Key facts
- FIFA's plan to sell a 20% stake in its commercial arm, valued at $20 billion, has been scrapped.
- The deal aimed to raise up to $4.2 billion, with Thrive Capital expected to be a key investor.
- Widespread opposition from soccer officials, including UEFA, led to threats of boycotts.
- A senior adviser to FIFA President Gianni Infantino resigned in protest.
- FIFA stated it would not proceed without majority support from its 211 member associations.
FIFA's ambitious plan to sell a 20% stake in its commercial arm, valued at $20 billion, has reportedly collapsed amid a significant global revolt from soccer officials and executives. The proposal, which aimed to raise up to $4.2 billion, faced intense criticism for potentially mortgaging football's future for private investors.
Opposition was spearheaded by UEFA, the European soccer governing body, whose 55 member nations unanimously voted to boycott all FIFA tournaments. UEFA accused FIFA of selling the sport's 'soul.' Senior adviser to FIFA President Gianni Infantino, Carlos Cordeiro, resigned in protest, labeling the deal 'a bad deal for football.' FIFA's Chief Operating Officer, Kevin Lamour, also stated that staff felt 'deceived' by Infantino, calling the initiative a 'project of one person.'
Despite initial statements from FIFA suggesting it would proceed with consultations, the organization later confirmed it would not move forward without the support of the majority of its 211 member associations. Other regional bodies, including CONMEBOL and the Asian Football Confederation, expressed concerns and requested more information, while CONCACAF rejected the proposal without threatening a boycott. Football Supporters Europe emphasized that football is a social good and not for sale.
Thrive Capital, founded by Joshua Kushner, was expected to lead the investor group. FIFA President Infantino is reportedly up for re-election next year, with North American football chief Victor Montagliani rumored to be considering a challenge.