FIFA cancels plan to sell World Cup stake

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FIFA has scrapped its controversial plan to sell a stake in the World Cup to private equity investors after facing widespread backlash from football associations and internal criticism. President Gianni Infantino announced the decision, stating, "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, FIFA Forward Enterprise, and sell a twenty percent stake to private investors, which would have raised up to $4.2 billion. The backlash included threats from UEFA to boycott all FIFA competitions, with their president stating, "The World Cup cannot be treated as an investment product." Infantino's senior adviser, Carlos Cordeiro, resigned in protest, saying he could not support the plan. FIFA's chief operating officer, Kevin Lamour, also criticized the lack of transparency in the proposal, calling it "the project of one person." In addition to the fallout from the investment plan, FIFA is also exploring the possibility of expanding the men's World Cup to sixty-four teams for the 2030 tournament, seeking an independent agency to assess the impact of such a change.

WHO:

FIFA

President Gianni Infantino

UEFA

Carlos Cordeiro

Kevin Lamour

WHAT:

FIFA scrapped its plan to sell a stake in the World Cup to private equity investors.

The proposal aimed to create a $20 billion subsidiary, FIFA Forward Enterprise.

The plan would have raised up to $4.2 billion by selling a twenty percent stake to private investors.

FIFA is exploring the possibility of expanding the men's World Cup to sixty-four teams for the 2030 tournament.

WHERE:

Not specified

WHEN:

Not specified

WHY:

The decision followed widespread backlash from football associations and internal criticism.

UEFA threatened to boycott all FIFA competitions.

Infantino stated the project created divisions that were no longer in the interest of FIFA's objectives.

HOW:

Infantino announced the decision after listening to various views.

Carlos Cordeiro resigned in protest against the plan.

Kevin Lamour criticized the lack of transparency in the proposal.