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FIFA President Gianni Infantino has scrapped the controversial plans to sell private equity stakes in the World Cup and commercial assets following intense backlash, including severe threats of boycotts from UEFA and pushback from internal officials.
Recall that FIFA’s plan was to raise up to $4.2 billion by selling about a 20% stake in a new unit that would run FIFA events, including the World Cup, valuing it at $20 billion.
However, in a statement issued on Friday night, FIFA announced it would no longer proceed with the commercial sell-off.
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Infantino said: ‘The FIFA Forward Enterprise project was intended to provide a basis for further strengthening our FIFA Member Associations and our sport worldwide, especially in those countries where support is most needed.
‘And more so, as we said from the outset, to do this only if a majority of the FIFA Member Associations were in support and always subject to a consultation process with them, the FIFA Council, the Confederations and wider stakeholders.
‘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.
‘Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed.
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‘Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, and particularly in those countries that mostly need our support.’
Infantino had found himself increasingly isolated as pressure and opposition built up against world soccer’s governing body’s plan to inject private money into its competitions.
European soccer’s governing body UEFA threatened Thursday to boycott future men’s and women’s World Cups in reaction to the proposal. North and Central America and Caribbean governing body CONCACAF and the Asian Football Confederation (AFC) later came out with statements rejecting FIFA’s proposal, but stopping short of a boycott. A spokesperson for the Oceania Football Confederation said the FIFA proposal would be addressed by the entity’s executive committee in August.
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Earlier on Friday, Infantino’s senior adviser Carlos Cordeiro resigned with immediate effect, calling the plan a bad deal for football.
FIFA’s Chief Operating Officer Kevin Lamour said staff were deceived by Infantino, describing the proposal as a project of one person.
British Prime Minister Andy Burnham, meanwhile, told reporters on Friday that Infantino was the wrong man to lead the organisation.
