FIFA President Gianni Infantino is abandoning his plan to sell World Cup profits to private equity, following a united front against the proposal from all corners of the soccer world.
FIFA's 55-member nations, led by Europe's UEFA, have opposed the plan to create a $20 billion company to run the World Cup with private investors, including the Kushner family. North America's CONCACAF and the Asian Football Confederation also joined the opposition. The move marked a significant backlash against Infantino's proposal, which had drawn criticism since its announcement on Tuesday.
The proposal had sparked outrage among fans and officials alike, with many viewing it as a sellout of the sport's most iconic event. UEFA's statement summed up the widespread opposition, saying: "Some things are simply too important to sell. The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale."
Infantino's decision to scrap the plan came after his senior adviser, Carlos Cordeiro, resigned in protest. Cordeiro, a former Goldman Sachs banker who sat on a White House panel, urged other senior FIFA staff to speak out against the proposal. In his statement, he said: "I cannot stand by while FIFA considers selling a stake in the World Cup."
Infantino's reversal marks a significant shift in the soccer world, where the commercialization of the sport has long been a contentious issue. The move has also raised questions about the role of private equity in soccer, with many viewing it as a threat to the sport's integrity. The decision has been welcomed by fans and officials alike, who see it as a victory for the sport's core values.
Infantino's statement on Friday acknowledged the opposition to the proposal, saying: "Having listened carefully to all the views, it has become clear that the project has 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." He added: "Our purpose has always been — and will always be — to unite and improve. As a result, this proposal will not proceed."
The decision has significant implications for the future of the World Cup, with many wondering what this means for the sport's commercialization. The move has also raised questions about the role of private equity in soccer, and whether this marks a turning point in the sport's relationship with big business.
Source: Yahoo Sports