Infantino cancels controversial World Cup profit sale plan

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FIFA President Gianni Infantino has abandoned his controversial plan to sell World Cup profits to private equity after facing significant backlash from soccer associations worldwide. Infantino stated, “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.” The proposal aimed to create a $20 billion subsidiary to manage FIFA events, including the World Cup, and was met with fierce opposition, particularly from UEFA, which threatened to boycott all FIFA competitions. UEFA's 55 member nations unanimously agreed to this boycott, stating, “Some things are simply too important to sell.” Infantino's decision to scrap the plan follows the resignation of his senior adviser, Carlos Cordeiro, who called the proposal “a bad deal for football.” The backlash also included criticism from FIFA's Chief Operating Officer, Kevin Lamour, who expressed that staff felt deceived by the lack of transparency surrounding the plan. Infantino's earlier proposal had aimed to raise up to $4.2 billion by selling a 20% stake in the new unit, but the widespread disapproval led to its swift cancellation.

WHO:

FIFA President Gianni Infantino

UEFA

Carlos Cordeiro

Kevin Lamour

WHAT:

Infantino abandoned the plan to sell World Cup profits to private equity

The proposal aimed to create a $20 billion subsidiary to manage FIFA events

UEFA's 55 member nations unanimously agreed to boycott all FIFA competitions

Infantino's earlier proposal aimed to raise up to $4.2 billion by selling a 20% stake in the new unit

WHY:

The project created divisions and was no longer in the interest of the objective set out

UEFA threatened to boycott all FIFA competitions

Cordeiro called the proposal “a bad deal for football”

Staff felt deceived by the lack of transparency surrounding the plan

HOW:

Infantino stated he listened carefully to all views before making the decision

The backlash included significant opposition from soccer associations worldwide