FIFA Scraps World Cup Sell-Off Plan After Member Resistance
Soccer's governing body abandons proposal to sell a 20% stake in a new business unit after facing strong opposition from European soccer's ruling body and other member associations.
FIFA has decided not to proceed with a proposal to sell a significant stake in its business operations following widespread opposition from its member associations. The plan would have raised up to $4.2 billion by selling approximately 20% of a new unit intended to manage FIFA events, including the World Cup, valuing the entity at $20 billion.
The proposal, announced earlier in the week, encountered immediate and strong resistance, notably from UEFA, the governing body of European soccer. UEFA had threatened a boycott and criticized FIFA for considering the sale of the sport's "soul."
FIFA President Gianni Infantino stated that the project had "created divisions" that were no longer in the best interest of its stated objectives. "Our purpose has always been - and will always be - to unite and improve. As a result, this proposal will not proceed," Infantino said in a statement.
Adding to the internal dissent, Carlos Cordeiro, a senior adviser to Infantino, resigned with immediate effect, labeling the plan "a bad deal for football." FIFA's Chief Operating Officer, Kevin Lamour, reportedly told staff they had been "deceived" by Infantino, describing the proposal as "a project of one person."
British Prime Minister Andy Burnham also commented on the situation, suggesting to reporters that Infantino was "the wrong man to lead the organisation."