FIFA Abandons Plan to Sell World Cup Stakes to Private Equity

FIFA President Gianni Infantino announced the cancellation of a controversial plan to sell stakes in the World Cup to private equity investors. This decision came after significant opposition from several soccer associations around the world.

Plan Details and Opposition

The original plan involved consolidating FIFA’s commercial and event operations into a new subsidiary valued at $20 billion. This proposal met with resistance from organizations in Asia, Europe, and North America. Europe’s soccer body even threatened to withdraw from FIFA competitions if the plan proceeded.

Despite initial statements from FIFA insisting that no one was selling football, Infantino later addressed the concerns. He emphasized that the intention was to strengthen soccer bodies, rather than create divisions.

“Having listened carefully to all the views, it’s clear that the project created divisions that conflict with the original objectives,” Infantino stated. “Our purpose is to unite and improve.”

Resignations and Financial Implications

The controversy led to the resignation of Carlos Cordeiro, a senior adviser to Infantino and former Goldman Sachs banker. He expressed his inability to support the sale of a stake in the World Cup.

The proposal offered a one-time payment of $20 million to each FIFA member federation. CONCACAF, representing North America, rejected the move outright.

Future Directions

Infantino expressed his intent to reunite all stakeholders. His goal is to promote shared interests and continue growing football globally, especially in regions needing support.