FIFA President Infantino Withdraws Plan to Involve Private Equity in World Cup Ownership

FIFA President Gianni Infantino decided to abandon his plan to involve private equity in the World Cup. This decision followed widespread pushback from various soccer stakeholders.

Resistance from Soccer Community

The proposal involved creating a $20 billion company to manage the World Cup, allowing private investors, including the Kushner family, a stake. However, it faced mounting opposition since its announcement.

Asia joined Europe and North America in opposing the plan. UEFA’s 55 members even threatened to boycott the World Cup and other FIFA competitions.

“Some things are simply too important to sell,” UEFA stated. “The FIFA World Cup belongs to football.”

Resignations and Criticism

Carlos Cordeiro, Infantino’s senior adviser and a former Goldman Sachs banker, resigned. He urged FIFA’s leadership to reconsider the proposal.

Keren Lamour, FIFA’s chief operating officer, criticized the lack of transparency in the planning process. He emphasized that the project was the initiative of just one person.

Future Implications for Infantino

The proposed spinoff involved commercial activities, such as World Cups, in a subsidiary partially owned by investors. Joshua Kushner’s firm was poised to be a significant investor.

The opposition to this plan is likely to impact Infantino’s leadership. Although reelected in 2019 and 2023, the controversy may weaken his position.

The next presidential deadline is November 18. Infantino’s successful reappointment seems uncertain with over four months left before the vote in Rabat, Morocco.