UEFA set for emergency meeting on FIFA World Cup proposal
UEFA is reportedly soon to hold an emergency meeting to discuss FIFA's plans to effectively sell off a stake in the World Cup. European football's
UEFA is reportedly soon to hold an emergency meeting to discuss FIFA's plans to effectively sell off a stake in the World Cup. European football's governing body has expressed stiff opposition to the plan. Several media outlets reported on Thursday that UEFA had called an afternoon meeting of its 55 members to discuss a response to FIFA's plans to create a new commercial subsidiary valued at $20 billion (roughly €17.5 billion) and sell a non-controlling minority stake of it to investors. UEFA, European football's governing body, came out publicly in opposition to the plan within an hour of it first being reported by the Financial Times and Times on Monday. Shortly after the newspaper reports, FIFA, the sport's global governing body, issued a statement in which it confirmed the plan. In a later statement, it gave FIFA's 211 member associations until September 19 to express their written support for the scheme. The proposal requires a simple majority and approval from the FIFA Council to pass. UEFA doubled down on its criticism after learning of the deadline, saying: "Today we have learned of FIFA's deadline to associations to support their proposals or have the one-off payout offer withdrawn.
This says everything you need to know about this plan. Aleksander Ceferin's UEFA has been at loggerheads with FIFA for some time Image: Mike Egerton/PA/picture alliance It added that talks with many stakeholders showed that "there is significant and growing opposition to FIFA's scheme. FIFA cannot to use our sport to enrich themselves and their friends." DFB: FIFA plan 'problematic and unacceptable' Germany's mass-circulation Bild paper reported that key UEFA officials including German FA (DFB) President Bernd Neuendorf had already discussed the FIFA plans via a video call on Wednesday. "We must not lose the fans' support, but we are well on the way to squandering that," he told public broadcaster ZDF afterwards. "I consider this to be extremely problematic and unacceptable," he added. "If UEFA rejects this request (for approval of the plan), then it is dead, because I believe that you won't be able to find any investor who would be willing to go ahead with this project if UEFA is out." Bernd Neuendorf can't see the FIFA plan going forward without UEFA on board Image: Ulrich Wagner/picture alliance Other critics have expressed fears that the deal could lead to more tournaments, teams and matches to increase revenue and boost the value of investors' stakes.
UEFA hasn't been the only confederation to criticize the report. CONCACAF, responsible for North and Central America, as well as the Asian Football Confederation (AFC) have also expressed concerns that the proposal was made public without their consultation while the African confederation (CAF) have said they will discuss the plans next week. Members of the FIFA Council, including Neuendorf, have said they were not consulted on the latest proposal. FIFA: Subsidiary could raise billions 'this year' FIFA has said the new subsidiary, to be known as FIFA Forward Enterprise (FFE) would be valued at $20 billion and that it would aim to raise up to $4.2 billion "this year" by "carefully selecting long-term investors who will purchase minority, non-controlling interests" in the company. FFE would be responsible for FIFA's commercial rights like broadcast, sponsorship, ticketing and licensing contracts. By far the most valuable of these are those linked to the World Cup, Under the plan, FIFA said it could make $10 billion available for development beginning in 2027. Each federation would be eligible for up to $20 million in one-time Fast Forward funding, in addition to $20 million through the regular FIFA Forward program during the 2027-30 cycle.
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