FIFA executives faced midnight ultimatum on World Cup sale

On the eve of the World Cup final, five of FIFA's most senior officials were summoned to a hastily arranged meeting at the Waldorf Astoria hotel in Manhattan and told they had until midnight to approve a plan that would sell a 20 percent stake in soccer's governing body to private investors, according to a New York Times report published Wednesday.espn

The revelation adds a new layer to the controversy surrounding FIFA President Gianni Infantino's now-abandoned effort to open the World Cup to private ownership for the first time in the tournament's 96-year history.

A Midnight Deadline

Three sources familiar with the matter told the New York Times that the five members of the FIFA management board bureau — a body responsible for reviewing major financial transactions — were largely blindsided by the proposal. The plan would have transferred a stake in FIFA to a consortium led by Joshua Kushner's firm Thrive Eternal, in partnership with JPMorgan Chase ↗ 0.00%.sportsbusinessjournal+1

According to the Sports Business Journal, three members ultimately signed off before the deadline: FIFA Secretary General Mattias Grafstrom, Chief Legal and Compliance Officer Emilio García, and Chief of Staff Dan O'Toole. Two others — COO Kevin Lamour and CFO Thomas Peyer — declined.sportsbusinessjournal

Infantino was not present at the meeting, but sources told the Times that attendees believed he would be "extremely displeased" if they hesitated.nytimes

A Plan Developed in Secrecy

The privatization scheme, developed over several months with Thrive Eternal and JPMorgan, was known to only a select few within FIFA's leadership. The proposed entity, FIFA Forward Enterprise, carried a $20 billion valuation, with the 20 percent stake sale expected to raise approximately $4.2 billion.youtube+2

The deal would have placed rights to the men's and women's World Cups, Club World Cups, and other commercial operations under a new subsidiary with private ownership.reddit+1

Backlash and Collapse

The plan was first reported publicly by The Times of London in late July and drew immediate condemnation from UEFA, which called on clubs, leagues, and lawmakers to oppose it. "The soul and governance of football are not assets to trade," UEFA said in a statement. "It is not FIFA's to sell."sports.yahoo+2

Infantino initially scrapped the proposal on July 31 after European nations threatened to boycott all FIFA competitions. FIFA's chief operating officer publicly stated that staff had been "deceived" by the plan. The disclosure of the ultimatum at the Waldorf Astoria now reveals just how aggressively the proposal was pushed through even within FIFA's own leadership, days before Infantino publicly withdrew it.apnews+2