Fifa not ‘selling the World Cup’ in $20bn commercial plan, says adviser

{"text":[[{"start":8.24,"text":"One of the key architects of Fifa’s controversial plan to establish a $20bn commercial entity has hit back at critics, saying it does not amount to selling the World Cup and bears little resemblance to the failed launch of a breakaway European Super League."}],[{"start":23.16,"text":"Former Liberty Media president Greg Maffei, who is acting as commercial adviser on the project, said its proposal to raise billions from external investors was “so far from the Super League”, despite both initiatives being met with widespread indignation."}],[{"start":38.2,"text":"Maffei characterised the Super League — a proposal in 2021 to create a closed league of European football clubs that quickly collapsed under the weight of international opposition — as an attempt to enshrine the status of a select group of clubs."}],[{"start":51.6,"text":"“This is the opposite,” Maffei told the FT in an interview. “This is saying [Fifa’s] 211 member associations get to decide what they want to do.”"}],[{"start":61.8,"text":"Maffei added that “this is not selling the World Cup”, saying that the proposals would result in Fifa “having majority control forever”."}],[{"start":69.36,"text":"World football’s governing body plans to sell a 20 per cent stake in a newly formed company that will house its commercial and media rights, including those to the lucrative men’s World Cup."}],[{"start":80.28,"text":"Fifa has given its members until September 19 to decide whether to back the proposals, which were first reported by the FT. It has said the plan will result in each association — from England to Montserrat — receiving an upfront payment of $20mn and millions of dollars in additional funding over the next four years."}],[{"start":null,"text":"

"}],[{"start":98.72,"text":"The move came in the wake of a World Cup in which Fifa was criticised heavily for dramatically raising ticket prices and taking a cut of sales on the secondary market. The non-profit organisation is set to generate at least $13bn in revenue from its current four-year cycle, compared with $7.6bn in the prior period."}],[{"start":118.52,"text":"Fifa’s capital-raising proposals have been met with opprobrium from politicians, fan groups and Uefa, European football’s governing body, which has convened an emergency meeting of its member associations to discuss how to respond."}],[{"start":131.56,"text":"Maffei stressed that Fifa’s new commercial entity, Fifa Forward Enterprise, would have a separate management team. Another person familiar with the proposed governance of the new entity said the Fifa president, currently Gianni Infantino, would chair its board."}],[{"start":147.52,"text":"Maffei led Liberty Media’s takeover of Formula 1 and was instrumental in the sport’s resurgence and expansion into the US. He was appointed by Fifa partly because of his experience at F1, which manages the commercial rights of the sport while being regulated by an external body."}],[{"start":164.48,"text":"Fifa’s move was consistent with a trend of sports federations — including golf’s PGA Tour — carving out separate commercial entities, Maffei said. Uefa has a joint venture with European football clubs called UC3 to oversee commercial rights, although they have not brought in outside investors."}],[{"start":182.4,"text":"“There’s a trend of this going on in sports all over the place,” Maffei said. “It’s something that all sorts of people have done.”"}],[{"start":189.88,"text":"People close to Uefa say UC3 is not open to investment."}],[{"start":193.9,"text":"While the new Fifa entity will have the ability to pay dividends and raise debt financing, raising the possibility of Fifa being beholden to a growing number of investors, Maffei said there were no plans to do so."}],[{"start":205.88,"text":"“No one is talking about trying to lever the game up or something like that. That’s certainly not the plan,” he said, adding that investors and football itself would benefit from the resulting growth of the sport."}],[{"start":217.4,"text":"Thrive Eternal, an investment vehicle run by Joshua Kushner, brother of Donald Trump’s son-in-law Jared Kushner, is lined up to lead the investor group. Infantino’s relationship with Trump — the recipient of Fifa’s inaugural peace prize last year — has come under intense scrutiny."}],[{"start":233.4,"text":"Maffei said: “I can’t speak to all the interactions between two brothers, but Jared has really not been involved in this deal.”"}],[{"start":245.86,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785456825_8945.mp3"}