FIFAâs Infantino scraps controversial World Cup private investment plan
FIFA and its President Gianni Infantino faced fierce backlash from across football to plans to sell stake in World Cup. World footballâs governing body, FIFA
FIFA and its President Gianni Infantino faced fierce backlash from across football to plans to sell stake in World Cup. World footballâs governing body, FIFA, has said it will not proceed with its proposal to sell a piece of its business empire to outside investors after the project â was met with fierce resistance from some of its member associations. FIFAâs plan was to raise up to $4.2bn by selling about a 20% stake in a new unit that would run FIFA events including the World Cup, valuing it at $20bn.
The proposal, first announced on Tuesday, was strongly opposed by European footballâs governing body, UEFA, which voted on Thursday to boycott FIFA and accused the Switzerland-based organisation of putting the sportâs âsoulâ up for sale. âHaving listened carefully to all the views, it has become clear that the project has created divisions of a nature â that, regardless of the level of support, are â no longer in the interest of the objective set out in the first place,â FIFA President Gianni Infantino said in a statement late on Friday evening.
âOur purpose has always been â and will â always be â to unite and improve. As a result, this proposal will not proceed.â Earlier on Friday, â Infantinoâs senior adviser Carlos Cordeiro resigned with â immediate effect, calling the plan âa bad deal for
footballâ. FIFAâs Chief Operating Officer Kevin Lamour said staff were âdeceivedâ by Infantino, describing the proposal as a âproject of one personâ. British Prime Minister Andy Burnham, meanwhile, told reporters on Friday that Infantino was âthe wrong man to lead the organisationâ.
The BriefWire