Fifa has walked away from a plan to sell part of the World Cup to outside investors. The decision came after fierce opposition from fans and threats of boycotts.
Some critics also called for Fifa president Gianni Infantino to resign over the plan.
The investment group behind the proposal was led by Joshua Kushner, founder of Thrive Capital. Kushner is the brother of Jared Kushner, an adviser to US President Donald Trump.
Thrive mainly backs technology and artificial intelligence companies. It has been a major investor in OpenAI.
Why Investors Wanted In
Earlier this year, Thrive launched a new investment arm called Thrive Eternal. The unit focuses on areas that cannot easily be replaced by AI.
Sport was seen as a strong fit for that strategy. The firm believes fan traditions and cultural identity will protect football from being replaced by technology, unlike movies or music.
Professor Simon Chadwick, who has worked in global sports for 30 years, said many decisions about football are now made by investors far from the pitch.
He told the BBC it is "almost as though it's crept up on us" and that many people have not thought through what is happening.
Talks over the deal reportedly began last year. Thrive brought in Greg Maffei, the former head of Formula 1 owner Liberty Media, along with former Disney chief executive Bob Iger.
Under the plan, known as Forward Enterprise, the World Cup business was valued at $20 billion. Investors would have put in $4.2 billion upfront.
Each of Fifa's member associations could have received a stake worth up to $91 million. A source close to the deal said investors did not expect any return for decades.
The source said the goal was to give smaller football nations access to funding for stadiums and training programs.
Doubts Over the Deal
Fifa has said the World Cup is under monetized. But the 2026 tournament, hosted by the US, Canada and Mexico, is on track for record revenue.
That revenue has come from higher ticket prices, sponsorship deals and broadcast rights. The tournament also expanded to 48 teams this year, with a 64-team format possible in the future.
Christina Philippou, an associate professor in accounting and sport finance at the University of Portsmouth, said Fifa does not appear to need the cash.
She said Fifa could raise payouts to member associations using money it already has, without bringing in outside investors.
Thrive Eternal has other sports holdings. It has agreed to buy part of the San Francisco Giants baseball team and is reportedly interested in a new NBA franchise in Las Vegas.
Neither Kushner nor Thrive Eternal has commented publicly on the World Cup plan or its collapse.
A person close to the firm said Thrive respects Fifa's decision to drop the proposal. The source added that the firm's interest in football remains, even without this specific deal.
The Football Association had withdrawn its support for Infantino before the plan was scrapped, and some groups had said a boycott could still go ahead.
