FIFA Adviser Resigns Over Private Equity Plan

Carlos Cordeiro, a senior adviser at FIFA and former U.S. Soccer Federation president, resigned in protest against a proposed private equity plan involving the World Cup. Cordeiro emphasized his opposition, stating that he had no part in the proposal and believed it would be detrimental to soccer.

FIFA President Gianni Infantino proposed creating a commercial subsidiary valued at $20 billion, with 20% ownership held by private investors. This plan included spinning off FIFA’s business ventures, such as the World Cups and Club World Cups. The ‘anchor investor’ is a New York-based investment firm led by Joshua Kushner, Jared Kushner’s brother.

Cordeiro highlighted that FIFA already has significant financial resources, with billions in reserves and no debt. He argued that selling a permanent stake to raise $4.2 billion is unnecessary and risks the future of the sport.

In his resignation statement, Cordeiro called for other senior FIFA members, who care about soccer, to speak up against the plan. The move also faced resistance from European nations and North America’s soccer authority, both rejecting the proposal.

Despite this controversial proposal, Infantino appeared to be on track for reelection as FIFA President, with a deadline of November 18 for potential challengers. Cordeiro’s decision to resign reflects broader concerns about prioritizing profits over the interests of soccer.