The notion of Gianni Infantino seeking to sell off a newly minted FIFA commercial arm to a Donald Trump-connected private equity fund is not a beautiful idea.

The World Cup is not FIFA boss Infantino’s to sell. It is a ‘non-profit’ association, and the connections of would-be buyer Joshua Kushner, brother of Trump’s son-in-law Jared, mean a deal would be an inside job.

It would be another example of monetising the US presidency.

Yet no one should be surprised. Sports organisations and clubs have become the new El Dorado for private equity and hedge funds.

CVC is the pioneer, recognising the value in motor sports and much else, including lesser sports such as volleyball.

Apollo is dipping its toe in with a $6billion sports fund and Blackstone is a pioneer investor in super-popular Indian Premier League cricket.

European football’s governing body UEFA is rightly highly critical of the Infantino proposal.

Its muscular response reflects the success it had in seeing off the JP Morgan-backed proposal for a breakaway 12-club European Super League in 2021.

Yet the horse has already bolted in Europe’s big leagues. Atletico Madrid, Chelsea and even Real Madrid have allowed the barbarians to storm the gates.

It is estimated that more than one-third of clubs in Europe’s big five leagues, if not the national teams, have accepted private equity finance.

The hidden wealth in sports enterprises is best illustrated by Formula 1 motor racing. Bernie Ecclestone sold his holding to CVC in the early noughties for $1billion.

A decade later CVC sold the whole caboodle to John Malone’s Liberty Media for $8billion, having expanded the franchise in the US, adding the Grand Prix circuits in Miami and Texas. 

The most recent valuation of F1 was as high as $25billion, with several key teams valued individually in the several billions.

Questions have been raised as to whether FIFA has the right to sell its commercial vehicle FIFA Forward Enterprise.

Some consent from 211 member associations will be required. But where there is a will, there is way.

More than a generation ago there were questions as to whether the Tory government had the right to privatise the Trustee Savings Banks because of uncertain ownership. A path was found.

The commercial approach of FIFA to the recent World Cup, driven by high ticket prices and advertising opportunities, is forecast to generate some $13billion over the four-year cycle. If F1 is taken as an example, this may be just the start.

FIFA is the organiser of the women’s World Cup and the much-derided inaugural Club World Cup held in the US in 2025.

Add social media, streaming and merchandise opportunities, with US media buying into broadcasting, and opportunities for financialisation look enormous.

The Infantino-Kushner deal may prove dead on arrival. But the potential for an ever-more commercial model is being unlocked.

Standard Chartered has often struggled with the credit cycle and bad debts.

That has long cast a shadow over the reputation and shares of the bank, which has its headquarters in London.

The 11-year sojourn of Bill Winters, the longest-serving UK bank chief executive, has changed much of that.

No longer is it so dependent on emerging markets in the Middle East and Africa, although the two regions remain part of the enterprise.

It is now very much an Asian bank, anchored in key growth markets such as Singapore and Hong Kong.

Winters, a former boss of JP Morgan’s investment bank, has taken it down the wealth management route.

This has worked admirably in a region going gangbusters, where new wealth is everywhere. The 9 per cent rise in its pre-tax profits to £4billion is a cool reflection of the change of direction.

Quite a contrast with UK fund manager Aberdeen – once a pioneer in Asian and emerging market funds – which has experienced net outflows of £3billion over the last six months.

Manchester platform Interactive Investor pulled in £6.8billion and is proving the saving grace.