FIFA Abandons Plan to Sell World Cup Stakes to Private Equity

FIFA Drops Plan to Sell World Cup Stakes

FIFA President Gianni Infantino announced on Friday the cancellation of a controversial plan to sell stakes in the World Cup to private equity investors. The initiative aimed to restructure FIFA’s commercial and event operations into a $20 billion subsidiary. However, strong opposition from organizations in Asia, Europe, and North America has led to its abandonment.

Europe’s soccer body threatened to boycott FIFA competitions over the proposal. FIFA initially claimed that they were not “selling football,” but later recognized the divisive nature of the plan. Infantino emphasized that the goal remains the unity and improvement of the sport.

Infantino Responds to Criticism

Infantino stated the project’s divisions conflicted with FIFA’s original objectives. He reaffirmed that FIFA’s mission is to unite and enhance the soccer community globally. Infantino aims to reintegrate all involved parties, focusing on advancing football in regions requiring significant support.

Cordeiro Resigns in Protest

The proposal also led to the resignation of Carlos Cordeiro, Infantino’s senior adviser and former Goldman Sachs banker. Cordeiro expressed his inability to support the sale of a World Cup stake. The plan would have allocated a $20 million payment to each FIFA member federation. However, it faced rejection from CONCACAF, the North American soccer governing body.

Infantino concluded by stating his intention to reunite stakeholders, ensuring shared interests drive the future growth of soccer.