FIFA President Gianni Infantino has decided to drop his controversial plan to sell World Cup profits to private equity investors. This decision follows strong opposition from across the global soccer community.
The proposal faced significant backlash, notably from Infantino’s senior adviser, who resigned from his role and had previously served on a White House panel. Additionally, soccer organizations from Asia, Europe, and North America expressed their disapproval.
“Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place,” Infantino said in a statement. “Our purpose has always been to unite and improve. As a result, this proposal will not proceed.”
Infantino initially proposed establishing a $20 billion company to manage the World Cup, with participation from private investors, including the Kushner family. However, criticism intensified after the announcement. UEFA’s 55 member nations threatened to boycott the World Cup and other FIFA events if Infantino’s plan progressed. The governing bodies of soccer in North America and Asia also opposed the proposal.
“Some things are simply too important to sell,” UEFA stated. “The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale.”
Carlos Cordeiro, an ex-Goldman Sachs banker and senior adviser to Infantino, resigned on Friday, urging other FIFA leaders to voice their concerns. Cordeiro stated, “I cannot stand by while FIFA considers selling a stake in the World Cup.”
The pressure increased with FIFA’s chief operating officer, Kevin Lamour, criticizing Infantino’s lack of transparency regarding the proposal. Lamour argued that the project should not continue, saying, “It is the project of one person.”
Infantino had envisioned spinning off FIFA’s commercial activities, including World Cups and Club World Cups, into a $20 billion subsidiary. Private investors would have held a 20% share, with the main investor being a New York-based firm founded by Joshua Kushner.
The economic setback is considerable, particularly given the vocal opposition from soccer leaders like Lamour and Cordeiro. Infantino, reelected unopposed in 2019 and 2023, is eligible for one more four-year term under FIFA rules. The next presidential election deadline is November 18, with the vote set for Rabat, Morocco.
Infantino’s tenure has weathered previous criticisms over his governance style and project initiatives, but the failure of this private equity venture could impact his leadership stability.
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