UEFA Challenges FIFA President’s Planned Sale of World Cup Stakes

UEFA expressed its loss of confidence in FIFA President Gianni Infantino. The European soccer body stated that all options are open as it reviews his scrapped plan to involve private equity investors in the World Cup. Infantino abandoned the proposal after facing opposition from various regions.

Originally, Infantino wanted to establish a $20 billion company managing the World Cup, involving private investors. However, the idea met with increasing criticism since he announced it. UEFA emphasized the need for accountability, noting that FIFA’s leadership has lost trust within the soccer community.

Aleksander Čeferin, head of UEFA, released a strong statement criticizing the lack of transparency. UEFA plans to collaborate with other soccer bodies to ensure such scenarios do not recur. UEFA’s 55 member nations, along with North America’s CONCACAF and Asia’s soccer federation, opposed Infantino’s plan.

Carlos Cordeiro, a former advisor to Infantino and ex-Goldman Sachs banker, resigned citing the risks of selling World Cup stakes. He encouraged other FIFA officials to voice concerns. In response, Kevin Lamour from FIFA acknowledged being misled about the plan’s details and called for its termination.

Infantino intended to spin off FIFA’s commercial ventures into a new $20 billion subsidiary, with 20% owned by private entities. FIFA identified an anchor investor as a New York-based firm founded by Joshua Kushner.