FIFA has backed away from a controversial plan to bring private investment into the World Cup in the face of strong opposition. In a statement, Gianni Infantino, president of world football’s top governing body, said the decision was made after considering the views of member nations and other stakeholders.
FIFA had planned to sell about 20 percent of ownership in a new entity set up to manage the commercial operations of its various competitions, including the World Cup, aiming to raise around $4.2 billion in investment through the sale.
FIFA had claimed the funds would be used to develop football around the world. In a letter to member nations, Infantino said each member association would receive $40 million if the proposal were approved.
However, soon after the plan was announced, it was met with fierce criticism from various federations, including UEFA, European football’s top governing body, which alleged that FIFA was trying to sell the “soul” of football.
On Thursday, UEFA’s 55 member nations unanimously decided to boycott all FIFA competitions, including the World Cup, until the plan was withdrawn, arguing that the tournament could not be turned into an investment product.
Following UEFA, the North and Central American and Caribbean Football Confederation (CONCACAF) also rejected the proposal. On Friday, the Asian Football Confederation (AFC) said it, too, agreed with UEFA and CONCACAF’s position.
Together, the three confederations represent 143 of FIFA’s 211 member countries — a clear majority — effectively ending any possibility of the proposal being approved.
Amid this pressure, Infantino issued a statement Friday night cancelling the plan to bring in outside investment for the World Cup.
“After carefully listening to the views of all parties, it is clear that this project has created divisions contrary to its original purpose. Our goal has always been to unite and improve football. Therefore, this proposal will not move forward,” he said.
However, the FIFA president also said efforts would continue to find alternative ways of financing football’s development worldwide. “We will bring all interested parties back into discussion and find ways to invest more, particularly in countries where football development is needed most,” he said.
The controversy has also had repercussions within FIFA itself. Infantino’s senior adviser, Carlos Cordeiro, resigned, calling the plan a “bad deal for football.” Meanwhile, Chief Operating Officer Kevin Lamour alleged that the entire initiative had been a “one-man project” and that FIFA staff had been kept in the dark about it.
With FIFA’s presidential election set for next year, the episode has reignited discussions about Infantino’s leadership.
