Pressure grows on Infantino as adviser resigns over FIFA World Cup investor plan
FIFA has abandoned its controversial plan to sell a 20% stake in its commercial operations to outside investors following significant backlash from member associations and UEFA. The decision coincides with the resignation of senior adviser Carlos Cordeiro and growing criticism of President Gianni Infantino's leadership.
Why it matters
The collapse of this deal represents a major shift in the governance and financial strategy of global soccer, highlighting internal power struggles within FIFA.
FIFA President Gianni Infantino speaks during a news conference at the stadium in Mexico City on June 10. Eduardo Verdugo/The Associated Press
FIFA said on Friday 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 US$4.2-billion by selling about a 20 per cent stake in a new unit that would run FIFA events including the World Cup, valuing it at US$20-billion.
The proposal, first announced on Tuesday, was strongly opposed by European soccer’s governing body, UEFA, which threatened a boycott and accused FIFA of putting the sport’s “soul” up for sale.
How world soccer is governed: FIFA, UEFA and the balance of power
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in