Get you up to speed: FIFA’s Infantino scraps controversial World Cup private investment plan
FIFA and its President Gianni Infantino have abandoned a proposal to sell a stake in its business empire following significant opposition from member associations. The decision comes after UEFA voted to boycott FIFA, expressing that the plan threatened the integrity of the sport.
FIFA’s Chief Operating Officer Kevin Lamour stated that the proposal was characterised as a “project of one person,” highlighting internal dissent within the organisation. The project had initially aimed to generate $4.2 billion through a 20% stake sale, but strong opposition from UEFA and concerns expressed by member associations culminated in its cancellation after just a few days.
FIFA has abandoned its $4.2 billion investment plan following strong opposition from member associations, particularly UEFA, which accused the body of jeopardising football’s integrity. British Prime Minister Andy Burnham stated that Gianni Infantino is “the wrong man to lead the organisation,” signalling potential leadership challenges as FIFA seeks to unify its members after this setback.
What remains unclear — FIFA has not disclosed whether it will revisit the investment proposal in the future.
FIFA president Infantino cancels controversial World Cup investment plan
World football’s governing body, FIFA, has said it will not proceed with its proposal to sell a piece of its business empire to outside investors after the project was met with fierce resistance from some of its member associations.
FIFA’s plan was to raise up to $4.2bn by selling about a 20% stake in a new unit that would run FIFA events including the World Cup, valuing it at $20bn.
The proposal, first announced on Tuesday, was strongly opposed by European football’s governing body, UEFA, which voted on Thursday to boycott FIFA and accused the Switzerland-based organisation of putting the sport’s “soul” up for sale.
“Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place,” FIFA President Gianni Infantino said in a statement late on Friday evening.
“Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed.”
Earlier on Friday, Infantino’s senior adviser Carlos Cordeiro resigned with immediate effect, calling the plan “a bad deal for football”.
FIFA’s Chief Operating Officer Kevin Lamour said staff were “deceived” by Infantino, describing the proposal as a “project of one person”.
British Prime Minister Andy Burnham, meanwhile, told reporters on Friday that Infantino was “the wrong man to lead the organisation”.