FIFA has abandoned its controversial plan to sell a stake in its commercial business after fierce criticism and opposition from member associations, particularly UEFA. The plan, tabled earlier this week, aimed to raise up to $4.2 billion by selling approximately 20 per cent of a new unit that would manage FIFA events, including the World Cup. The unit was valued at $20 billion.
European football’s governing body, UEFA, strongly condemned the move, threatening to boycott FIFA competitions and describing it as “irresponsible and indefensible". The European body accused FIFA of conceiving the plan in secret and putting the “soul” of football up for sale.
FIFA President Gianni Infantino confirmed late on Friday that the project would not proceed. “Having listened carefully to all the views, it has become clear that the project has created divisions… that are no longer in the interest of the objective set out in the first place,” he said in a statement.
“Our purpose has always been – and will always be – to unite and improve.”
The backlash triggered internal fallout. Infantino’s senior adviser Carlos Cordeiro resigned with immediate effect, describing the plan as “a bad deal for football".
FIFA’s Chief Operating Officer Kevin Lamour said staff felt “deceived” and described it as “a project of one person".
The proposal had also raised concerns over potential investors linked to US President Donald Trump’s circle, including Joshua Kushner of Thrive Capital.
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