An attempt by FIFA leadership to commercialize and sell a stake in World Cup commercial rights to private equity investors has triggered an unprecedented governance crisis in global football.

UEFA, CONCACAF, and the Asian Football Confederation (AFC) have issued a joint open letter demanding a formal independent investigation into the actions of FIFA President Gianni Infantino. The initiative has gained full backing from US Soccer, the Canadian Soccer Association, and the Caribbean and Central American football unions, all urging systemic transparency reforms.

The controversy erupted in late July following reports that FIFA planned to establish a subsidiary entity named FFE—valued at $20 billion—and sell a 25% stake to external investors for $4.2 billion. The primary investment partner was identified as Thrive Eternal, headed by Joshua Kushner. The revelation drew immediate pushback, including a pledge from all 55 UEFA member associations to boycott FIFA-run competitions.

Although FIFA formally scrapped the commercial structure on August 1 and Infantino issued an apology during an emergency meeting in Morocco on August 5, the confederations dismissed the gathering as an inadequate response that bypassed full Executive Committee consultation, insisting that an independent probe remains necessary.