pushing for greater commercialization.

uefa accused fifa of 'crossing a line' and said the world cup is not fifa's to sell. the u.k. prime minister andy burnham also criticized. the deal is backed by joshua kushner's thrive capital; j.p. morgan is managing it. approval requires majority of fifa's 211 members and its council. uefa and european members are mulling a boycott.

fifa's not-for-profit status means money is redistributed; infantino plans to offer members up to $20 million one-off capital to gain support.

why it matters: fifa's plan to sell world cup stakes raises concerns about commercialization and governance in global soccer, potentially altering tournament integrity.

source: cnbc_topnews
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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects