FIFA scraps World Cup stake sale plan after global backlash
FIFA has dropped its proposal to sell a 20% stake in its tournaments unit after strong opposition from major football federations including UEFA and AFC.
Key Takeaways
AIFIFA President Gianni Infantino announced on Friday the cancellation of a plan to sell a 20% stake in a new unit managing FIFA tournaments, including the World Cup, to private investors. The decision follows widespread opposition from football associations worldwide.
The plan aimed to raise up to $4.2 billion, but the Union of European Football Associations (UEFA) threatened to boycott tournaments, accusing FIFA of trying to sell the "soul" of the sport. The Confederation of North, Central America and Caribbean Association Football (CONCACAF) and the Asian Football Confederation (AFC) also rejected the proposal, expressing solidarity with UEFA.
In a statement, Infantino said the project had caused divisions that undermined unity and progress, confirming FIFA would not proceed with the proposal. He noted that member associations would have received $40 million each if the plan had been approved by September 19.
Opposition intensified in recent days, with all 55 UEFA members unanimously voting to boycott FIFA tournaments until the proposal was withdrawn. Carlos Cordeiro, Infantino's senior adviser, also resigned, calling the plan a "bad deal for football."
FIFA had proposed establishing a $20 billion subsidiary called FIFA Forward Enterprise, to be led by the Thrive Eternal fund, part of Thrive Capital founded by Joshua Kushner. Joshua is the brother of Jared Kushner, son-in-law of former US President Donald Trump, who stated he was not involved in the investment plan.