FIFA President Cancels Plan to Sell World Cup Stakes to Private Equity
Gianni Infantino announced the abandonment of a proposal to create a $20 billion commercial subsidiary that would have sold stakes in the World Cup to private-equity investors, after widespread opposition from regional football bodies.
FIFA President Gianni Infantino said on Friday that the organization will drop a proposal to form a new commercial subsidiary, valued at about $20 billion, that would have sold stakes in the World Cup to private-equity investors. The plan, known as FIFA Forward Enterprise, had faced opposition from Asian, European and North American football confederations, with Europe’s governing body warning it would not take part in FIFA competitions if the deal proceeded.
Infantino said the proposal “created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place,” adding that FIFA’s purpose is to “unite and improve” the sport. He said he will work to bring all interested parties back together in the coming weeks to continue growing football worldwide, especially in nations that need the most support.
The plan would have provided a one-time payment of $20 million to each FIFA member federation. Former Goldman Sachs banker and senior adviser Carlos Cordeiro resigned, stating he could not support a move to sell a stake in the World Cup. CONCACAF also rejected the proposal.