FIFA’s strategy for financial growth relies on expanding tournaments, increasing ticket prices, and taking on debt, according to a confidential sales deck produced by JP Morgan. The 25-page document, titled “Fifa Forward Enterprise Member Materials” and seen by the Guardian, makes the case for creating a new company to run the organisation’s commercial operations, with 20% of it to be sold to US investor Joshua Kushner, the brother of Donald Trump’s son-in-law Jared Kushner. Notably, the sales pitch contains no reference to women’s football.
The document is being used to persuade FIFA’s member associations to approve the sale of the World Cup’s commercial rights. It argues that the governing body can generate substantial returns by staging more tournaments, raising ticket prices, and financing operations through debt rather than relying solely on current revenues. The plan envisions doubling the number of global tournaments FIFA organises, though it does not specify which events would be added or expanded.
The omission of women’s football has drawn sharp criticism. The women’s game has grown rapidly in recent years, with the 2023 Women’s World Cup in Australia and New Zealand breaking attendance and viewership records. Advocates argue that FIFA’s silence on women’s competitions in its core financial strategy undermines commitments to gender equality in sport. The sales deck focuses entirely on the men’s World Cup and other men’s tournaments, leaving no room for investment in the women’s game.
The most immediate consequence of the leaked plan has been a strong reaction from UEFA. The European governing body has threatened to boycott the World Cup if FIFA proceeds with the proposals. In a statement on behalf of UEFA and its 55 national associations, the organisation said it “strongly opposes any plans that would undermine the integrity of international football and the balance of power within the sport”. The statement warned that UEFA and its members would “consider all available measures, including a boycott of the World Cup”, if the plans were approved.
UEFA’s threat marks an unprecedented escalation in the long-running tension between the two bodies. The European association has previously resisted FIFA’s attempts to centralise commercial control and expand the World Cup, which it argues would overload the calendar and harm player welfare. The proposed sale of a stake in FIFA’s commercial arm to an outside investor has further alarmed UEFA, which sees it as a loss of control over the sport’s most valuable asset.
The sales deck does not address whether the expanded tournament schedule would affect domestic leagues or existing international competitions. Critics say the plan prioritises short-term financial gain over the long-term health of the sport. The omission of women’s football is particularly striking given FIFA’s public pledges to grow the women’s game and the success of recent Women’s World Cups. Player unions and women’s football advocates have called for greater transparency and inclusion in FIFA’s strategic planning.
The controversy comes at a time when FIFA is already facing scrutiny over its governance and financial practices. The organisation has been accused of lacking transparency in its decision-making and of favouring commercial interests over the needs of players, fans, and smaller national associations. The sales deck, produced by JP Morgan, is seen as an attempt to present a compelling business case to member associations, many of which rely on FIFA funding for their operations.
UEFA’s boycott threat has put FIFA under significant pressure. If the European associations were to carry out such a threat, it would effectively decimate the World Cup’s status and commercial value. The 55 UEFA members include some of the most powerful football nations, such as England, Germany, Spain, France, and Italy. Their absence would be catastrophic for the tournament’s global appeal and broadcast revenue.
FIFA has not yet commented publicly on the leaked document or on UEFA’s threat. However, the organisation is expected to face tough questions from its member associations in the coming weeks. The debate over the future of the World Cup and FIFA’s commercial strategy is likely to dominate the next FIFA Congress, scheduled for later this year.
