Follow Us on Google
FIFA has abandoned plans to sell stakes in the World Cup to private investors following widespread opposition from football stakeholders across the globe.
FIFA President Gianni Infantino confirmed the decision, saying the proposal had “created divisions of a nature that are no longer in the interest of the objective.”
The plan had sparked strong criticism within the football community, with UEFA reportedly warning it could boycott future FIFA competitions if the proposal went ahead.
Several other continental football confederations also opposed the move.
The controversy further intensified after one of Infantino’s senior advisers, Carlos Cordeiro, resigned in protest.
FIFA Chief Operating Officer Kevin Lamour also criticised the handling of the proposal, accusing the FIFA president of showing a “serious lack of respect” by attempting to push it through without adequate consultation.
It has led Infantino to back down amid speculation the venture capital firm Thrive Capital, which was leading the proposed investor group, had also expressed doubts after a week that threatened to tear the sport apart.
Infantino’s previously secure presidency has come under severe pressure and it remains to be seen whether his climbdown will be enough to save his position.
“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,” Infantino said in a statement.
“Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed. Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support.”
