FIFA’s $20 Billion Privatization Plan Sparks Backlash and Congressional Scrutiny

Global football’s governing body, FIFA, is facing a potential congressional inquiry over its expanding financial and political ties to Donald Trump and his family. Jamie Raskin, the top Democrat on the House judiciary committee, has accused FIFA of a ‘smash-and-grab scam of colossal proportions’ after it proposed a multibillion-dollar privatization of its commercial operations.

Source: s.yimg.com

Raskin, a Democratic representative of Maryland, has vowed to make FIFA an early target of scrutiny if Democrats reclaim the House of Representatives in November. He has accused the organization of embedding itself in a pattern of corruption surrounding Trump’s second administration and the Kushner family.

The controversy centers around FIFA’s plans to pursue a spin-off of its commercial business into a standalone company, reportedly valued at about $20 billion. JPMorgan Chase is leading the fundraising effort, with Thrive Eternal, an investment vehicle linked to the Thrive Capital founder, Joshua Kushner, among the prospective investors. Joshua Kushner is the brother of Jared Kushner, Trump’s son-in-law and a high-level White House adviser.

The proposal has sparked an immediate backlash across world football, and beyond. Uefa, the European football governing body, has warned that ‘none of us are the owners of football,’ and has voted to boycott the World Cup if FIFA presses ahead with the plan.

The inquiry also follows a series of similarly scandalous controversies surrounding FIFA’s relationship with the Trump administration. The organization invented its first-ever ‘peace prize,’ which it awarded to Trump in December, weeks after he publicly complained about missing out on the Nobel peace prize. During the summer’s World Cup, Uefa accused FIFA of undermining the tournament’s integrity after officials reversed a red card issued to the US forward Folarin Balogun following a call from Trump to Infantino. Separately, the US Department of Justice dropped the long-running bribery and money-laundering cases tied to the FIFA corruption scandal after prosecutors said they no longer fit the administration’s enforcement priorities.

Raskin has vowed to make FIFA cooperate in good faith and has warned that if and when Democrats take the House, the judiciary committee will have the tools to get answers, expose corruption, protect sports fans against exorbitant and fraudulent charges, and block this attempt to turn world soccer into a global financial shakedown.

The White House has previously dismissed similar allegations as politically motivated. FIFA did not immediately respond to a request for comment.

Raskin’s comments follow a series of requests for records from FIFA, including documents related to gifts provided to Trump, communications with the justice department, and visitor logs for FIFA’s Miami headquarters and its Trump Tower office.

‘FIFA appears to have struck a several hundred-billion-dollar deal orchestrated by Jared Kushner’s brother and JPMorgan to privatize FIFA’s business operations so private equity, hedge funds, autocrats, kleptocrats, and large investors can come to own and control the world’s most beautiful game,’ Raskin said.

‘The United States is set to host the Women’s World Cup in 2031, and we have a responsibility to ensure FIFA will not again bring its own brand of corrupt pay-to-play politics and exploitation onto our soil,’ he added.

The judiciary committee minority under Raskin has already requested records from FIFA, including documents related to gifts provided to Trump, communications with the justice department, and visitor logs for FIFA’s Miami headquarters and its Trump Tower office.