The president of FIFA, responsible for organizing the World Cup, announced on Friday the cancellation of a widely criticized plan to sell stakes in the tournament to private equity investors. The proposal aimed to consolidate FIFA’s commercial and event operations into a new subsidiary valued at $20 billion, but it has now been scrapped, according to FIFA President Gianni Infantino.
The plan faced opposition from several soccer governing bodies, including those in Asia, Europe, and North America. Europe’s soccer authority expressed strong disapproval, stating they “will not participate in FIFA competitions” if the plan proceeded. FIFA initially defended its position, stating that “nobody is selling football.”
Later, Infantino emphasized that the plan intended to strengthen, not divide, world soccer. He expressed an understanding of the divisive nature of the proposal, acknowledging it was no longer aligned with the initial objective to unite and improve football globally.
The proposed initiative, known as FIFA Forward Enterprise, led to the resignation of Carlos Cordeiro, a former Goldman Sachs banker and senior adviser to Infantino. Cordeiro stated, “I cannot stand by while FIFA considers selling a stake in the World Cup.” The plan included a one-time payment of $20 million to each FIFA member federation, which North America’s CONCACAF also rejected.
Infantino concluded by expressing his desire to bring all parties back together, focusing on shared interests in the game. He aims to continue growing football worldwide, especially in regions requiring more support.
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