FIFA scraps controversial $20 billion World Cup investment plan
FIFA has officially scrapped a controversial $20 billion plan to sell private equity stakes in its World Cup tournaments following widespread backlash from fans and regional soccer governing bodies. President Gianni Infantino stated the decision was made to prioritize the unity of the sport.
Why it matters
The reversal represents a significant victory for traditional sports governance against the increasing influence of private equity in global sporting events.
FIFA's proposed plan to sell private stakes in upcoming World Cup tournaments that sparked backlash from fans and soccer associations around the world has been scrapped, FIFA president Gianni Infantino said in a statement Friday.
"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," Infantino said . "Our purpose has always been - and will always be - to unite and improve.
"As a result, this proposal will not proceed."
FIFA and Infantino had announced plans Tuesday to set up a separate subsidiary – involving private equity investment – that would control the commercial and operational rights to one of the globe's biggest sporting events.
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