FIFA President Gianni Infantino announced on Friday the cancellation of plans to sell a minority stake in the World Cup's commercial operations. The proposal aimed to raise up to $4.2 billion by offering about 20% ownership in a new entity managing FIFA events, including the World Cup.
The plan, unveiled earlier this week, faced immediate and strong opposition from major football bodies. UEFA threatened to boycott FIFA tournaments, condemning the move as a threat to the sport's integrity. Similarly, CONCACAF and the Asian Football Confederation (AFC) expressed their rejection, with AFC aligning with UEFA and CONCACAF in solidarity.
Infantino explained the decision to withdraw the proposal saying it had caused divisions that outweighed any potential benefits. He emphasized FIFA's commitment to unity and growth in football worldwide, particularly in developing nations.
Strong Opposition and Internal Dissent
- UEFA's 55 members voted unanimously to boycott FIFA events if the stake sale proceeded.
- CONCACAF and AFC, representing a combined 88 member associations, also opposed the plan.
- Senior FIFA adviser Carlos Cordeiro resigned, labeling the deal detrimental to football.
- FIFA's Chief Operating Officer Kevin Lamour criticized the proposal as a unilateral initiative by Infantino.
The opposition from these federations, which collectively represent the majority of FIFA's 211 member associations, made approval unlikely.
Background of the Proposal
The initiative involved creating a $20 billion subsidiary, FIFA Forward Enterprise (FFE), to manage FIFA's flagship tournaments. Thrive Eternal, managed by Thrive Capital and founded by Joshua Kushner, was set to lead the investor consortium. The plan included distributing $40 million to each FIFA member association upon approval.
Infantino, who faces reelection next year, indicated his intention to engage all stakeholders in dialogue to foster football development globally.
