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Answer

FIFA

FIFA is legally an association of national federations, not a company. It has no shareholders, distributes surpluses back to members, and answers — in theory — to a congress in which each of its 211 members has one vote. The privatisation debate asks whether some of its commercial functions should be spun into entities that do have shareholders, and it has moved rapidly from academic conference to serious boardroom discussion.

• Separating commercial rights — broadcast, sponsorship, licensing — into a company with outside investors, while governance stays with the association.
• Selling minority equity in specific competitions, on the model already used in club football leagues.
• Bringing private capital into tournament operations and infrastructure delivery.
• In its most expansive version, an equity stake in the World Cup rights cycle itself.