FIFA president nixes idea to sell stakes in World Cup to private equity investors
FIFA President Gianni Infantino has officially canceled plans to sell stakes in the World Cup to private equity investors following widespread opposition from global soccer confederations. The proposal, which aimed to consolidate commercial operations, was abandoned to prevent further division within the sport.
Why it matters
The decision preserves the current governance structure of international soccer and avoids a major conflict between FIFA and regional soccer bodies.
The president of World Cup organizer FIFA said Friday he’s nixing a much-criticized plan to sell stakes in soccer’s biggest tournament to private equity investors. The plan to consolidate FIFA’s commercial and event operations into a new commercial subsidiary valued at $20 billion is off the table, FIFA President Gianni Infantino said in a statement. Asia’s soccer body joined European and North American organizations in opposing it this week, with Europe’s soccer body saying it “will not participate in FIFA competitions” as a result of the plan. FIFA initially responded by saying in a statement that “nobody is selling football.” Later on Friday, Infantino said the plan was to strengthen such bodies, not divide world soccer.
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